Welcome to this week’s Friday Figures! All information from the GLVAR MLS system. This is critical information that you and your Realtor should know about local market conditions before touring, making an offer, or listing a home in the Las Vegas Valley this weekend.

Summary: With just barely over 13,000 units for sale and fewer than 10,000 single family homes available, inventory continues to drop, but prices are dropping as well. Artificially low asking prices in light of obvious demand are resulting in multiple offers on almost any desirable property — particularly new listings — and it will be interesting to see how this plays out in actual sales prices 30-60 days from now. Both distressed and non-distressed properties are moving quickly, provided they are priced competitively for location and condition. The number of contingent/pending listings is down slightly (still up month-over-month) as we have reached the point where small inventory and high demand are pushing many buyers to continue looking. Closings got a big boost from the first of the month and the short work week (most local title offices are closed today); don’t expect to see another 1200+ closings next week! Many in the real estate business are complaining that new appraisal rules are derailing closings, but you would never know it from that number.

Available listings for sale:  There are 9929 available single family homes, 3076 condominiums and townhomes. Current median list price fell to $165,000, while median time on market is down again to 105 days. At the beginning of last month there were 10853 available single family homes and 3398 condominiums and townhomes; median list price was $166,900.

Distressed Properties: Of those listings, 5258 are noted as short sales and 2848 are bank-owned.  Median price for a short sale is unchanged at $135,000; Median price on bank-owned is unchanged again at $109,900. The 4853 non-distressed properties for sale had a median price of $349,000, unchanged another week. At the beginning of last month we had 5853  short sales and 3143 bank owned listings. Median price of both distressed categories fell over the course of the month, while the median price of non-distressed listings rose substantially.

Contingent and Pending listings: Properties in the process of being purchased are 10472 single family homes, 2314 condos and townhomes. Median asking price of contingent houses rose to $146,900 with median time on market of 77 days; median asking price of contingent condos/townhomes rose substantially to $72,000 with 73 days on market. At the beginning of last month, we had 10336 single family homes, 2222 condos and townhomes in contingent or pending status.

Single Family Home Prices: Of available listings, 240 under $50,000; 1556 between $50,000-$100,000; 3916 between $100,000-$200,000; 2825 between $200,000-$500,000; 852 between $500,000-$1,000,000; and 684 over $1,000,000. Median price on an available single family home remained unchanged  at $179,900; median price per square foot is still $94. At the beginning of last month we had 241 under $50,000; 1650 between $50,000-$100,000; 4396 between $100,000-$200,000; 3073 between $200,000-$500,000; 915 between $500,000-$1,000,000; and 738 over $1,000,000. The month-over-month drops in all price categories is remarkable.

Condo and Townhome Prices: 405 under $50,000; 1034 between $50,000-$100,000; 818 between $100,000-$200,000; 506 between $200,000-$500,000; 219 between $500,000-$1,000,000; and 141 over $1,000,000. Median asking price on these units dropped $100 to $114,900; median price per square foot remains $98. At the beginning of June we had 417 under $50,000; 1143 between $50,000-$100,000; 972 between $100,000-$200,000; 542 between $200,000-$500,000; 236 between $500,000-$1,000,000; and 147 over $1,000,000. No great surprise that high-priced condos are not selling as fast as everything else.

Recently sold: An amazing 1208 properties have closed in the last week, true to last week’s prediction of a high number of closes. Of those, 186 properties were on the market less than a week; 104 were on the market more than 6 months (8 over a year); median time on market dropped a little to 39 days (median time on market including the contingent period was unchanged at 110 days). Short sales accounted for 114 of them, there were 856 bank owned properties (an impressive total), and 233 non-distressed sales — yes, more traditional sellers than short sellers actually closed last week. Median sales price rose substantially to $127,000 and median list price also rose to $128,500. While there were many “lowball” offers accepted on properties listed for more than $400,000, most inventory in lower price ranges was sold for very close to asking price. 4586 have closed in the last 30 days and 21820 have closed since the first of the year.

