Values Defy Expectations of Stabilization. While Las Vegas real estate inventory continues to evaporate at an increasing rate, prices are are still falling. Are we near the bottom? Tough to tell. Monthly decline across the Las Vegas MLS was 6.2 percent. Smaller declines were in homes where the Average Joe lives. This fact might suggest the lower end of the market is ready for stabilization while the higher end still has more room to decline. Marketwide, agents are talking of multiple offers on virtually every decent home under $200K. This typically leads to above list offers and closing prices. Will we see prices tick up in the coming month? Will the appraisers allow this to happen may be the bigger question.
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May 15, 2009 at 6:28 pm
Tim,
Thanks for the information. Any word when the next wave of forclosures is going to hit since the moritorium was lifted? I have heard June.
Also it should be interesting when the details come out on the new guidelines regarding short sales. Seems like Congress wants to free up the log jam and prevent further foreclosure by making it easier for Sellers to sell short. I feel there are many instances when people truely need the help. Unfortunately I think there are just as many cases of people taking advantage of the system and bailing leaving you and I to pick up the tab.
May 15, 2009 at 8:14 pm
I have gotten my first property assignments in 2 months within the past 7 days (mostly WAMU). A trickle if you will. I heard JP Morgan/Chase is set to release a bunch this month. They are in fact coming. What will it do to prices? not sure. In our offic meeting the concensus was the market could absorb 3 to 4 thousand of them and not really take a hit as there are far more buyers than good properties on the market.