I’m so glad you dropped by to read Friday Figures! All information from the GLVAR MLS system. Here is what you and your Realtor need to know when touring, making offers, or listing property this weekend.

Summary: Amazingly, available inventory continues to drop and contingent/pending sales continue to rise, with stable prices. This is despite having over 2000 new listings since last Friday (including rentals, land, etc). For the first time in some weeks, the number of bank owned available listings ticked up slightly, but not by much. It seems clear that banks are carefully putting out more inventory, but are still a bit slow to approve short sales. Multiple offer situations are still typical, which is reflected in a continued trend of sales prices being slightly better than asking prices on average.

Available Listings: There are 9542 single family homes (down), with a median price of $180,000 (down slightly), $93 per square foot (unchanged), with median time on market of  95 days (down). In addition, there are 2899 condominiums and townhomes (down), with a median price of $114,900 (down insignificantly), $98 per square foot (unchanged), and median time on market of 118 days (unchanged). 693 (24%) of those units are in high-rise communities, with a median price of $459,900 (down) and median 190 days on market (up). Of all available listings, 4319 are owner occupied, 1450 are tenant occupied, and 6672 are vacant.

Distressed Properties: Of available listings, there are 4990 short sales (down) and 2696 bank-owned properties (up). Median price for a short sale is $136,400 (up); median price on a bank-owned home is $113,850 (down). Short sale listings, whether available or contingent, must be considered at risk of becoming bank owned properties. The 4717 non-distressed properties for sale had a median price of $349,000, unchanged yet again.

Single Family Home Prices: Of available listings, 211 under $50,000; 1471 between $50,000-$100,000; 3761 between $100,000-$200,000; 2720 between $200,000-$500,000; 833 between $500,000-$1,000,000; and 676 over $1,000,000.

Condo and Townhome Prices: 384 under $50,000; 970 between $50,000-$100,000; 788 between $100,000-$200,000; 467 between $200,000-$500,000; 211 between $500,000-$1,000,000; 134 over $1,000,000.

Contingent and Pending listings: Of the 13507 properties in the process of being purchased, 10959 are single family homes with median price of $144,900 (unchanged), $77 per square foot (unchanged), 62 days on market median (down); 2549 are condominiums or townhomes with median price of $69,900 (down slightly), $64 per square foot (down), 56 days days on market median (another 5% drop). Final negotiated sales prices are confidential until closing. Of those, 6898 were short sale, 5237 were bank owned, and only 1336 were non-distressed sales. Remember that although the bank owned and non-distressed sales should close within 30-45 days, the short sales may take 6 months or more (and may fall through at that time).

Recently sold: 835 properties closed in the last week, with more to come this afternoon. Of this week’s closings, 153 properties were on the market less than a week and 435 on the market 30 days or less; 74 were on the market more than 6 months (10 over a year, 1 more than 2 years); median time on market dropped substantially to 27 days (median time on market including the contingent period dropped to 94 days). Short sales accounted for 78 of them, there were 631 bank owned properties, and 128 non-distressed sales. Median sales price rose to $124,000 while median list price rose to $123,500. Again, median list is greater than median sales price. 3829 have closed in the last 30 days and 25439 have closed since the first of the year.

Rentals: 4991 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 681 contingent leases and 1836 leases signed in the last 30 days.

Other information: the Las Vegas Sun ran an item this week called “Home prices tumble in Vegas despite national rebound”. Remember that these are year-over-year numbers. Sure, prices are lower than last year, but things are still better than they were last month! Next week we will look at month-over-month numbers, as we do the first Friday of each month.

For more information or to get help with your real estate needs, call me today at 702-727-7842 or email bmagnus@bridgetmagnus.com. Although this information is available to all GLVAR members through the MLS system, this article was written and copyright by Bridget Magnus, and is her sole property.

see more Funny Graphs

Granted, they are quite late to the party, but The Market Oracle is talking about Fannie Mae and Freddie Mac’s role in the housing bubble (and therefore the housing collapse that came afterwards).

Don’t even think about trying to fraudulently claim the first time buyer’s tax credit. The IRS is looking for people who do that.

Has housing hit bottom? I don’t know. I think it entirely depends which local housing market we are talking about. The good news is that prices nationwide are up for the first time in 3 years.

Unpaid property taxes are becoming  a problem for municipalities. It is important to remember that just about everybody who has a mortgage pays those property taxes automatically out of an escrow account run by the mortgage company. Should the mortgagee be in default, banks are still pretty good about making sure those taxes are paid off. It then stands to reason that if those taxes are not paid, it is either people who have completely paid off their mortgages, or banks that are shirking obligations.

