House market in Las Vegas and Henderson, Nevada
Drop in Distressed Properties and Foreclosures, Election Impacts on real estate
A continuing slide in the volume of distressed properties seen in the housing
Market is helping to boost home prices in many parts of the country, the latest
Campbell/Inside Mortgage Finance Housing Pulse Tracking Survey indicates.
Meanwhile, uncertainty about the impact of the upcoming national elections
appears to be causing some would-be homebuyers to delay taking any action until
After November, according to a number of real estate agents who participated in the
October Housing Pulse survey.
Perhaps the biggest news in the housing market in recent months has been a
Steady rise in home prices in many areas of the country. One major reason behind the
Rise in home prices, Housing Pulse results reveal, is a fairly sharp drop in the share of
Distressed properties found in recent home sales.
The Housing Pulse Distressed Property Index (DPI), which tracks the proportion
Of home purchase transactions involving distressed properties, fell to a record low of
38.6% in September based on a three-month moving average.
The precipitous drop in the share of distressed properties in the housing market is
Largely attributable to fewer foreclosed properties or real estate owned (REO) being
Put up for sale by banks.
Â Housing Pulse respondents reported in October that major banks appear to be keeping many REO properties off the market this year. But they also suggest banks may be looking to unload significant amounts of REO next year â€“ a move that could put downward pressure on home prices.
Whether the upcoming national elections were having any impact on the housing market? Interestingly, the results were mixed.
A number of agents reported that home sales had slowed in September and October as many homebuyers were taking a wait-and-see attitude about the elections.
â€œWe are seeing middle-to-high-income buyers pausing due to the upcoming elections. We hear it daily,â€
â€œIt [the election] is having a negative effect on home sales in our market. Everyone is waiting to see who gets elected in November,â€ but the upcoming presidential election was actually spurring some home purchases by buyers concerned that mortgage interest rates would rise after November.
Many of homebuyers are worried about interest rates rising after the election and feel they may be artificially held down by the current administration. Some of the agents said â€œI think now people are in a hurry before the election and not knowing what the future will hold after the elections.â€
In conclusion, the house market is better than 4 years ago and affordability has improved. The prices are about the same level on 2009, but interest rate is lower. This is favorable in both ways â€“for sellers and for the buyers.
If you are seller and want to sell your house fast, call me at 702-306-4917. The house market show that is good time to sale, when more people can afford to buy a home.
If you are behind your mortgage payments and do not know your option you can find out on http://lasvegashomeownershelp.com
If you are buyer looking for a home, do not delay-you can afford more house on this interest rate now, comparing with when rate rise. Start your search today on http://lasvegasforsalehomes.com
Broker sales person, CDPE, RealtorÂ®
Exit Realty Imoti
Las Vegas, Nevada