Las Vegas housing market report mixed

Southern Nevada residential real estate market is actively seeking a solid foundation to stand on. Some of its more meaningful components are either moving up a little or heading down a bit, instead of going steadily in either direction. The positive thing is that the shifts now are minor which usually indicates the correction here is nearing the end of its cycle.

Local housing experts are loudly cheering the 11.7% increase in sales of single-family houses in February, as was reported by GLVAR, the Greater Las Vegas Association of Realtors. The total came to 1,098 sales. A considerable 41.5% of the transactions were short sales, where the property is bought for below its mortgage balance, or lender-owned homes banks unloaded at discounted prices. Regardless, the main point is that the buyer appears again to be showing some confidence in the market and is willing to act on the opportunities out there. To read the entire article please click on the link in this paragraph.

The picture above is from UNLV campus in 1969. Observe the vacant land all around.