Summary: We’re up to 12960 available units, just under 13,000 and about a 30% increase from the low we set earlier this year. No surprise that prices are under downward pressure. Contingent and pending listings are down, however, and we may eventually work through the huge backlog of contingent short sales one way or another. 600-700 closing properties a week seems to be the “new normal” for a little while, but I do expect more closings this coming week as banks try to clear the July books.

Other Information: Unfortunately, the economy is of great concern going forward. Nevada unemployment is at 14.2% and in the Las Vegas Valley it’s 14.5%. Builders are also nervous about the economy. Home sales are slowing nationwide — which the experts did anticipate after the home buyer tax credit expired. This week has also seen a lot of criticism of how few people have really been helped by the HAMP program — and a few pointing out how little help it is to some of the people who have gotten modifications. There is still some good news to report: mortgage rates are at yet another all time low; many Clark Country residents got lower property tax bills in the mail this week (which may result in budget shortfalls, but that’s another issue); and apartment rents are down. So far I have seen no real drop in rental home prices, partly because those owners have fixed expenses and a slightly different business plan.

Available Listings: There are 10479 single family homes (up), with a median price of $159,950 (down), $84 per square foot (unchanged), with median time on market of 73 days (unchanged). In addition, there are 2476  condominiums and townhomes (up), with a median price of $74,900 (down), $66 per square foot (down), and median time on market of 67 days (unchanged).

Distressed Properties: Of available listings, there are 5650 short sales (up) and 2650 bank-owned properties (up). Median price for a short sale is $128,800 (down); median price on a bank-owned home is $120,000 (down). All short sale listings must be considered at risk of becoming bank owned properties whether they are available or contingent. The 4617 non-distressed properties for sale (up) had a median price of $213,200 (down). While many of the non-distressed properties are traditional sellers, many others were purchased fairly recently as short sale or bank owned, and then renovated by investors.

Single Family Home Prices: Of available listings, 154 under $50,000; 1664 between $50,000-$100,000; 5281 between $100,000-$200,000; 2217 between $200,000-$400,000; 593 between $400,000-$700,000; 248 between $700,000-$1,000,000; and 475 over $1,000,000.

Condo and Townhome Prices: Of available listings, 557 under $50,000; 1265 between $50,000-$100,000; 553 between $100,000-$200,000; 114 between $200,000-$400,000; 22 between $400,000-$700,000; 5 between $700,000-$1,000,000; and 3 over $1,000,000. These figures exclude high-rise communities for technical reasons.

Contingent and Pending listings: Of the 14592 properties in the process of being purchased (down), 11734 are single family homes with median price of $135,000 (unchanged); 2860 are condominiums or townhomes with median price of $65,000 (unchanged). Final negotiated sales prices are confidential until closing. Of the total, 10383 were short sale (down), 2676 were bank owned (down), and 1523 were non-distressed sales (up).

Recently sold: 655 properties closed in the last week, 3790 in the last 30 days, and 23650 so far this year. For properties closed in the last 30 days, median time on market was 27 days (unchanged, time on market including the contingent period was 108 days). Median sales price was $125,000 (unchanged); median list price was $124,997 (down). Short sales accounted for 1250 of them, there were 1574 bank owned properties, and 960 non-distressed sales. The number of short sales closed in the last month is down for a second week; anecdotal evidence suggests that banks are declining some short sales and those homes are going back on the market (or being foreclosed).

Rentals: 3978 homes, townhomes, and condos wereavailable for rent in the Valley in the MLS system (up). Median square footage of these units is 1374 and median rent is $1100. There are 865 contingent leases waiting to be signed and 1965 leases signed in the last 30 days with median rent of $1125 and median square footage of 1521.

Need more information or help with your real estate needs? Call me today at 702-727-7842 or email bmagnus@bridgetmagnus.com. Based on information from the Greater Las Vegas Association of REALTORS  Multiple Listing Service for the date specified above. This article was written and copyright by Bridget Magnus, and is her sole property.

Once again it’s time for reading Friday Figures! All information from the GLVAR MLS system. Touring, listing, or making a purchase offer this weekend? Read this first!

Summary: Available units rose again, this time to 12521, and median price on single family homes dropped and median time on market rose by a day. The number of properties in the process of being purchased dropped very slightly, but this is not a cause for concern as many of these properties have been in that state quite a while awaiting short sale approval. Over half the homes that are now closing were on the market less than a month, so there is still some competition for the “most desirable” properties. In fact, 95 of the 658 properties that closed in the last 7 days were on the market less than a week before an offer was accepted!

Other Information: Please be careful out there this weekend! We have an excessive heat warning; don’t count on working air conditioning in a vacant property! Unfortunately, Nevada once again leads the nation in foreclosures while we are at a record high as a nation. Home mortgage applications are falling while rates remain low. And just for fun, some statistics on American homes.