And last, TheStreet.com has noticed that “About 70% of the Las Vegas-area houses and condos that resold in June were foreclosure resales, meaning those homes had been foreclosed on in the prior 12 months. That was up from 59% in June 2008 but the lowest for any month since it was 68.9% last December.” Notice that their definition of bank owned is that it’s been foreclosed in the last 12 months. Seeing as I can think of a half dozen currently listed addresses off the top of my head that have been bought from the bank, quickly renovated, and put back on the market long before the 12 month mark, I think that number is high.

See everyone in the morning for Friday Figures!

It’s time once more for Friday Figures! All information from the GLVAR MLS system. If you plan on touring, making an offer, or listing a home in the Las Vegas Valley this weekend, this is what you and your Realtor need to know.

Summary: Available inventory continues, amazingly, to decline while prices of single family homes edge up. The amazing part of this is that there have been over 1900 new listings (including rentals, land, etc.) since last Friday; clearly supply is being absorbed as quickly as it comes online. Private buyers are competing with investors for the properties with the most potential — the result of investor involvement is more non-distressed properties for sale and more properties for rent. Time on market is dropping, although contingent periods are getting a bit longer. As would be expected, pending and contingent sales continue to rise. While available short sales are now more common than available bank owned properties, fewer of them are actually closing — a situation that must change if we are ever going to completely get out of the foreclosure mess.

Available Listings: There are 9617 single family homes (down), with a median price of $180,990 (up!), $93 per square foot (down), with median time on market of  97 days (down). In addition, there are 2935 condominiums and townhomes (down), with a median price of $115,000 (unchanged), $98 per square foot (down), and median time on market of 118 days (down). 708 (24%) of those units are in high-rise communities, with a median price of $475,000 and median 183 days on market. Of all available listings, 4391 are owner occupied, 1456 are tenant occupied, and 6703 are vacant (54%).

Distressed Properties: Of available listings, there are 5040 short sales (down) and 2667 bank-owned properties (down). Median price for a short sale is $135,000 (unchanged a 4th week); median price on a bank-owned home is up again at $114,000. The 4807 non-distressed properties for sale had a median price of $349,000, unchanged again. The slight rise in available non-distressed property reflects both traditional sellers coming back to the marketplace, and professional investors who buy, then “fix and flip” distressed properties.

Single Family Home Prices: Of available listings, 206 under $50,000; 1479 between $50,000-$100,000; 3760 between $100,000-$200,000; 2775 between $200,000-$500,000; 839 between $500,000-$1,000,000; and 680 over $1,000,000. The only increase was in million dollar plus properties.

Condo and Townhome Prices: 388 under $50,000; 980 between $50,000-$100,000; 780between $100,000-$200,000; 479 between $200,000-$500,000; 220 between $500,000-$1,000,000; 140 over $1,000,000. While there was a rise in “bargain” properties, most categories saw declines. An important thing to remember about condos in that price range is to be on the lookout for possible problems with the HOA that might derail getting  mortgage.

Contingent and Pending listings: Of the 13458 properties in the process of being purchased, 10934 are single family homes with median price of $144,900 (down slightly), $77 per square foot (unchanged), 64 days on market median (a 10% drop!); 2524 are condominiums or townhomes with median price of $70,000 (unchanged), $65 per square foot (unchanged), 59 days days on market median (down 6%). Final negotiated sales prices are confidential until closing.

Recently sold: 779 properties closed in the last week, with higher closings predicted next week. Of this week’s closings, 143 properties were on the market less than a week and 382 on the market 30 days or less; 54 were on the market more than 6 months (9 over a year); median time on market was down to 32 days (median time on market including the contingent period rose to 105 days). Short sales accounted for 84 of them, there were 582 bank owned properties, and 111 non-distressed sales. Median sales price dropped to $121,500 while median list price dropped to $119,900. Notice that median list is greater than median sales price. 4246 have closed in the last 30 days and 24444 have closed since the first of the year.

Rentals: 5048 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 655 contingent leases and 1865 leases signed in the last 30 days. While rental inventory is up, so are contingent leases. Yet another side-effect of investors being back in the game.

Other information: A few items on loan modification, starting with how securitization (slicing dicing and selling your mortgage to investors) may effect your ability to get one at all, tips on avoiding scams, mortgage modification may yet be something bankruptcy judges can do, and some question whether the current mortgage plan will work. My personal opinion? It will work only if banks want it to work (more on that next week!). Sales of existing homes have been going up — nationwide! — for 3 months, but there’s still a lot of inventory in most of the country, lots of vacant homes, low rental occupancy, and continuing local issues with foreclosures. Notice in that last link they mentioned that local prices had stopped dropping last quarter? Readers of Friday Figures knew that weeks ago! Two last items, new appraisal rules and how they may effect you, and 15 American cities in the process of being “abandoned.”

