I’ve got a few little news items to add for now. First off, today’s big news is that nationwide, 28.4% of homes with mortgages are “underwater.” Needless to say, that percentage is much higher in Nevada! Fannie Mae wants another $8,500,000,000 from Uncle Sam, bringing their bailout to near $100,000,000,000. Amazing! And finally, for those [...]
Way back in 2008, I reported on Nicholas Cage’s Vegas mansion being for sale for $9,950,000. Since then, it has gone into foreclosure, been snapped up in one day for almost $5 million, and is back on the market again for $7.9 million. The listing includes 25 fabulous pictures plus a video and tour, and [...]
Welcome to Friday Figures! All information from the GLVAR MLS system. Touring, listing, or making a purchase offer in the Las Vegas Valley this weekend? Read this first! Summary: At 14937 available units, we’re at crunch time: does that number continue to go up by 200-300 every week, or does it level off and stay [...]
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 [...]
Forbes noticed that the Las Vegas real estate market has turned: Something funny’s happening in Las Vegas. Home sale prices from last year are down 28%, but home sales are up 15%. The reason? Motivated sellers–those in distress or foreclosure–or banks with too many homes on the books are slashing asking prices in order to [...]
The other day, I was visiting with the loan officer at a nearby bank branch. He had an interesting flier on his desk. “The joy of working for a Fortune 500 company is that they send all kinds of marketing materials, but this is all I need,” he told me. This flier had a little [...]
I’ve been studying the latest information on the Las Vegas housing market. This week, we had just under 17,000 single family homes available, and an additional 4500 condos and townhomes. Sure, prices are down almost 30% over last year, but actual closed sales are up over 40% from last year. That’s simple supply and demand: [...]
While Concordia Homes is not going out of business, they will cease selling homes in Nevada. They will be returning deposits on homes where construction has not yet begun. Five active subdivisions are being shut down. Here’s an interesting quote from Dennis Smith of Home Builders Research: This is not strictly about demand. This is [...]
According to the Prof, Nick Cage is selling his Vegas home. Of course, Prof has a couple details off. According to the listing as seen on remax.com, it’s 14,306 square feet on a 15,682 square foot lot. It does have 7 bedrooms, but only 5 full baths, two 3/4 baths, and a half bath. For [...]
Here’s BondDad on Freddie and Fannie. Or perhaps you’d rather read TheStreet.com on IndyMac (if you have any pending business with them, you’d better give somebody a call first thing Monday). And memo to the Review Journal: all of us around the office could do without you folks making up pessimistic figures! My “trained monkey” [...]
