Friday, May 28, 2010

April Las Vegas Home Sales At 4-Year High; Foreclosure Sales Lowest in More Than Two Years

From the DQNews report on April Las Vegas home sales:

1. A total of 4,462 new and resale houses sold in the Las Vegas metro area last month, down 8.5% from March but up 0.2% from a year earlier.  A decline in sales between March and April is not unusual, with the decrease averaging 4.3%.

2. April’s home sales were the highest for that month since April 2006, when 6,663 homes sold, but it was 4.2% below the average April sales tally back to 1994.

3. April marked the 20th in a row in which sales have risen on a year-over-year basis, although last month’s increase was the smallest yet.

4. Foreclosure resales fell to 51.9% of resales in April, down from 53.5% in March and down from a record-high 73.7% in April 2009. Foreclosure resales have declined each month since the year-ago peak.

5. April's foreclosures of 51.9% were the lowest in more than two years, going back to March 2008.


At 5/29/2010 12:03 PM, Blogger juandos said...

Hmmm, interesting posting professor Mark...

Note the following from yesterday's Seattle Times: Homeownership rate sinks back to 2000 levels, rentals steady which originated at Inman News...

These folks at Inman bill themselves as 'Where Real Estate and Technology Connect'...

You might find the following from Inman News interesting: Prime loan delinquencies escalate

'New data flies in face of 'market stabilization' reports'...

At 5/29/2010 12:06 PM, Anonymous Antati said...

Foreclosure resales at the lowest share of home sales in four years, at more than FIFTY PERCENT.

More than half the home sales were purchased with FHA insured loans, so you're crediting the federal government for the save?

About 40 percent of the sales went to absentee buyers: speculators or people buying second homes.

This is your headline example of a healthy real estate market? I'd hate to see a sick one.

At 5/29/2010 2:26 PM, Anonymous Anatoli said...

Some teenagers in my town went on a rampage throwing rocks through home and business windows.

By all accounts, the glazers in town are having a banner year. Glass sales are up 140 percent from last year. Security companies are doing very well too. Some upscale neighborhoods have hired night watchmen.

Thank God for those kids. They've probably created or saved 50 or 60 jobs. I hope they move on to vandalizing cars next. The auto dealers and repair shops are really struggling.

At 5/29/2010 3:31 PM, Blogger KO said...

Steve Wynn feels so good about Vegas, he's now going to spend half his time in Macau and look to growing in Asia.

Steve Wynn Takes on Washington

Watch the first video.

At 5/29/2010 6:29 PM, Blogger juandos said...

OA says: "Steve Wynn feels so good about Vegas, he's now going to spend half his time in Macau and look to growing in Asia"...

Makes sense...:-)

From the Shanghai Daily: New home deals may fall 70%

Well can anyone blame Wynn for his attitude?

'shocking, unexpected government in Washington DC'...

At 5/30/2010 3:45 PM, Anonymous morganovich said...

interesting that these were the 2 markets dr perry discussed.

May 28 (Bloomberg) -- New home sales in Phoenix and Las Vegas, two U.S. markets hardest hit by foreclosures, are set to plunge as a federal tax credit for homebuying expires, according to data from real estate researcher Metrostudy.

A sample of subdivisions in both cities showed sales contracts for new homes “pulled back sharply in May and contract cancellations spiked,” Houston-based Metrostudy said in an e-mail. Would-be buyers canceled about 40 percent of new home contracts in San Diego in May, up from 10 percent in April, the company said. Data on new signings in that city weren’t immediately available.

Sales indicators fell after April 30, the last day for homebuyers to sign contracts in time for a federal tax credit of as much as $8,000 for first-time purchases and $6,500 for certain “move-up” buyers. The deadline may have hurried customers to snap up properties when they otherwise would have waited, said Brad Hunter, chief economist based in Palm Beach Gardens, Florida, for Metrostudy.

In Phoenix, contracts in the subdivisions surveyed by Metrostudy fell almost 49 percent for the week ended May 24 from the same period a year earlier, Hunter said. More than 8 percent of Phoenix households received a notice of default, auction or foreclosure in 2009, ranking the city the eighth worst in the country, according to Irvine, California-based research company RealtyTrac Inc.

Signed contracts in Metrostudy’s Las Vegas subdivisions dropped 12 percent for the week ended May 24 from a year earlier. They climbed 220 percent in the last week of April, an indication of buyer interest in capturing the tax credit before it ended, Metrostudy said.

At 5/31/2010 10:52 AM, Blogger VangelV said...

Let me see. Airzona is the second worst state, after Florida, when it comes to delinquent mortgages. Foreclosures will have to move up, not down.

At 6/02/2010 10:21 AM, Anonymous Anatoli said...

Nevada is the second-worst state for foreclosure inventory and past-due rates behind Florida. Nevada currently leads the country in foreclosures-started.

Arizona is high on the list, but Nevada is winning the Gold and Silver medals on numerous measures of economic and financial distress.

To talk about a "recovery" in Nevada, especially in real estate, is irresponsible ignorance. Take a look at the Southern Nevada Index of Leading Indicators from CBER/UNLV.


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