One more thing: Congratulations to our newly elected GLVAR Directors, including colleague David Tina and my Broker, Paula Smith. She will be serving a second term as Treasurer.

For more information or to get help with your real estate needs, call me today at 702-727-7842 or email bmagnus@bridgetmagnus.com. Although this information is available to all GLVAR members through the MLS system, this article was written and copyright by Bridget Magnus, and is her sole property.

Welcome (or welcome back) to Friday Figures! All information from the GLVAR MLS system. This is the state of the local real estate market right now, and what you and your Realtor need to know before touring, making an offer, or listing a home in the Las Vegas Valley this weekend.

Summary: Available listings continue to slowly decline, with condo availability finally dropping below 3000. Pendings likewise continue to rise. The declines may not seem like much, until you consider the fact that there have been over 750 new listings in the last 3 days alone; the market is absorbing every new listing and then some. The effect of many multiple offer situations is starting to be seen in the sales figures, where median sales price was higher than median list price.

Available Listings: There are 9735 single family homes (down), with a median price of $179,900 (unchanged), $94 per square foot (up), with median time on market of  99 days (down). In addition, there are 2957 condominiums and townhomes (down), with a median price of $115,000 (unchanged), $99 per square foot (unchanged), and median time on market of 121 days (up). 709 (24%) of those units are in high-rise communities, with a median price of $475,000 and median 181 days on market.

Distressed Properties: Of available listings, there are 5114 short sales and 2732 bank-owned properties. Both figures are down.  Median price for a short sale is $135,000 (unchanged a 3rd week); median price on a bank-owned home is up quite a bit at $112,900. The 4799 non-distressed properties for sale had a median price of $349,000, unchanged again.

Single Family Home Prices: Of available listings, 218 under $50,000; 1516 between $50,000-$100,000; 3832 between $100,000-$200,000; 2777 between $200,000-$500,000; 842 between $500,000-$1,000,000; and 678 over $1,000,000. Declines in every price range.

Condo and Townhome Prices: 384 under $50,000; 979 between $50,000-$100,000; 801 between $100,000-$200,000; 481 between $200,000-$5000,000; 224 between $500,000-$1,000,000; 141 over $1,000,000. Declines in all but one price range.

Contingent and Pending listings: Of the 13221 properties in the process of being purchased, 10744 are single family homes with median price of $145,000 (unchanged), $77 per square foot (down), 71 days on market median (up); 2477 are condominiums or townhomes with median price of $70,000 (down), $65 per square foot (down), 63 days days on market median (down).

Recently sold: 827 properties closed in the last week, bringing us back to a more typical figure than the last 2 weeks. Next week should have higher closings ahead of month end. Of this week’s closings, 137 properties were on the market less than a week; 55 were on the market more than 6 months (9 over a year); median time on market was unchanged at 34 days (median time on market including the contingent period dropped to 100 days). Short sales accounted for 76 of them, there were 827 bank owned properties, and 145 non-distressed sales. Median sales price rose to $127,950 while median list price dropped to $125,000. 4386 have closed in the last 30 days and 23508 have closed since the first of the year.

Rentals: 4968 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 568 contingent leases and 1859 leases signed in the last 30 days.

Other information: As challenging as the residential real estate market has been, commercial real estate is having issues too. The foreclosure problem isn’t going away anytime soon, with record filings in the first half of 2009. The initial sub-prime problem has been compounded by plunging values and high unemployment. Nevada continues to be hard hit. Luckily the banks are starting to get a handle on how to handle modifications, short sales, and liquidating hundreds of properties. However, banks still need to do the math and realize that in most cases, they will lose less money by going ahead with loan modifications. Housing starts are beginning to climb, but from historically low levels. There are a couple of need-to-know mortgage items. First, new disclosure rules are in effect, so be aware of the time periods required or risk delayed closing! Second, be aware that as many as 98% of existing mortgages are eligible for renegotiation because of Truth in Lending Act violations. And last, a bit of good news from our neighbor, California. Median home prices in California rose 7% from May to June.

For more information or to get help with your real estate needs, call me today at 702-727-7842 or email bmagnus@bridgetmagnus.com. Although this information is available to all GLVAR members through the MLS system, this article was written and copyright by Bridget Magnus, and is her sole property.

