Friday Figures for 11/7/2009
I hope everyone had a great Thanksgiving! Thank you for taking time out of the biggest shopping day of the year for Black Friday Figures! All information from the GLVAR MLS system. This is exactly what you and our Realtor need to know if you are touring, making offers, or listing property this weekend in the Las Vegas Valley!
Summary:Available units inched up slightly to 11150 units. In a move that was no surprise, the number of bank-owned homes available rose while the number of short sales went down. I would be alarmed by the drop in median prices on non-distressed properties, except that many of those properties were sold as distressed some months ago; they have been rehabbed and are being sold at a premium over the previous sale price. Pending and contingent units slipped a little, but remain well over 14,000. I expected a soft number of closes this week because of the holiday and was pleasantly surprised to see well over 700. Rentals are staying pretty steady both in terms of availability and price, which is good news for investors and renters alike.
Other Information: Wall Street is waiting and watching to see people like you and I are out spending money today. Next week we should start to get information on November economic data, including a rundown of retail sales over the holiday weekend. That information will be chewed over by every economist, politician, journalist, and blogger as some ask whether we need an additional economic stimulus. Of interest to potential buyers, Fannie Mae is trying to tighten up lending standards, which will make it more difficult for some people to be approved for a mortgage, but at least rates are at a record low. If you aren’t sure where you stand, contact a good mortgage broker now (I can give you several people to call, click the Contact Me! link at the side). There seems to be good news coming out of Nevada’s foreclosure mediation program: not only are foreclosures down 4% (compared with up 19% nationwide), mediators are reporting “good outcomes” as much as 60% of the time. Judges nationwide are continuing to hold banks’ feet to the fire at foreclosure proceedings nationwide.