Two little news bits for you.

First, the Senate has attached an extension of the $8000 first time buyers tax credit to a bill extending unemployment aid and passed it unanimously (some restrictions apply, of course). The House of Representatives still has to vote on such a proposal, but a compromise is already in the works and it seems likely they will go along. Update: A bill has passed and will likely soon be signed into law. I know I should be really happy about this, but I have reservations. First, how many qualified first time buyers are left? Second, by continually extending the credit, urgency is lost. Buyers are left wondering if Congress won’t pass a better deal next year! Finally, assuming that urgency is not lost, it adds froth to the market. We have roughly 15,000 pending sales in the Las Vegas Valley; you can’t tell me that’s a normal level.

The second item is undeniably good news here. Clark County wants to raise the fines for not keeping property in good condition. Currently, the fine is $50-200 per day and a maximum of $10,000. They want to raise it to $1000 per day for a maximum of 2 years.  We aren’t talking about mowing the lawn and stuff like that. We’re talking about truly neglectful property owners who allow their properties to become dumping grounds or unsafe places. While some say this is likely to be used against the elderly and the infirm, it will most likely be used against banks who allow foreclosed property to fall into ruin. If you have an opinion that you want heard on this matter, a vote is scheduled for November 17, 2009.

Interesting side note on our County Commission: one of our commissioners won’t be seeking re-election because he is running for Governor next year. His name is Rory Reid. Yes, he’s Senator Harry Reid‘s son.

Hope everyone is planning on dropping by again for Friday Figures! Those who do will be rewarded with knowing more about the Vegas real estate market than most people.