Rentals: 4856 homes, townhomes, and condos were available for rent in the Valley according to the MLS system, up from 4730 on June 5. This is very likely the result of both investors putting newly purchased properties to work, and “reluctant landlords” renting out homes they no longer need rather than attempt a short sale. There are 542 contingent leases and 1785 leases signed in the last 30 days.

Other information: Thanks to a Supreme Court ruling, New York State can finally start investigating whether mortgage companies violated fair housing laws. I am thankful that some of these banks may finally have to start following the rules both nationally and in each state where they operate (more on that another day). HVCC is a new set of appraisal regs, and nobody knows how to enforce them yet. This story is important to Realtors, buyers, sellers, and mortgage people because it directly impacts whether we can get transactions done.

To learn more or get help with your Vegas real estate problem click the “Contact Me!” link in the sidebar or call the number at the top of the page. Friday Figures is published by Bridget Magnus on BridgetMagnus.com and is her property, even though any GLVAR Realtor can access this data.

Yesterday, the Obama Administration announced that the mortgage rescue program would now allow homeowners to refinance up to 125% of property value, up from 105%. This is a welcome change, even though it won’t help everyone. Nothing has been done to address the slow pace at which banks are processing applications.

This is an important development which will hopefully prevent foreclosures two ways. First, people who are unable to pay their mortgage and are somewhat (but not severely) “underwater” on their home value will be able to get refinanced. Second, it will give the opportunity for people who can pay their mortgage to take advantage of lower interest rates without walking away from their current homes — creating a completely needless foreclosure. It is unfortunately completely logical for families to take advantage of low rates and slashed prices, even at the expense of a lower credit score.

I’ll end with two hopeful tidbits: the NAR pending sales index has risen 4 straight months, and some evidence from an economist that prices have bottomed. Both these items are about the larger national housing market. My readers have seen these trends in place locally for some months. Don’t forget to watch the trend continue in Friday Figures tomorrow.

Good morning, and thanks for reading Friday Figures! All information from the GLVAR MLS system. Let’s check out what you and your Realtor should know about local market conditions before touring, making an offer, or listing a home in the Las Vegas Valley this weekend.

Summary: Available inventory continues to drop, both in distressed and non-distressed properties. Not surprisingly, contingent/pending sales are up as well. Because of bargain hunters, the median price of contingent properties is lower than the median price of available properties. Did they get a bargain? Nobody will know but the buyer until closing. Over 20,000 closings have taken place this year — not bad for one of the markets hardest hit by foreclosures. Prices of homes that have actually sold have been erratic for some weeks, consistent with the idea that the market is shifting and putting in a long bottom.

Available listings for sale:  There are 10188 available single family homes, 3167 condominiums and townhomes. Current median list price fell to $166,453, while median time on market is down slightly to 108 days.

Distressed Properties: Of those listings, 5434 are noted as short sales and 2870 are bank-owned.  Median price for a short sale is lower at $135,000; Median price on bank-owned is unchanged at $109,900. Time on market for distressed properties is markedly lower than for non-distressed properties. The 5007 non-distressed properties for sale had a median price of $349,000, unchanged from last week.

Contingent and Pending listings: Properties in the process of being purchased are 10758 single family homes, 2351 condos and townhomes. Median asking price of contingent houses rose to $145,900 with median time on market of 75 days; median asking price of contingent condos/townhomes dropped to $70,900 with 70 days on market.

Single Family Home Prices: Of available listings, 249 under $50,000; 1579 between $50,000-$100,000; 4012 between $100,000-$200,000; 2917 between $200,000-$500,000; 874 between $500,000-$1,000,000; and 698 over $1,000,000. Median price on an available single family home dropped $100 to t $179,900; median price per square foot is still $94. 5120 are vacant, 1078 are tenant occupied.

Condo and Townhome Prices: 421 under $50,000; 1062 between $50,000-$100,000; 862 between $100,000-$200,000; 517 between $200,000-$500,000; 223 between $500,000-$1,000,000; and 142 over $1,000,000. Median asking price on these units is unchanged at $115,000; median price per square foot is down to $98. 1991 are vacant, 498 are tenant occupied.

