[MomMom]

I'm interested in finding out what the numbers will look like from May on..

the tax credit is over which helped push the sale of homes, so now the real life stuff and numbers will happen..

Interesting, to say the least.

Have a niece who is an agent, she has a client in the process of buying 5 homes (all cash) here in town to be used as rentals.

Maybe THEY know something more about the future of Las Vegas real estate than we do or they are stupid, lol...

[SHEPNYC]

Originally Posted by MomMom

I just saw this on the news as well...here's the article to which you are referring to

Prices have not changed much in the past year, Home Builders Research President Dennis Smith said. The median resale price fell to $128,000 in April, down $2,000, or 1.6 percent, from a year ago.

Existing home sales rise in April - Business - ReviewJournal.com

That's comparing one month, April. The Case-Shiller Index is comparing first quarter 2009 vs. 2010, a better indicator. Also Case-Schiller is pretty much the bible for national prices.

April was a bad comparison since it was the deadline for the government giveaway and lots of people closed by April 30th to qualify for the program.

May should be a very interesting comparison since the giveaway ended.

[MomMom]

Originally Posted by SHEPNYC

That's comparing one month, April. The Case-Shiller Index is comparing first quarter 2009 vs. 2010, a better indicator. Also Case-Schiller is pretty much the bible for national prices.

April was a bad comparison since it was the deadline for the government giveaway and lots of people closed by April 30th to qualify for the program.

May should be a very interesting comparison since the giveaway ended.

My guess is that the real estate market here in town will tank even more

[olecapt]

Originally Posted by SHEPNYC

That's comparing one month, April. The Case-Shiller Index is comparing first quarter 2009 vs. 2010, a better indicator. Also Case-Schiller is pretty much the bible for national prices.

April was a bad comparison since it was the deadline for the government giveaway and lots of people closed by April 30th to qualify for the program.

May should be a very interesting comparison since the giveaway ended.

No actually the big impact from the tax rebate will be in May and then more so in June. You had to get to contract by April 30.

and the Case Shiller numbers should go positive in April...though there is a couple of percent slop. Normally though CS follows very close to the local SFR numbers.

Activity appears up in May by about 5%. The most interesting thing is that the REOs continue to slide as a percent of the package...while classic comes on strongly. Particularly interesting in that classic is holding at a $15 PSF higher price. You can watch a lot of this go down on my blog entry at

http://www.city-data.com/blogs/blog6...las-vegas.html

I update those charts every couple of weeks.

[Natali :)]

Originally Posted by MomMom

Have a niece who is an agent, she has a client in the process of buying 5 homes (all cash) here in town to be used as rentals.

Maybe THEY know something more about the future of Las Vegas real estate than we do or they are stupid, lol...

after short sale or foreclosure people need some home-for-rent
and they need really cheap rent...
so they are ready for low quality homes or ready to move to not so good neighborhood ...

[olecapt]

Here is one I found surprising...


http://www.lvbusinesspress.com/artic...q_35998104.txt

Apartment rentals increasing in price....

[Natali :)]

Originally Posted by olecapt

Here is one I found surprising...


http://www.lvbusinesspress.com/artic...q_35998104.txt

Apartment rentals increasing in price....

Exactly !
As I said before - people in LV need now "homes-for-rent"

"We are getting a lot of renters who have lost or sold their homes, and are now moving into apartments," said Rondetta Troutman, senior vice president of Picerne Development Corp., which manages 5,680 apartment units across 16 properties valleywide.

"We're seeing an increase in people who are having trouble qualifying for home or are nervous about a home purchase."

http://www.lvbusinesspress.com/articles/2010/05/24/news/iq_35998104.txt

[dmilll]

Originally Posted by SHEPNYC

Vegas was the only city nationwide to post double digit decreases in the first quarter of the year according to Case-Shiller.

Prices nationwide were up 2% while Las Vegas was down 12%.

It can't be just unemployment, Detroit was down 4% and had 15% unemployment. Miami was down less than 2% with 12% unemployment.

Any ideas why that is?

I agree it's not all tied to unemployment but the number keeps going in the wrong direction. As of April, the number is now at 14.2% (up from 13.8) which is not that far behind Detroit.

Las Vegas jobless rate hits record 14.2 percent - Friday, May 21, 2010 | 6:48 a.m. - Las Vegas Sun

In addition to unemployment, I read that Vegas is near the top in underwater mortgage holders with 80% (give or take) owing more than the property is actually worth. If housing prices are driven in part by basic supply and demand, where are the buyers going to come from to spur prices?

It's also worth noting that the other cities on the WSJ list are not largely dependant on construction and gaming. IMHO, Vegas will recover but its probably going to take a lot longer than some people think...

[tony soprano]

Okay folks, the housing correction is done. Stick a fork in it.

Originally Posted by NAR chief economist

“Although inventory levels remain above normal and much of the gain last month was seasonal, the housing price correction appears essentially over,” Yun said.

Existing-Home Sales Continue to Improve in April (http://www.realtor.org/press_room/news_releases/2010/05/ehs_april - broken link)

BTW, this guy is the successor to NAR economist, David "why the housing boom won't bust" Lereah.

[tomfirst]

Could I stick a fork in Yun instead?