The number of distressed homes in the Las Vegas Valley has dropped to the lowest level in years according to newly released data. Distressed homes include both foreclosures and short sales. Foreclosures accounted for just 2% of the market last year. That is down from 4% in 2016 and down from a high of 43% […]
Tag Archives: Las Vegas Economy
2017 Was One of the Best Years for Local Real Estate
Last year was the third best year for local home sales and the best year since 2011 according to the statistics from the Greater Las Vegas Association of Realtors. Over 46,000 properties were sold last year compared to 41,000 in 2016. Last years total was about 2,000 below the record year of 2011, when prices […]
Valley Home Prices Continue to Stabilize
Las Vegas Valley home prices are continuing to show signs of stability early in 2015. The median price for a single family home in February reached $205,000. This is up 2.5% from January and up 7.9% from 2014. Median prices rose about 10% in all of 2014 which was less than half of the 24% […]
Average Housing Market a Good Thing
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 […]
North Las Vegas Demolishing Abandoned Homes
North Las Vegas City officials are bulldozing abandoned homes that have become targets for criminal activity and squatters. This is a practice that has become popular in the Rust Belt and officials felt is a necessary step to take in order to eliminate the ugly eyesores of these vacant houses. Asbestos removal and demolition began […]
Southern Nevada Economy Seen as Strengthening
Stephen Brown, director of the Center for Business and Economic Research at UNLV, feels that current trends in our region are pointing upward for our local economy. He sees Southern Nevada’s economy moving towards pre-recession levels in tourism, gaming, construction and the housing industry. “The good news,” Brown said, “is that the Southern Nevada economy […]
New Master Plan Community In Northwest
In another sign that our recovery is in full swing, developers are breaking ground on a new master plan community in the Northwest part of the Valley. Skye Canyon held its groundbreaking ceremony on June 5th. This is the first big, new residential development to get underway since the recession began. The 1,700-acre project sits […]
Delinquency Rates and Foreclosures Down
Nevada ranks second in 90 day plus delinquency rates and 8th in terms of loans in foreclosure. The Mortgage Bankers Association released their first quarter national survey of mortgage delinquency data. From a national perspective, mortgage delinquencies and foreclosures declined during the latest reporting period. New Jersey reported the highest rate of foreclosure starts and loans […]
State and Local Unemployment Rates Continues to Improve
Nevada’s job base expanded 3.6% year over year this February. This was second in the nation only to North Dakota which is experiencing an oil and gas boom that has spurred their economic expansion. Experts are saying that these numbers continue to show that Nevada is recovering nicely from the recession. Employers are continuing to […]