Recently sold: 828 properties have closed in the last week, and next week should also have high numbers of closing properties. 4384 have closed in the last 30 days and 20341 have closed since the first of the year. Of the properties closed in the last week, 95 properties were on the market less than a week; 80 were on the market more than 6 months (6 over a year); remained stable at 41 days (median time on market including the contingent period went down to 110 days). Median sales price dropped to $120,000 and median list price dropped to $123,500.

Rentals: 4872 homes, townhomes, and condos were available for rent in the Valley according to the MLS system — up from last week. There are 644 contingent leases and 1767 leases signed in the last 30 days. All those numbers are up from last week, a generally healthy sign for investors and renters alike.

Other information: I am hearing rumors that some bank owned properties are getting 50-200 offers, and I can’t in good conscience get clients involved in that sort of feeding frenzy. This sort of demand means that prices almost have to go up. Banks are also getting very picky about short sales, often using appraisals as an excuse to hold out for tens of thousands more dollars. My advice is to check comparable properties carefully, and in most cases see the list price as a minimum bid. Elsewhere, we have news on shadow inventory, specifically properties that banks refuse to foreclose on. I’m hearing rumors of foreclosed homes being turned over to management companies and turned into rentals, but obviously that can only happen when the property is in pristine condition — leaving only the worst homes available for purchase. If this is true, it would explain why the number of available rentals has been slowly rising. Based on what I am seeing, when asked “Do we need a stronger buyer tax credit” I must answer “Heck No!” And for a look at the markets outside Vegas, Forbes informs us that property values in wealthy neighborhoods are still dropping.

Buyers, sellers, and the curious can learn more by clicking the “Contact Me!” link in the sidebar or calling the number at the top of the page. Friday Figures is published by Bridget Magnus on BridgetMagnus.com and is her property, even though any GLVAR Realtor can access this data.

Many newer communities across the nation have homeowners associations (HOA), landscape maintenance associations (LMA), or some other type of Common Interest Community (CIC). For some years, Nevada has required that buyers in any sort of CIC get a chance to inspect the rules before buying. It’s only fair, because these rules restrict the way owners can use their property.

However, the “CIC Resale Package” as it is known often costs several hundred dollars. Who pays for it? The law used to be unclear, and many banks and short sellers demanded that the buyer (or more likely, the buyer’s Realtor) pay for it. This made for a sticky situation if the sale fell through. If the buyer doesn’t like what he or she sees in “the package” he/she has the right to cancel the deal and get the deposit back, but the expensive package itself is bought and non-refundable. At least if it were owned by the seller, the buyer could send it back and it could be used for another offer (in most cases).

A new law passed by the 2009 legislative session clears things up: effective June 9, the seller pays for the resale package, period. There is no room for debate.

If you are buying a home in an HOA, LMA or other common interest community, remember that the law says they have to put the rules in your hands, and they have to pay to do it. Some listings still say the buyer will pay, but I expect these to be corrected in a matter of weeks. Insist that the seller follow the law.

Yes, it’s Friday again, and time for Friday Figures! All information from the GLVAR MLS system. This is what Vegas Realtors and real estate clients need to know about local market conditions before touring, making an offer, or listing a home this weekend.

Summary: Inventory of available homes continues to drop to 13552 units. Meanwhile, pending sales climbed above 13,000. Completed sales continue to number over 700 per week, and sale price of those homes is often near the list price. Interest rates are easing off last week’s levels but are still nowhere near as low as they were 60 days ago. Despite the best efforts of state and local authorities — and declining local supply — it does look like foreclosures will be with us for the foreseeable future.

Available listings for sale:  There are 10314 available single family homes, 3237 condominiums and townhomes. Current median list price stayed steady at $169,000, while median time on market has jumped sharply to 109 days. This is probably because buyers are focusing their attention on new, “right priced” listings, while listing agents are aggressively pricing new listings to attract attention and multiple offers.

