Well, seems like someone is reading my blog, since the Las Vegas Review Journal, for the first time did two articles that discussed much of what I have written in the last two blog posts, such as the number of pending sales and contingent sales in Greater Las Vegas and why they should not be included in the available for sale numbers.
Even Greater Las Vegas Association of Realtors are considering changing how the count available for sale listings. See the articles below.
See a few paragraphs from their articles below.
“The actual number of homes available for sale in Las Vegas, including foreclosures and short sales, is much smaller than the 20,613 units reported by the Greater Las Vegas Association of Realtors, industry observers say.
Las Vegas-based business advisory firm Applied Analysis is showing 13,028 properties listed as available for sale, down 9,224 units, or 41.5 percent, from a year ago. About 5,100 units are identified as short sales, which leaves about 7,900 units available for sale in a normal transaction.”
Isn’t this what I wrote? I must be an “industry observer”‼
Let me explain what Greater Las Vegas is, Greater Las Vegas consists of the City of Las Vegas, City of North Las Vegas, City of Henderson and Unincorporated Clark County.
The deal is that the reporter has to get his/her numbers from the “experts” and one of these is foreclosures.com. See the paragraph below and the next one also,
“For the first six months, Clark County foreclosures rose 84.3 percent to 23,588 from 12,800 in the year-ago period, Sacramento, Calif.-based investment advisory firm Foreclosures.com reported. Pre-foreclosures increased 34.8 percent to 47,467 from 30,922 a year ago.”
This number is NOT accurate, I get my numbers from the Trustee sale itself and the Number of foreclosed properties 1/1/2009-7/27/2009 is 20,000. 23,000 for the first six month of 2009 is dead wrong. Now pay attention that I wrote properties and not homes and condos since Las Vegas vacant land and commercial properties are included in these numbers. The reason that Trustee sale numbers are accurate is that all pre-foreclosure properties have to go through this sale in order to become bank owned or foreclosed properties.
In the same article
“Through June, financial institutions acquired 6,472 real estate-owned properties and sold 11,254, the broker-owner of Residential Resources reported. He defines an REO, or bank-owned property, as any transaction in which the lender acquired the property through a trustee sale.”
I am lost here, aren’t you?
I don’t agree with a lot of numbers in this article and trust me, mine are authoritative because I go to the source and don’t ask some “experts” from California.
I have started telling my investors that they have to wait for a couple of months before they buy residential properties, due to lack of inventory. I am not worried about a sharp price drop for Las Vegas homes that are priced under $250,000 and condos that are priced below $125,000. There is no inventory to buy.
A sweet lady from North Carolina whose daughter has found a job in the Aria Tower of the City Center visited Las Vegas to get familiar with the city and find a one story home with 3 bedrooms for her daughter for about $150,000. Her criteria is not unreasonable, she liked Nevada Trails in S.W. Las Vegas. I could not find one available for sale listing in Nevada Trails to show her and could show her two contingent sales only. There is a severe shortage of reasonably priced inventory now.
I tell my Las Vegas high rise condo investors to wait; I see big price drops coming.
Anyway, we should have definitive answers about the Las Vegas real estate market reports when the numbers for October and November come in. If the current level of banks foreclosing on the Las Vegas real estate and the current sale numbers hold in November, then watch out for the next year.
One last sentence “He’s heard that Fannie Mae and Freddie Mac foreclosures could increase by 400 percent to 500 percent by the end of the year.”
Rumors don’t make facts.
PS: I have designed the web-site and blog so it attracts educated buyers and sellers. The problem is that some of these people believe that they know Las Vegas real estate market better than I do. NOT happening and I don’t appreciate it. Since so far I am the most accurate predictor of the market direction, especially since the meltdown as we started to get real numbers from the government and not “the fundamentals of our economy are strong”.
If you think that Las Vegas homes or condominium prices will tank, don’t buy now. No one has put a gun to your head.
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Contact us at lasvegassaber@yahoo.com, our phone number, 702-478-7800.
Related web-site pages: Las Vegas Homes, Condos and Commercial Real Estate for Sale, Las Vegas homes, condominiums and townhomes market report, buying Las Vegas condominiums for sale, Buying Las Vegas homes for sale
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1 Twitted by crepigsite // Aug 15, 2009 at 6:17 pm
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