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The Current Las Vegas Market
Single family residential (SFR) closings for November remained at the same level as September but up nearly 12% from October 2010. Total year-to-date closed units are up just over 10% from this time last year. Traditional and Short Sale closings continue to pick up momentum over Bank Owned (REO) closings this month even as available REO listings continue their decline. Notice the trend chart below!
Must Watch Video on Foreclosures
“As more and more Americans face mortgage foreclosure, banks’ crucial ownership documents for the properties are often unclear and are sometimes even bogus . . . ” as reported by Scott Pelley. Click here to watch this shocking video clip from 60 MINUTES!
Market Price Changes
Bothe the median and average prices increased durint November with the median closed price of an SFR increasing by 3.3% to $125,000. However, keep in mind that this snapshot is a couple of days earlier than usual and we could see some minor changes later this week. If so, I will certainly update this post and those numbers.
What about the Greater Phoeniz Market?
Compare the trend charts on pages 1 and 6 of the Equity Title Market Update report. It suggests that the Phoenix market may be leading the Las Vegas market by about 6 months. If true, then we should see stronger short sale closing market share in 2012 as the REO market declines further in Las Vegas.
Of course 2012 is a major political year and both markets could be affected by national politics and political policy – especially where all the “Political Preparation H Programs” – HARP, HAMP, HAFA and HVCC – are concerned. Arizona could also be impacted by statewide political issues as their legislature is getting ready to meet shortly for the 2012 session.