Distressed Properties: Of those listings, 5553 are noted as short sales and 2904 are bank-owned.  Median price for a short sale is lower at $138,000; Median price on bank-owned is down to $109,900. Time on market for distressed properties is markedly lower than for non-distressed properties. The 5052 non-distressed properties for sale had a median price of $349,000, a rise from last week.

Contingent and Pending listings: Properties in the process of being purchased are 10709 single family homes, 2320 condos and townhomes. Median asking price of contingent houses fell again to $145,500 with median time on market of 78 days; median asking price of contingent condos/townhomes rose to $71,950 with 73 days on market. The accepted price is confidential until the sale closes. Of our total 13028 pending/contingent sales, 5636 were short sales, 5986 were bank owned, and for a second week1363 were non-distressed. The median price on pending non-distressed properties dropped to $196,310, with median time on market of only 65 days.

Single Family Home Prices: Of available listings, 249 under $50,000 (the first rise in some weeks); 1547 between $50,000-$100,000; 4108 between $100,000-$200,000; 2972 between $200,000-$500,000; 874 between $500,000-$1,000,000; and 710 over $1,000,000. Median price on an available single family home remained unchanged at $180,000; median price per square foot is still $94.

Condo and Townhome Prices: 423 under $50,000; 1089 between $50,000-$100,000; 879 between $100,000-$200,000; 531 between $200,000-$500,000; 230 between $500,000-$1,000,000; and 144 over $1,000,000. Median asking price on these units fell to $115,000; median price per square foot is down to $99.

Recently sold: 777 more properties have closed in the last week. 4180 have closed in the last 30 days and 19268 have closed since the first of the year. Of the properties closed in the last week, 93 properties were on the market less than a week; 75 were on the market more than 6 months (15 over a year and 6 over 600 days); remained stable at 41 days (median time on market including the contingent period rose  slightly to 111 days). Median sales price rose to $130,000 and median list price rose to $129,900.

Rentals: 4857 homes, townhomes, and condos were available for rent in the Valley according to the MLS system — up from last week. There are 615 contingent leases and 1719 leases signed in the last 30 days.

Other information: Be sure to check all those closing costs carefully when you buy a home. Ask hard questions about the charges on your Good Faith Estimate! I can’t say that I am surprised that Nevada’s new foreclosure mediation law may not work as planned due to companies sending representatives who can’t negotiate and due to agreements with investors. Federal foreclosure prevention plans aren’t working too well either as “lenders fail to modify loans“. One bright spot is that renters living in homes that are foreclosed on now have both state and federal protection; they can’t be evicted for 90 days (unless their lease ends before then). And one last thing, FHA borrowers need to be aware of the rules about property condition, particularly when purchasing foreclosed or short sale properties (remember, buyers have the legal right to a complete inspection, and sellers must turn on all utilities).

For more information or help with your real estate problem, click the “Contact Me!” link in the sidebar or call the number at the top of the page. Friday Figures is published by Bridget Magnus on BridgetMagnus.com and is her property, even though any GLVAR Realtor can access this data.

You just missed them. Right above this line of text. That blank spot? That’s it!

In a market like this one, where everybody is out to get a real estate deal before it’s too late, a lot of people are looking for an edge — a way to get the great deals that nobody knows about, or at least learn about them first. And some real estate agents cater to that desire with offers like “FREE LIST of up-to-date bank-owned, REO, and pre-foreclosure properties”. Never mind that the “free list” is compiled from the same Multiple Listing Service that I use to generate customized lists of homes for people, often with very specific needs or very picky tastes.

The truth is that there is no “secret” list that only the “right” Realtor knows. You don’t need a special Realtor who only deals in, for example, homes owned by Countrywide or GMAC. The nice person from Century 21 can easily show you any listing from Coldwell Banker. The only way any Realtor would possibly have an “inside track” on a property is if the signed listing agreement is sitting on her desk waiting for her to put it in the MLS system.

In this day and age, it would be a huge mistake for a Realtor to keep what used to be known as a “pocket listing”  – that’s a listing that stays in his pocket rather than being shared. What are the odds that one of his buyer clients is interested? Rather small. He’s got a lot more chance of selling that house if every agent in town knows about it and shares it with their clients!

