While homebuilder confidence remains near a record low, it turns out that actual housing starts are up 22% mostly due to apartments (official Census report). It sounds like the homebuilders have put in a “panic bottom”.

Renters, beware of the NAR lease scam. “In this scam, rental property is offered to consumers, who are led to believe that NAR is functioning as an intermediary to receive rental deposits from prospective tenants and, upon receipt of the deposit, to deliver the keys to the property to the tenant. The tenant is instructed to send money via Western Union to NAR’s purported agent, in the United Kingdom. NAR is not involved in this business and believes it is a scam.” At least it isn’t Elvis. 

A new HUD and DOT initiative is designed to tackle both housing and transportation costs at the same time. Many Americans have found themselves in a situation where they can’t really afford to live anyplace near their work. This is expensive and stressful for the entire family. 

This morning, I was forwarded a report on average closing prices here in Clark County. No shock that prices have declined again and foreclosure sales are up.  Prices are down roughly 60% from their peak, and have declined for 11 straight months. But the rate of decline is slowing. Greed and fear say to wait for prices to fall more, but the fact is that we won’t know where bottom is until prices begin to rise again. That’s one of several reasons I track not only average prices, but the number of homes in various price ranges.

At least we aren’t in Detroit, where the median home price is $7500, roughly what you would pay for a Hyundai. Yet more evidence that housing markets are fundamentally local, not national.

And one last item, how to spend time in Vegas without spending money.

I hope everyone will join me tomorrow for Friday Figures!

In the meantime, if you have a real estate need, please be sure to click the “Contact Me!” link in the sidebar, or just call the phone number at the top of the page.