The Nevada Business and Industry Department’s Housing Stability Index gave our market a C grade for the second quarter of this year. That is up from a D+ from the second quarter in 2013.
Analysts say that if our market is able to hang out in the C range for the foreseeable future that might be a good thing. This would allow our market to continue to stabilize as it has been doing over the past year.
The housing index measures 12 indicators, several of which have changed significantly over the past year. 1. Foreclosure volume has dropped to 2.3% which is down from 4.1% last year and down from a high of 9% in 2010. 2. Investor purchases has dropped to 37.3% which is down from 54.2% last year and down from a high of 60% in early 2013. 3. Mortgage delinquency rate is down to 6.3% which is down from 9.4% last year and down from a high of nearly 20% in 2010.
Another positive sign showed that 29.4% of Nevadans with mortgages owed more than their home was worth. This is down from 38.5% last year and way below from the high of 70% in early 2011.
As our market continues to stabilize and more positive signs are appearing in our local reports it seems to be a great time to purchase a home in our Valley.