The myth of the listing that isn’t in the MLS is almost as hard to fight as the myth of phantom inventory. Check out this San Diego realtor who went to find these mysterious listings owned by the bank but not for sale. There weren’t very many of them, a few were still occupied, and one had a lockbox on it — clearly being made ready for sale. Since mechanical lockboxes are not terribly secure, he was able to give his Youtube audience a little tour (remember I mentioned back in December to change the locks on your new place).

I don’t chase rainbows. I help real people find real properties.

Welcome to Friday Figures! All information from the GLVAR MLS system. Here’s what you and your Realtor should know about Vegas real estate market conditions before touring, making an offer, or listing a home this weekend.

Summary: The most important thing to remember is that interest rates are rising. My sources tell me that FHA rates are up over 6.0% now. Available inventory continues to drop to only 13838 total available, and time on market is dropping as well. As would be expected, contingent sales are up. Prices of available distressed properties were stable while prices of available non-distressed properties are in a rising trend. Final sales prices continue to be very close to list prices. Rental availability is up, much like in our apartment market.

Available listings for sale:  There are 10556 available single family homes, 3284 condominiums and townhomes. Current median list price rose to $169,000, and median time on market has dropped yet again to 99 days.

Distressed Properties: Of those listings, 5675 are noted as short sales and 2969 are bank-owned.  Median price for a short sale is unchanged again at $139,000; Median price on bank-owned is unchanged at $112,900. The 5144 non-distressed properties for sale had a median price of $348,000, up substantially from last week. As before, this is most likely because lower priced non-distressed properties had accepted offers.

Contingent and Pending listings: Properties in the process of being purchased are 10593 single family homes, 2335 condos and townhomes. Median asking price of contingent houses continues to edge down to $148,000; median asking price of contingent condos/townhomes is edged up to $71,000. The accepted price is confidential until the sale closes. Of our total 12927 pending/contingent sales, 5421 were short sales, 6099 were bank owned, and only 1363 were non-distressed. The median price on pending non-distressed properties was $199,900, supporting the theory that the rise in non-distressed available prices is due to lower-priced homes getting accepted offers.

Single Family Home Prices: Of available listings, 239 under $50,000; 1594 between $50,000-$100,000; 4230 between $100,000-$200,000; 3017 between $200,000-$500,000; 904 between $500,000-$1,000,000; and 722 over $1,000,000. There were drops in every price category. Median price on an available single family home edged up to $180,000; median price per square foot is still $94.

Condo and Townhome Prices: 417 under $50,000; 1087 between $50,000-$100,000; 924 between $100,000-$200,000; 536 between $200,000-$500,000; 235 between $500,000-$1,000,000; and 142 over $1,000,000. Median asking price on these units rose to $117,000; median price per square foot is also up at $101.

Recently sold: 753 properties have closed in the last week. 4124 have closed in the last 30 days and 18300 have closed since the first of the year. An amazing 38044 properties have closed in the last 12 months.  Of the properties closed in the last week, 95 properties were on the market less than a week; only 56 were on the market more than 6 months; rose slightly to 41 days (median time on market including the contingent period dropped to 104 days). Median sales price dropped to $125,000 and median list price dropped to $124,900.  The lowest priced property to sell was $12,900, and the highest priced property was $2,495,000.

Rentals: 4841 homes, townhomes, and condos were available for rent in the Valley according to the MLS system — up from last week. 864 are willing to consider less than a 1 year lease. There are 571 contingent leases and 1713 leases signed in the last 30 days.

Other information: an interesting idea for changing the real estate market; mortgage rates are going up; however challenging our local market may be, at least it’s not Detroit; foreclosures in May were high, but not as high as April; more on foreclosures, with a map;  an interesting item on home equity; I told you it would happen, HOAs are foreclosing over unpaid dues; and something fun from a friend, 10 things not to do in Vegas.

Questions? Problems? Need to talk to me? Just click the “Contact Me!” link in the sidebar or call the number at the top of the page. I help buyers find homes without wasting time, and I help sellers unlock the value of their properties. Friday Figures is published by Bridget Magnus on BridgetMagnus.com and is her property, even though any GLVAR Realtor can access this data.

