Las Vegas Real Estate News

Realtors say low appraisals sinking deals

Despite a 77 percent increase in existing-home sales this year, some Realtors are complaining that lowball appraisals are stifling sales.

9 June 2009
By Buck Wargo

Next foreclosure wave building with defaults on fixed-rate loans

Back in 2000, long before subprime lending to credit-risky homebuyers overheated the housing market, Rosemary Murphy used her financial good standing to pay for a house the old-fashioned way. She’s now in trouble.

8 June 2009
By Megan McCloskey

Comparing home sale prices with a year earlier

The maps below show median sale prices for single-family homes in each valley ZIP code from March 1 to May 31 of this year, and how they compare to prices during the same period in 2008.

8 June 2009
By Chris Morris,
Alex Richards

How we did: A look back at the session

How we did: A look back at the session

The legislative session was impossible. Lawmakers had no choice but to cut services and increase taxes, or see state services, especially education, all but shut down. The Las Vegas Sun reviews their actions on the budget, K-12 education, energy, health care, education policy, human rights, foreclosures, worker safety, F Street, the environment and public employees salaries and benefits. Legislators came in facing the largest deficit, as a proportion of the budget, in the nation.

7 June 2009
By Marshall Allen,
J. Patrick Coolican,
David McGrath Schwartz,
Emily Richmond

Analysts exaggerating foreclosure projections, broker says

Jim Donohue says he believes some of the discussion by housing analysts about Las Vegas foreclosures is getting a bit out of control.

5 June 2009
By Buck Wargo

Apartment rents drop to 2006 levels

The number of people renting apartments in Las Vegas fell to a level not seen in more than a decade and, as a consequence, rents are falling to where they were in 2006.

5 June 2009
By Buck Wargo

Low home prices spur sales, traffic

Even though sales remain weak, the number of potential buyers checking out new homes rose in April and fewer people canceled their purchases, according to a local research firm.

5 June 2009
By Buck Wargo

Realtors complain about 'low-ball' appraisals

First-time homebuyers and investors are leading the sales charge with home prices at their lowest in a decade, but Realtors contend that several appraisers are setting values that are much lower than they should be — and that those appraisals are killing sales.

5 June 2009
By Buck Wargo

Workshops focus on maintaining home values

As home values in the Las Vegas Valley continue their downward slide, the city of Henderson is offering free classes this month to help homeowners preserve what value they can. The initial Maintaining the Value of Your Home Workshop will be offered tonight from 6:30 to 7:30 p.m. at the Black Mountain Recreation Center, 599 Greenway Road. It will be repeated at various locations throughout the city on June 8, 17, 23 and July 1.

3 June 2009
By Jeremy Twitchell

Foreclosure help could hinge on who holds the note

A home in Henderson is listed for auction in November. Legislation signed by Gov. Jim Gibbons is designed to avert more home losses by allowing homeowners facing foreclosure to demand mediation with their lenders. The program is expected to be available in mid-July.

Homeowners facing foreclosure may have a new friend on their side, if they’re willing to pay for it — a judge. A new state law, signed by Gov. Jim Gibbons, allows homeowner-occupants facing foreclosure to demand a sit-down mediation with lenders, overseen by a retired judge or an attorney.

2 June 2009
By Brian Eckhouse

Titus urges loosening of rules for housing aid

One of the biggest complaints about the Obama administration’s housing rescue plan was that it would do little for owners of underwater homes in Southern Nevada.

2 June 2009
By Lisa Mascaro

Report: Nevada leads in home-loan delinquencies

Another report Monday confirmed Nevada continues to lead the nation in home-loan delinquencies, with job losses locally offering little hope for improvement anytime soon. Mortgage borrower delinquency rates in the first quarter were highest in Nevada (11.61 percent) and Florida (11.01 percent).

1 June 2009
By Steve Green

Where recent out-of-state homebuyers are based

Although most sales in the local real estate market in 2009 have been short sales or foreclosure properties, movement in the market isn't being propelled solely by bargain-hunting investors.

1 June 2009
By Chris Morris,
Alex Richards

How many homes do banks really own?

Bank-owned homes sit in the Silverado neighborhood of Las Vegas in 2008. Although foreclosure homes have been dominating the market, banks have been holding back an unknown number of repossessed properties to keep prices from falling further.

With sales at their highest level since June 2006 and first-time homebuyers and investors gobbling up inventory, it has raised the question of whether lenders will flood the market with a backlog of foreclosures.

1 June 2009
By Buck Wargo

Owner plans to turn historic bungalows into condos

The Planning Commission has given its final approval to plans to convert the historic Birch Bungalows, 405 and 411 Birch St., into detached condominiums. The planners voted 5-0 on May 20 to recommend City Council approval the project’s final map.

30 May 2009
By Jean Reid Norman
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