Available Listings: There are 10131 single family homes (up), with a median price of $160,900 (down), $84 per square foot (unchanged), with median time on market of 73 days (up). In addition, there are 2390  condominiums and townhomes (up), with a median price of $75,000 (unchanged), $67 per square foot (unchanged), and median time on market of 67 days (up). Condo prices didn’t go down because they are already at bottom due to financing issues. On July 17 of last year we had 9735 single family homes with a median price of $179,900, $94 per square foot, median time on market of 99 days and 2957 condominiums/townhomes with a median price of $115,000, $99 per square foot, median time on market of 121 days.

Distressed Properties: Of available listings, there are 5370 short sales (up) and 2557 bank-owned properties (up). Median price for a short sale is $129,500 (up); median price on a bank-owned home is $123,250 (down). All short sale listings must be considered at risk of becoming bank owned properties whether they are available or contingent. The 4550 non-distressed properties for sale (up) had a median price of $214,900 (down). While many of the non-distressed properties are traditional sellers, many others were purchased fairly recently as short sale or bank owned, and then renovated by investors. Last year, we had 5114 short sales with a median price of $128,000 and 2732 bank-owned properties with a median price of only $112,900. Price of foreclosed homes has partly been influenced by “cash for keys” programs and stepped-up short sale processes. Another factor is that foreclosure has already run its course in some of our lowest cost neighborhoods.

Single Family Home Prices: Of available listings, 140 under $50,000; 1536 between $50,000-$100,000; 5101 between $100,000-$200,000; 2186 between $200,000-$400,000; 547 between $400,000-$700,000; 244 between $700,000-$1,000,000; and 477 over $1,000,000. Last July, we had 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.

Condo and Townhome Prices: Of available listings, 507 under $50,000; 1231 between $50,000-$100,000; 547 between $100,000-$200,000; 118 between $200,000-$400,000; 22 between $400,000-$700,000; 5 between $700,000-$1,000,000; and 2 over $1,000,000. These figures exclude high-rise communities for technical reasons.

Contingent and Pending listings: Of the 14757 properties in the process of being purchased (down), 11864 are single family homes with median price of $135,000 (unchanged); 2892 are condominiums or townhomes with median price of $65,000 (unchanged). Final negotiated sales prices are confidential until closing. Of the total, 10536 were short sale (down), 2686 were bank owned (up), and1522  were non-distressed sales (up). Last year we had 13221 contingent and pending listings and rising due to a combination of short sales and home buyer tax credit.

Recently sold: 657 properties closed in the last week, 3933 in the last 30 days, and 22869 so far this year. For properties closed in the last 30 days, median time on market was 27 days (unchanged, time on market including the contingent period was 111 days). Median sales price was $125,000 (unchanged); median list price was $125,000 (unchanged). Short sales accounted for 1343 of them, there were 1579 bank owned properties, and 1005 non-distressed sales. The number of short sales closed in the last month went down for the first time in recent memory, but not enough to signal danger ahead. Last year we had 827 close in a week with a median list price of $125,000 and a median sales price of $127,950.

Rentals: 3968 homes, townhomes, and condos wereavailable for rent in the Valley in the MLS system (up). Median square footage of these units is 1385 and median rent is $1100. There are 751 contingent leases waiting to be signed and 1962 leases signed in the last 30 days with median rent of $1145 and median square footage of 1515.

Need more information or help with your real estate needs? Call me today at 702-727-7842 or email bmagnus@bridgetmagnus.com. Based on information from the Greater Las Vegas Association of REALTORS  Multiple Listing Service for the date specified above. This article was written and copyright by Bridget Magnus, and is her sole property.

The most common reason is a problem with a short sale: either the “short sale approval” was more of a “short sale declined,” the bank decides they want a substantial amount more than the contract amount, or the buyer decides they’ve had enough waiting and they walk away. At least banks are working through the backlog of short sale approvals. That’s the only silver lining here.

The other common reason I am seeing for properties going back on the market is inspection/appraisal problems. Particularly when it comes to bank owned properties, some of our inventory is kind of beat up. Homeowner renovations with no permits are called out as the obvious disasters they usually are. Underwriting requirements to fix something (for example, a failing roof or broken windows) come to loggerheads with institutional owners who insist that the property is sold AS IS with NO REPAIRS, and yes, that’s often in capital letters in the contract. Inasmuch as I have seen conventional loans held to FHA standards recently, this problem isn’t going away.

Another sign that the market is slowing down: I am starting to see a few bank owned properties that are reasonably priced and in decent condition sit on the market for 2 weeks and then cut the price. This is something I haven’t seen happen in about 18 months now. It does mean that some institutional sellers are serious about getting these properties off the books. It also means we aren’t seeing as many buyers as we did 6 months ago. So while prices may have ticked up a bit in May, they are ticking down now.

