Las Vegas Market Update for June 2010

Have a Happy 4th of July!

June single family residential (SFR) closings improved 14% over May sales with a modest decline in the median price at $140,000.  June witnessed a noticeable shift away from REO and Classic closings in favor of Short Sale closings.

Contemporaneously, available REO and Short Sale listings are up 15% and 13% respectively over May while available Classic listings are down 27%.  A complete Market Update for June 2010 can be downloaded here.  For comparison, the May 2010 Market Update can be downloaded here.

Meanwhile, Congress succeeded in passing the Homebuyer Tax Credit Extension in eleventh hour political maneuvering.  This resulted in a 90 day extension for escrows that were under contract by April 30, 2010 and benefit approximately 180,000 eligible buyers that were anxiously awaiting the outcome of this bill and the future of their tax credit.

Effective July 1, 2010 the Clark County Recorder began conducting “counter audits” of the Real Property Transfer Tax (RPTT) on all deeds submitted for recordation.  All filings must include supporting documentation to provide the value stated on the Declaration of Value form.  Failure to provide the supporting documentation may result in the recording being rejected.  Depending on the transaction, supporting documentation could include: closing statement, HUD-1 settlement statement, Purchase Agreement, bid instructions, and/or auction receipt.  Additional information is provided on the Clark County Recorder’s site at: .  Or you may contact the Recorder’s Office Audit Division at (702) 455-5587.

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