When I am screening listings for my clients, there are a number of things I look at. When buyers are on a tight schedule, I don’t include short sales, because there is no telling if or when they will close. Unless my client is a licensed contractor, I don’t send listings that have warnings about mold infestations or other health/safety hazards. There are a number of other “red flags” I look at, because my client’s time is valuable. I am not going to waste his or her time on a home that won’t be suitable, or that they can’t buy, or that they can’t get in to see, or that will be a big headache later.

Because time is so valuable, I make sure that buyers start the process by getting a pre-qualificaiton from a reliable lender or mortgage broker. Not only do we need this before we can put in a credible purchase offer these days, the “pre-qual” tells us both up front exactly how much they can afford. If the client wants to stick to a lower price range, that’s fine; but if they want to go above the price on that pre-qualification, I know we need to clear it with the mortgage people first. I don’t knowingly show people homes they can’t afford.

And this brings me to one of the biggest “red flags” I look for in a listing, a requirement that my clients have a second pre-qualification through the seller’s chosen lender. “Must pre-qualify with [insert bank name], no exceptions”  in the agent-to-agent remarks means my clients aren’t seeing that listing, ever.  Here’s why:

My clients are already qualified, thank you. The official line is that they are merely trying to protect themselves from disreputable or fly-by-night mortgage companies. Sorry, I have already screened for that. Don’t insult me or the mortgage professionals I work with every day.

A second pre-qualification costs money. It is my personal opinion that what these companies really want is the $200-500 they will get for an application fee.  If they get a mortgage out of the deal? Bonus.

A second pre-qualification involves a second credit check. This additional inquiry has the potential to cause slight damage to my client’s credit report. If there were anything “borderline”, this small change could jeopardize the first pre-qualification and my client’s ability to buy.

A second pre-qualification takes time. Every week there are dozens of homes in this market that don’t spend a whole week on the market before having an accepted purchase offer, often with multiple offers. See Friday Figures for an exact count each week. The days (or weeks in some cases) it takes to get a completely unnecessary pre-qualification may mean the difference between buying, or having to wait for the next home that suits the client.

It drives a wedge between my clients and myself. Part of the game is that the new lender has the opportunity to talk my client into using their mortgage services. If they can do that, they rack up a nice set of origination fees, and a bunch of interest for as long as they hold the note. Since odds are very good that I won’t know their representative personally, this complicates the entire escrow period because I won’t have the same level of communication and rapport that I do with my small circle of mortgage people. I can’t stress enough how critical this can be in the last week before a sale closes. That’s when things are most likely to go wrong, and when I most need to be able to speak frankly with the mortgage people.

And finally, The other bank or mortgage company isn’t that great either. Specific pre-qualification requirements only happen on distressed properties, almost always bank owned homes. At least 9 times out of 10, the “required” company is the one that got burned on the mortgage last time. Usually, it’s the bank that owns the now-foreclosed property! If they were such a great judge of people’s ability to repay a loan, they wouldn’t be in this mess in the first place.

There is a movement to prohibit this asinine practice. You can sign a petition to amend a law called RESPA to make it illegal by clicking here. Better yet, you can send a message to your elected representatives in the House and Senate.

In the meantime, I won’t be showing listings that require a second lender’s pre-qualification.

Yesterday’s Las Vegas Review Journal featured an item on communities that stopped or scaled back development partway through, resulting in “stranded” homeowners who must contend with abandoned construction sites, fewer businesses and services nearby than they expected, and property values damaged as a result. This isn’t just happening in isolated subdivisions, it’s happening in huge master-planned communities as well. The article is well worth reading.

While I have colleagues who specialize in helping people purchase new construction, I rarely touch it. First, there are almost always construction delays with new construction. Second, even without problems like the article describes, there is no guaranty that the community as built out will really be as promised. Too many things can happen both inside and outside the community itself between the day you pick your vacant lot and the day you move in. Third, it is easy for buyers to forget that the nice salesperson in the builder’s office works for the builder, and is paid to put his or her employer’s interests ahead of the buyer’s interests. Finally, there are complicating factors in financing new construction. Of course, you can use the on-site financing from the builder, but that may not be the best option.

If you are considering buying new construction home, this checklist is a very good start. You will also want to consider other factors: Is the area acceptable now? What if certain improvements were delayed or cancelled? What if the plans change and more dense housing (smaller lots, more condos or apartments) is built nearby? Do any of the plans depend on government action, such as building new roads and schools? What if those plans fall through? How many other people have already committed to purchasing homes in the community? How many of those people are investors rather than future neighbors?

People will have different reactions to the answers, and there is nothing right or wrong about any one person’s decision. However, it is important to ask and truly think about the answers before investing in new construction.

