Las Vegas Market Update – October 2010

Bank of America announced a moratorium on forecloses effective October 9, 2010.

Single family residential (SFR) closings declined by 13 units from August sales but were down 552 units or (-16.4%) from September 2009.  Median sales prices have fluctuated between $135,000 and $140,000 throughout 2010.  This demonstrates the stability of the Greater Las Vegas Market despite economic, political, appraisal, and constantly changing loan underwriting standards that have all had an impact on residential resale transactions.  Sixty percent (60%) of all listings have closed during 2010.  This is down from 67% from 2009, but remains significantly strong compared to 41% in 2008 and 24% in 2007.  Available REO properties peaked just at 3400 units but have pulled back a bit.  Bank of America announced Friday afternoon that they have placed a moratorium on all foreclosures effective October 9, 2010 until further notice.

 For the complete Equity Title Market Update Report for September 2010 – Click Here.

Nevada Early Voting for the 2010 General Election begins October 16th and runs through October 29th.  Please TAKE TIME TO VOTE this year as every vote truly counts!  Remember that February 2011 is the start of a new legislative session that will see a number of bills introduced that will potentially have a tremendous impact on how we conduct business!