Because Vegas has lost jobs over the last year, our population is down. And that in turn has caused apartment vacancy rates to rise and rents have dropped to 2006 levels.

Economist and real estate expert Robert Shiller (whose name you may recall from the Case-Shiller index) says that real estate prices will continue to drop “for some time.” Please remember that he is speaking about a nationwide trend, not particularly about any specific real estate market.

Important news for our do-it-yourself crowd! If your home is in an unincorporated section of Clark County (NV) and perhaps you’ve forgotten to pull a permit on a home project, you can still make your upgrades perfectly legal and avoid penalties through a permit amnesty program. Contact the county right away, because this program won’t last long. If you are in Las Vegas, North Las Vegas, or Henderson, you will still have to deal with the city permit office.

In News of the Obvious, someone points out that the real estate market won’t really get better nationwide until we have better job creation numbers. Since it’s been months since jobs were really created in this nation, and we spent most of the first half of the decade not making as many new jobs as were really needed, it may take a while to catch up.

A bad economy, lost jobs, and lost real estate values have created a situation where foreclosure is now no longer a sub-prime problem. Nor is the problem just in residential real estate any more: commericial defauls are at a 17 year high.

Here in Nevada, our legislature passed a bill to require mediation in some foreclosure actions. The rules for these mediation sessions are currently being written by our courts. I predict that most homeowners trying to force mediation will discover that large multi-state banks are federally regulated, and banks will claim they are exempt from this state requirement. The truth is there is very little state regulators and courts can do to them.

New rules that were supposed to make appraisals more uniform and less subject to influence by Realtors and lenders are actually making things worse.

And last, a bit of humor — Squat 2 Own Realty. I do NOT advocate any of the methods described! It’s strictly meant as humor. On a serious note, pay attention when viewing “vacant” homes, because they are a target for real life squatters.

T.G.I.F., it’s Friday Figures! All information from the GLVAR MLS system. It’s everything you and your Realtor should know about Vegas real estate market conditions before touring, making an offer, or listing a home this weekend.

Summary: Available inventory continues to drop, while median prices on on those listings remains stable (median prices overall dropped because of changes in the mix of houses vs condos). Distressed properties continue to sell briskly; if trends continue and we don’t have an abnormally large number of new listings, bank-owned listings could return to a more normal percentage of availabilities by the end of the year (a big if). While bargain hunters are still active in low-priced segments, a surprising number of higher priced properties moved off the availability lists this week. The gap between time on market for available units vs time on market for sold units suggests that very desirable and “right priced” homes are selling much faster than anything else.

Available listings for sale:  There are 10853 available single family homes, 3398 condominiums and townhomes. Current median list price dropped again to $166,900, and median time on market has dropped substantially to 104 days. At the beginning of last month, we had 12898 available single family homes, 3957 condominiums and townhomes.

Distressed Properties: Of those listings, 5853 are noted as short sales and 3143 are bank-owned.  Median price for a short sale is unchanged at $139,000; Median price on bank-owned is down at $112,900. This drop is probably because higher priced properties are being purchased, rather than a drop in prices. Non-distressed properties for sale had a median price of $340,000, up from last week. At the beginning of last month, 6523 were short sales and 4502 were bank-owned.

Contingent and Pending listings: Properties in the process of being purchased are 10336 single family homes, 2222 condos and townhomes. Median asking price of contingent houses barely down at $148,900; median asking price of contingent condos/townhomes is unchanged at $70,900. The accepted price is confidential until the sale closes. At the beginning of last month we had 9194 single family homes, 1785 condos and townhomes pending.

Single Family Home Prices: Of available listings, 241 under $50,000; 1650 between $50,000-$100,000; 4396 between $100,000-$200,000; 3073 between $200,000-$500,000; 915 between $500,000-$1,000,000; and 738 over $1,000,000. The drop in inventory over a half million dollars is notable. Median price on an available single family home is unchanged for an amazing 4th week at $179,900; median price per square foot is still $94. At the beginning of last month we had 241 under $50,000; 1901 between $50,000-$100,000; 5477 between $100,000-$200,000; 3708 between $200,000-$500,000; 986 between $500,000-$1,000,000; and 755 over $1,000,000.