I’d like to leave you with just a few items on foreclosures, short sales, and mortgage modifications. Some short-sighted people are pushing to hold you responsible for a foreclosed mortgage — in effect manufacturing a personal guarantee after the fact — despite the fact that a mortgage is secured with a real asset. In some cases, and I am begging you to consult a lawyer if you think this may apply to you (Are you in Nevada? I’ll recommend one!), bankruptcy may leave you in a better position than a foreclosure. The MERS mess gets worse, but you won’t be able to take advantage unless you are in bankruptcy or a state with judicial foreclosure. Massive equity loss means that severely underwater homes are now almost everybody’s problem (short sales aren’t going away any time soon). And finally, if you are negotiating a loan modification or short sale, please make sure your negotiator is in regular contact with the loss mitigation department, the foreclosure department, and the trustee!

Summary: The number of properties for sale rose yet again to 12,266. We are seeing clear signs of fewer buyers now that the tax credit is over. The rise in the number of available short sales is dramatic. One obstacle to clearing the inventory of very low priced homes is that financing such properties is almost impossibly difficult. The number of properties under contract to be sold did drop slightly as more of them moved on to closing. There’s still over 14,000, and most of them are still waiting for short sales to be approved. The number of properties that closed in the last week plummeted, as most buyers (and some sellers) pushed hard to close before the end of June. While the year to date sales figures are not as high as last year, they are far above 2007 and 2008 levels.

Other Information: I’m not sure what to make of ABC’s report that “liar loans” are making a comeback. Nobody thinks it’s a good idea to sell people a house they ultimately can’t afford, but many people in Las Vegas make more money in tips than in salary! Wells Fargo is completely shutting down its sub-prime operations, so be prepared to show them lots of documents to get a mortgage. Rates are down again to a new record low, and as a result mortgage applications are up. Good news for our local economy is that hotel occupancy nationwide is up; our economy relies heavily on tourism. Another bit of good news courtesy of our reader Jacob, General Growth will very likely sell over 7 acres of land for a high-tech manufacturing facility. This will bring construction jobs now and tech manufacturing jobs for years to come. And finally, nationwide, apartment vacancy is down, and rents are up. The theory is that the economy has improved enough that people who had roommates are moving out on their own.

Available Listings: There are 9912 single family homes (up), with a median price of $164,250 (down), $84 per square foot (down), with median time on market of 72 days (up). In addition, there are 2355  condominiums and townhomes (up), with a median price of $75,000 (unchanged), $67 per square foot (unchanged), and median time on market of 63 days (up).

Distressed Properties: Of available listings, there are 5173 short sales (up) and 2525 bank-owned properties (unchanged). Median price for a short sale is $128,000 (down); median price on a bank-owned home is $123,900 (up). All short sale listings must be considered at risk of becoming bank owned properties whether they are available or contingent. The 4519  non-distressed properties for sale (up) had a median price of $215,000 (down). While many of the non-distressed properties are traditional sellers, many others were purchased fairly recently as short sale or bank owned, and then renovated by investors.

Single Family Home Prices: Of available listings, 150 under $50,000; 1475 between $50,000-$100,000; 4933 between $100,000-$200,000; 2180 between $200,000-$400,000; 591 between $400,000-$700,000; 243 between $700,000-$1,000,000; and 469 over $1,000,000.

Condo and Townhome Prices: Of available listings, 487 under $50,000; 1224 between $50,000-$100,000; 545 between $100,000-$200,000; 113 between $200,000-$400,000; 19 between $400,000-$700,000; 4 between $700,000-$1,000,000; and 2 over $1,000,000. These figures exclude high-rise communities for technical reasons.

Contingent and Pending listings: Of the 14775 properties in the process of being purchased (down), 11895 are single family homes with median price of $135,000 (unchanged); 2882 are condominiums or townhomes with median price of $65,000 (unchanged). Final negotiated sales prices are confidential until closing. Of the total,10632 were short sale (down), 2642 were bank owned (up), and 1491 were non-distressed sales (up). As bad as the number of contingent short sales is, it is improving.

Recently sold: Only 402 properties closed in the last week, 3967 in the last 30 days, and 22115 so far this year. For properties closed in the last 30 days, median time on market was 27 days (unchanged, time on market including the contingent period was 112 days). Median sales price was $125,000 (down); median list price was $125,023 (down). Short sales accounted for 1370 of them, there were 1542 bank owned properties, and 1049 non-distressed sales.

Rentals: 3926 homes, townhomes, and condos wereavailable for rent in the Valley in the MLS system (down). Median square footage of these units is 1375 and median rent is $1100. There are 658 contingent leases waiting to be signed and 2022 leases signed in the last 30 days with median rent of $1125 and median square footage of 1516.

Need more information or help with your real estate needs? Call me today at 702-727-7842 or email bmagnus@bridgetmagnus.com. Based on information from the Greater Las Vegas Association of REALTORS  Multiple Listing Service for the date specified above. This article was written and copyright by Bridget Magnus, and is her sole property.