Thank you for taking the time to read Friday Figures! All information from the GLVAR MLS system. Here is 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: Not everything is doom and gloom in our real estate market, particularly when you look at the year-over-year figures. For example, we have just 12,924 properties available today, compared with 20,594 on July 7 of 2008! Available inventory continues to decline, but much more slowly than in weeks past. This is partly because there have been 961 new residential listings in the last 6 days in the Las Vegas Valley alone! That says good things about our ability to absorb new inventory. In fact, there are more properties in contingent or pending status than are actually available. We did however have fewer closings this last week, but I did warn not to expect another 1200+ closings. Sure, prices are down from last year, but all other signs are hopeful.

Available Listings: There are 9876 single family homes (down), with a median price of $179,900 (unchanged), $93 per square foot (down), with median time on market of  101 days. In addition, there are 3049 condominiums and townhomes (down), with a median price of $115,000 (up slightly), $99 per square foot (up), and median time on market of 118 days. Last year there were 16,017 houses and 4577 condos/townhomes available.

Distressed Properties: Of available listings, there are 5232 short sales and 2832 bank-owned properties. Both figures are down.  Median price for a short sale is unchanged a second week at $135,000; median price on a bank-owned home is up slightly at $110,000. The 4823 non-distressed properties for sale had a median price of $349,000, unchanged yet another week. Last year there were 5865 short sale listings and 4739 bank owned listings. However, GLVAR has tightened up the rules regarding the reporting of these listings over the last year, so those figures may not be a complete count.

Single Family Home Prices: Of available listings, 246 under $50,000; 1534 between $50,000-$100,000; 3925 between $100,000-$200,000; 2785 between $200,000-$500,000; 851 between $500,000-$1,000,000; and 683 over $1,000,000.

Condo and Townhome Prices: 392 under $50,000; 1018 between $50,000-$100,000; 829 between $100,000-$200,000; 498 between $200,000-$5000,000; 218 between $500,000-$1,000,000; 143 over $1,000,000.

Contingent and Pending listings: Of the 13034 properties in the process of being purchased, 10634 are single family homes with median price of $145,000 (down), $78 per square foot, 69 days on market median (down sharply); 2401 are condominiums or townhomes with median price of $71,000 (down), $66 per square foot, 65 days days on market median (down sharply). Last year we only had 6940 pending listings. 5410 current pending/contingent listings are bank owned, 6308 are short sale, and 1282 are non-distressed.

Recently sold: Only 481 properties close in the last week — the lowest level in months –making it clear that last week’s extraordinarily high number was a spike rather than a trend (the two weeks still average to better than 800 per week). Of those, 82 properties were on the market less than a week; only 39 were on the market more than 6 months (7 over a year); median time on market dropped still further to 34 days (median time on market including the contingent period was also down at 101 days). Short sales accounted for 51 of them, there were 349 bank owned properties, and 81 non-distressed sales. Median sales price dropped from last week to $125,000 while median list price was up further to $129,900. 4377 have closed in the last 30 days and 22513 have closed since the first of the year. Last year, only 2306 had closed in the last 30 days and 11609 had closed year to date.

Rentals: 4924 homes, townhomes, and condos were available for rent in the Valley according to the MLS system. There are 531 contingent leases and 1818 leases signed in the last 30 days. Last year we had 3585 available and 1461 signed leases.

Other information: Some of the panic regarding the new appraisal rules is wearing off. While there are still clearly problems with the application, it is clear that the issues are being acknowledged and addressed. Be very sure to read over the HOA documents for your new home before closing, including all those boring financials! The last thing in the world you want is to end up with a bankrupt HOA. And finally, after panicking about future price drops a few months ago, Forbes says the housing market “bottoms out slowly.”

The foreclosure problem is has been so bad here that Las Vegas, North Las Vegas, Henderson, and Clark County are teaming up to best get and use Federal stimulus money.

People who signed up to buy condos in the City Center project are not very happy right now. They bought near the top of the market, and prices in general have plunged 52% since then according to Case and Shiller. Worse yet, many of the people who bought high and early were MGM executives and high rollers. Ouch.

This is more interesting than bad, but the nice folks at Rain City Guide wonder about the wisdom of spending lots of money on rooms your family doesn’t even use.

Office vacancy is up to 15.9%, and apartment vacancy rates are at at 22 year high.

And mortgage fraud is is up… or at least awareness of it is.

If you want the good news too, come back tomorrow for Friday Figures. I will be focusing on year-over-year figures. Except for the drop in prices, things aren’t that bad.

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.