Whatâ€™s up with housing? The Case-Schiller Index showed declines in every city in the 20 city index except San Diego and Washington D.C.! San Diego shows only a slight gain in home prices while Washington soars by comparison with an increase of 3.6 % in Jan 2011 from a year earlier. Los Angeles, San Diego and San Francisco have very slight changes but other cities are not doing so well. Why are things so different in Washington D.C.? Connie shares her thoughts and discusses the Case- Schiller Index just released!!
Jan 2011 home prices fall from Jan 2010 but these cities doing the best:
Los Angeles Down 1.8%
San Francisco Down 1.7%
San Diego Up 1 %
Boston Down .06%
Cities now below 2000 price levels!
Cleveland Down 3.8%
Detroit Down 8.1%
Las Vegas Down 4.4 %
Atlanta Down 7 %
Other Cities with Declines in January year over year:
Phoenix Down 9.1 %
Chicago Down 7.5 %
Miami Down 4.7 %
New York Down 3.0 %
Dallas Down 2.8 %
So anyone reading this must realize no one can predict a real estate market, stock market, price of eggs but we all can look at trends and statistics and draw our own conclusion if it's a good market or not.
Heather Etchings, REALTORÂ®
Proud Recipient of the Las Vegas Chamber of Commerce
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Easy Street Realty
1421 E. Sunset Rd. #10
Las Vegas, NV 89119
Cell: 702-277-7071 Fax: 702-446-0458
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March statitics from UNLV Economics Department...the most accurate measurment of all economic activity in Las Vegas. TOTAL EMPLOYMENT is WAY UP!,
Total Employment March-11 803,400 793,300 799,500 1.3% 0.5%
Unemployment Rate March-11 13.3% 13.7% 15.1% -0.4% -1.8%
David Cooper. Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. email or call for FREE daily list +1-7024997037 not a real estate agent
Calling the market undervalued because some homes are under replacement costs misses the fact that certain areas are especially depresssed.
Las Vegas Short Sale Market Report....http://www.trulia.com/blog/dawn_barrier/2011/05/las_vegas_sh
New home sales suffered because of dominant buying of distressed properties, dropping 17.9% to just 446 homes during March. Resale condos fared much better, selling about 1,000 units at a median price of $60,000.
Driven in large part by distressed sales, home prices in the Las Vegas metro plummeted to $117,000, the lowest level since January 1996. Distressed sales accounted for 69% of all market transactions, with foreclosure resales accounting for 57.3% share of the resale market and short sales accounting for 11.7% share.
DataQuick reported a sharp rise in the number of foreclosed properties in March. Lenders foreclosed on 3,331 single-family homes and condos during the month, up 41.6% from February and up 52.1% from March 2010.
I think that a large portion of our Buyers in Las Vegas and Henderson are investors and I do not think that this will change this year or next. I do not agree that our market is undervalued because we have a realistic unemployment rate in excess of 26%. If our unemployment rate was around 15% or less and the future job market was looking good I would say that our market was undervalued. However, this does not mean that our market doesn't present incredible deals. I think that now is the time to buy and that for those Buyers who can hold the property for 10 years or longer, this market will create a lot of future wealth.
Avg. listing price
Week ending Mar 9
Las Vegas $166,671
Sunrise Manor $87,825
Spring Valley $173,078
Summerlin South $923,243
David Cooper. Las Vegas Real Estate Foreclosure Houses! Freee List +1-7024997037
Las Vegas is definitely undervalued! It's cheaper to buy than build, now.
Sales were over 60% cash here in the last month.
A lot of transactions, and even more listings.
Prices are still decreasing, very slightly, but they are...
What do you think?
I expect this is how real estate sales will be throughout 2011 and 2012
David Cooper Las Vegas Real Estate Foreclosure Houses Free List +1-7024997037
That and $1 will get you a cup of coffee (not at Starbucks).
Then sales around the states ? Are referring to USA any state?
However I could be violation of professional code of ethics discuss this in an open forum to mislead the general public
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors