Recovery for Las Vegas Housing Market Could Still Take a While

The housing market in Las Vegas has exhibited some positive signs to show that is on the verge of recovery.  But for experts, it might still take a couple of years or even decades before the recovery becomes stable and permanent.

A sale in the different communities in the city has gone up with an average of 0.7 per week. Experts agree that this rate can be considered healthy.  The traffic these neighborhoods have also gone up by 2% which experts also view as a positive sign of recovery.

In the whole of Las Vegas, the southwest area has posted the highest number of net sales for 2012 with 1,881. There has also been an increase in traffic for the year to 42,830 counts.

$199,743 while the average price of resale homes is still at $129, 500.

The crash in 2008 has brought hardships for most homeowners leaving them with undervalued properties, defaulted loans and in some cases, the owners are left without any homes

Increase in the issuance of building permits have steadily grown for the year.  From the 3,732 permits issued for 2011, it’s expected the building permits for this year would total to 5,750 permits.  It is expected the number of building permits would continue to climb within the next two years.

The prices of new homes are also a factor that real estate analysts are monitoring when it comes to the housing markets recovery.  The state’s average price range was somewhere in the $200,000 level.  However, last month, the average price for new homes has gone down to

Although these figures remain on the upside, there are still some major concerns that the government must handle to make sure that the recovery for the housing market of the state become a reality.  As of the present, there are still about 59% mortgages that are still underwater.

In a recent meeting hosted by the mayor of Las Vegas, local officials, and experts exchange information from the crash of the housing market of the state and action plans that can further help this segment of the economy.

Among the concerns that were discussed in the meeting was the adjustable rate mortgages or ARMs.  Should this interest rates climb up, it would be a major problem for Nevada’s housing sector.  The state also has a comparatively high percentage when it comes to delinquent mortgages which are higher than the national average.

Yet the housing settlement that occurred between the 49 states, the federal government and 5 of the major banks of the company is expected to help provide assistance to distressed homeowners.

Experiencing the Good Times in Las Vegas

A trip to Las Vegas would not be complete without a visit to the different shows in downtown Las Vegas.  Besides the casinos and other famous attractions, the different shows that line the Strip are sure to provide a one of a kind entertainment experience for these travelers.  There aredifferent shows that would suit different tourists from singles to families, musical shows to naughty programs; here are some of the shows that make Las Vegas a famous tourist spot.

“O” by Cirque du Soleil – With the name alone, Cirque du Soleil has become synonymous with visual imagery and acrobatics that defy gravity. In line with this, this troupe has come up with a newest innovation in entertainment. “O” uses water as its backdrop where acrobats, swimmers and divers who perform in the show.  This famous aquatic act started back in October 15, 1998 where over 10 million people have watched the shows.  It’s a show that is held at the “O” theater in the Bellagio. It’s a great show for people who want to experience a different kind of entertainment.

 

Chippendales Strip Show – For single ladies who are planning to visit the Strip for their bachelorette celebrations, buying tickets to see the show should be on their to-do list.  This for-the-ladies-only show has brought it shows to different countries.  This hot male show is a combination of classic dance moves and fresh production numbers that would sure make any bachelorette party a once in a lifetime experience.  The show is held nightly at the Rio Hotel and Casino.

Love by Cirque du Soleil– Die-hard fans of Beatle music? Tourist can still enjoy the music of this iconic English band while watching the different stunts and acrobatic entertainment that only Cirque du Soleil can provide. It was voted by USA today as the “Best Show in Las Vegas” and by the Las Vegas Review Journal for four consecutive years.  The audience can expect aerial routines and extreme sports as part of the show.

Having a good time in Las Vegas is more than just playing at the poker table or lazing on the side of its pool.  The city also offers a slew of shows that would entertain any visitor in the city. Some of the famous shows in the downtown Las Vegas are “O” and “Love” by Cirque du Soleil where acrobatic s and visuals makes a great combination.  For the single ladies and those celebrating their bachelorette parties, the strip show by the Chippendales is also a must-see.

Las Vegas Home Values Increase but Sales Dip For July

The real estate market in Las Vegas is experiencing mixed views as home prices continue to rise but the sales of homes continues to dip further. As reported by the Greater Las Vegas Association of Realtors, sales for Las Vegas homes have gone down for the month of July yet prices continue to increase.

The increases in values have also been monitored by CoreLogic, a company based in Santa Ana, Ca. that analyzes trends in the real estate sector.

For the month of June, home prices have made a 2.1% increase while comparing last year’s data and this figure changed to 3.7% when excluding distressed properties from the research.

Las Vegas realtors were able to sell a total of 2,890 single family homes for last month.  However this total number of sales is 10.1% lower from the total number of homes sold for June.   The total number of homes sold was even lower by 8.7% from July of last year.

The city has also posted an increase in median prices of homes by 0.9% for last month reaching the $133,000 value range.   This recorded increase in median prices has been ongoing for the last 6 months and is expected to further continue.  There has been a 9% increase based on last year’s data for median prices.

For new listings, Las Vegas was able to generate a total of 3,496 listings and reached the value range of $149,500.  This figure was up by 3.2% from the previous month and also up by 15.1% from July of 2011.

However, market experts believe that the prices go further down once lenders have removed “shadow inventories” from their books.   In CoreLogic’s findings, there is an approximate 58,000 homes that are experiencing varying stages of default.

In hindsight, the company has also discovered that a home price in Nevada has gone down to 57.1% before the recession has the real estate market.  And on a national level, homes were still 28.8% below their value back in 2006.

As most homeowners are not responding to communications sent by lenders, it would be advisable for realtors to personally visit these owners as noted by GLVAR President Kolleen Kelly.

Yet despite of the mixed views in Las Vegas’s real estate, this metropolitan area has been part of the top 10 cities with a recorded increase in asking price by 4.5%.

It is hoped that Las Vegas would continue to further show strength in homes sales reducing vacant homes which could eventually lead to recovery for this city’s real estate industry.