Las Vegas Home Values Heading for another Dip? REO Home Inventory going back up...
Posted by Paul Francis on Saturday, June 26th, 2010 at 8:05am.Las Vegas Bank Owned Homes Inventory Going Back Up
The Number of Las Vegas REO Homes available for sale is going back up since the official deadline of 04/30/2010 ended the First Time Homebuyers Tax Credit.
As of 06/26/2010, the number of Bank Owned Homes available on the Las Vegas Multiple Listing Service (MLS) has creeped back up to 2,279 for areas 101 through 606 which includes Las Vegas, Henderson and North Las Vegas.
On 04/14/2010, the number of Las Vegas Bank Owned Homes was 1,281. You can view the history of the number of Las Vegas Bank owned homes available for sale on the Las Vegas MLS at my Las Vegas Bank Owned Homes report.
News from around the web of reports after the Tax Credit Ended:
"The tax credits saved the housing market. While temporary tax credits succeeded in lifting buyer psychology temporarily, they essentially shifted demand forward without having a lasting impact on prices or purchase behavior. We expect some payback in the form of decreasing sales after the final closing deadline at the end of June."
Tax Credit Offers No Boost to Las Vegas Home Sales
"A last-minute jump in home sales expected by people taking advantage of a federal tax credit that expired April 30 hasn’t materialized so far, according to the latest statistics.
SalesTraq reported Tuesday that existing home closings in Las Vegas in May fell to 4,186, down from 4,323 in April and 1.6 percent below sales levels of May 2009.
The National Association of Realtors reported Tuesday that May’s sales fell 2.2 percent from April and analysts said that was a worrisome sign for the housing market this summer. That nearly matches the 2.3 percent decline reported for Southern Nevada by the Greater Las Vegas Association of Realtors."
Part of the problem with May Closings is the lack of availability of well priced Las Vegas Homes in April. As mentioned above, there were only 1,281 Bank Owned Homes available on the Las Vegas MLS on 04/14/2010. From all of the ones I saw, not many of them were all that great. Many Las Vegas Home buyers were forced to seek out short sales as an alternative and as we all know, there is nothing short about the closing times for short sales.
There was no shortage of buyers wanting to buy in April before the contract deadline, there was just a shortage of quality Las Vegas Bank Owned homes to buy in the price ranges everybody is looking in. Partially due to all of the other Hope for Homeowners programs taking place that are proving to have had little effect but to just delay the inevitable. Unfortunately... a big incentive for some buyers is now over... and there are many more Foreclosures on the way.
While it will take another month or two to see if prices have officially started to head back down, the trends are certainly showing that they certainly are not going to be going up anytime soon.
If you are one of the tens of thousands of Las Vegas homeowners who owe far more then their home is worth and your finances are being drained, contact me to help you sort through all of the options that are out there. With two years of successfully closing Las Vegas short sales for owners with true hardships, I can certainly help in determining if a short sale is right for you. All you have to do is start off at my Las Vegas Short Sale Information page and request a complimentary Home Value Report to see where you currently stand or call 702.592.3058 to discuss your situation and what I can do to help you.
Paul Francis, REALTOR
Prudential Americana Group, REALTORS
Las Vegas Real Estate
702.592.3058
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