LV high on national list for bargain properties
It's not easy but Las Vegas is doing all it can to turn the tide on the bad hand it has been dealt over the past few years regarding the real estate market. It has steadily occupied high rankings on many mortgage- and housing-related lists that no one really wants to be on. But now Sin City is on one that is going make it look a little better. And give everyone in Southern Nevada real hope as far as the future of the market goes.
The Top 10 Bargain Markets list is out and Las Vegas is third on it. FHFA, or Federal Housing Finance Agency, that collects housing data on 292 metropolitan areas is behind the report. And it's easy to see why Vegas ranks so high. Mortgage foreclosures are the big thing, casting its long shadow over the entire desert landscape. Despite their early resistance banks are now pricing REOs, or real estate owned, wherever they have to in order to move them. That tactic has yanked values all the way down to the levels of around 2002. That's when a solid 3-bed, 2-bath single-family home in a nice neighborhood could be bought for well under $200,000.
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2 comments:
Thank you for your periodic updates with regards to the Las Vegas housing market. I find your blog very informing.
Just have one question that I hope you can take time out from your busy schedule to answer. There is a lot of pessimism out there (economy wise) that I think helps exacerbate, to some extent, the recession. But focusing on the housing market, how long do you think it will be before we start seeing a significant recovery or prosperity in home prices and home sales?
Thank you for time and take care.
Tom
Tom,
Las Vegas housing market has in a way already started a cautious recovery. The lower end of it, homes going for under $200,000, is selling rather well. The mid and upper parts are still weak and price erosion there continues.
A full-scale turnaround that will result in a stable real estate market all across probably will take at least another year. A lot depends on mortgage rates and more significantly, how soon lenders will recover and then ease up on today's strict underwriting requirements.
Thanks for commenting,
Esko Kiuru
Sinifox Financial
www.sinifoxfinancial.com
cell: 702-499-1006
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