[Everdeen]

Originally Posted by lvoc

Last 30 day sales prices are up a couple of percent. Unhealthily high in my view though calculated from average prices which are subject to big sale noise....ie a single 4 million sale can pop up the average.

Some of the properties in my neighborhood seemed rather low. It's the short sales of course. Are they utilizing the strategy of list it under market to generate interest?

Rate of sales is flat. Inventory holding at 3 months which is a strong sellers market.

Things are chugging upward...no question. May adjust if the present big up is in fact noise...but no way there is any price drop.

Just listed one of the ten best back yards in Las Vegas. Complete with hurricane palms and a mountain view. Still 75 grand below 2004.

Ooooo, I'd like to see that. Is this something you can post?

[sst7250]

Just curious on the price range of the houses that show 95% pending? We too are considering looking for a new house to cash in on equity we have earned since 2010

[User 54]

Originally Posted by Everdeen

I go into Reator.com, perhaps, once a week and look at home prices. 95% of the homes in my neighborhood are Pending.

Has there been a buying frenzy going on lately?

Homeownership rate is at 25 years low. Speculation, so called "investors" or cash buyers account over 44% for the 1st Quarter. 2015 in Nevada.
Take out Cash buyers or speculators out of the mix and you will see what is left out from this phony housig recovery.

We had rental recovery not homeownership recovery.

Mortgage rates are going up, homeownership is at 25 years low, suckers who got tax returns and buying using FHA loans are going to be slaughtered soon.

You have one, maximum two months left out of this hype this year.
What after that?????????

[lvoc]

We remain in a strong seller's market. There is no indication of any weakness. The market is now over 85% non-distressed property.

The likely problem in the cited market is that there are a large number of properties in pending which have been there for a very long time. Short sales particularly languish for months and months. It may well be that in some cases the paper work is bad enough that they will never actually sell nor be foreclosed.

Short sales and foreclosures are still selling over $20 a square foot less than non-distressed. The problem is that to buy one you have to have made the offer two years ago and then you need to get lucky.

In general buyers should simply ignore pendings - there is no useful information there. Well maybe watch fresh pending but they don't last more than a month or 1.5.

[TomKBL]

depend on how fast the banks are willing and able to put them on the market.

[SportyandMisty]

I met with a realtor today to discuss selling my home in Club at Madeira Canyon; he suggested a higher price, and then in 2 weeks dropping the price. This sounds like a dumb idea. He sells a lot of houses, though.

[Danknee]

Originally Posted by User 54

We had rental recovery not homeownership recovery.

Copy that, so you advise to buy as many properties as possible and get into the land lord game while it is on the upswing? I thought the ROI didn't make sense, but I'm going to take your advice and buy buy buy.

[007 license to sell]

Here is your Las Vegas housing update.
It looks like the Vegas housing market is holding steady. We're experiencing an anomaly where housing inventory and prices are going up. Instead of when housing inventory goes up prices usually go down.

These numbers don't include high rise condos. Inventory for high rise condos is very low and prices continue to go up. Some properties more than others due to different types of issues that slow appreciation. Contact me for more information.

Click link below to view:

Las Vegas Valley housing reports see steady prices, sales

http://www.reviewjournal.com/news/las-vegas/las-vegas-valley-housing-reports-see-steady-prices-sales



A trio of Wednesday reports showed steady prices and sales, plus a sustained investor presence and even potential over valuation.

[007 license to sell]

If you were wondering what is the percentage of under water homes are in Nevada you will want to check out this article.

http://realtormag.realtor.org/daily-news/2015/05/05/underwater-homes-still-thorn-for-market#.VU0N-ZFmN28.email

[BBMW]

Delinquency is a bigger factor than underwaterness. A house that is underwater, but where the owner is still paying the mortgage is less likely to end up on the market. A delinquent property should get foreclosed on and recycled at the current market price. The fact that there is such a large number of delinquencies not being cycled back onto the market is one of the big reasons the current price levels are unrealistic.