Condo and Townhome Prices: 417 under $50,000; 1143 between $50,000-$100,000; 972 between $100,000-$200,000; 542 between $200,000-$500,000; 236 between $500,000-$1,000,000; and 147 over $1,000,000. Median asking price on these units remained the same at $115,000; median price per square foot is $100. At the beginning of last month we had 482 under $50,000 (back under 500, still up month-over-month); 1384 between $50,000-$100,000; 1106 between $100,000-$200,000; 631 between $200,000-$500,000; 269 between $500,000-$1,000,000; and 157 over $1,000,000. The month-over-month numbers are quite impressive.

Recently sold: 967 properties have closed in the last week, a number that was expected to be high because of month-end and month-start activity. 4032 have closed in the last 30 days and 17372 have closed since the first of the year. Of the properties closed in the last week, an amazing 139 properties were on the market less than a week; 81 were on the market more than 6 months; median dropped yet again to 39 days (median time on market including the contingent period also dropped to 106 days). Median sales price rose to $130,450 and median list price jumped to $132,500.  At the beginning of last month, median sales price was only $125,000 and median list price was $129,900.

Rentals: 4730 homes, townhomes, and condos were available for rent in the Valley according to the MLS system — up from last week. 123 are willing to consider a lease-option. There are 532 contingent leases and 1715 leases signed in the last 30 days. On May 1, there were 4761 available rentals.

Other information: Visitors, please be aware that Monsoon Season has begun, and we may have windstorms and thunderstorms over the next few weeks. You may feel dumb putting rain gear in your bag for a trip to Vegas, but you never know. One more detail, the spread between conventional and FHA mortgage interest rates seems to be narrowing. Be sure to weigh all your options before you choose a mortgage product!

You can always reach me by clicking the “Contact Me!” link in the sidebar or call the number at the top of the page. I am available to help both buyers and sellers at the present time, subject to change. Friday Figures is published by Bridget Magnus on BridgetMagnus.com and is her property, even though any GLVAR Realtor can access this data.

For some weeks we’ve all been trying to figure out how, exactly, the powers that be were going to implement using the first time buyers tax credit as a downpayment. The answer is they won’t. From a CNN editorial: “Seems there was plenty of push back that allowing borrowers to land a mortgage without any ’skin in the game’ was not exactly a great idea. What’s amazing is that the proposal even got floated in the first place; the notion that taxpayer dollars would have been on the line for mortgages that required no down payment was a bit of a head spinner.”

Another idea that makes my head spin trying to figure out how it would be implemented is FEMA’s plan to use foreclosed homes as temporary homes for people displaced by hurricanes. It’s an idea that seems sound on its face: here’s all these people who need a place to live, there’s all these empty homes, why not put them together?

The idea is still being developed, but FEMA would likely contact banks, other mortgage holders and their representatives to compile a list of available homes. The evacuees would then be assigned homes close to their own and FEMA would use a contractor, acting as its agent, to pay rent directly to whoever owns the home, said Jon Arno, FEMA’s individual assistance branch director for Florida. His duties include finding temporary housing for disaster victims.

I can think of several reasons why they shouldn’t waste a lot of time developing this idea. First, any foreclosed home in an area where there are a lot of damanged homes is likely to be damaged as well, having been through the same storm. It might even be in worse shape, since there weren’t people living in it to deal with problems as they arose. Second, it does not account for the typical condition of a foreclosed home in the best of times: it could be leaving one distressed dwelling in favor of another! Finally, I don’t think bank representatives will want anything to do with this plan. They will cite liability concerns, but the truth is that if there is a refugee living in it for some unspecified period of time, that makes it difficult to sell.

I love that the new administration is willing to really brainstorm some novel ways to deal with problems. However, ideas like this need to be thought through before they are discussed in public.