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Nov. 10, 2009
Copyright © Las Vegas Review-Journal

Home sales, median prices rise in valley

By HUBBLE SMITH
LAS VEGAS REVIEW-JOURNAL



Single-family home sales continued to post big numbers in October and median prices rose for the second straight month, the Greater Las Vegas Association of Realtors reported Monday.

There were 3,535 home sales during the month, a 5.3 percent increase from September and a 30.1 percent increase from the same month a year ago.

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    • The median price climbed to $139,100, up from $138,000 in September and from $135,500 in August. It's down 26.8 percent from a year ago.

    Inventory remained steady at nearly 21,000 units, though most of the listings are contingent or pending sale, the Realtors group said. Only 8,075 units are available without offers.

    The recent extension and expansion of the federal tax credit will probably keep home sales strong in the coming months, association President Sue Naumann said.

    "This has been a big boost to our economy and our local housing market," she said. "I think we can see the increased values more because of the $8,000 homebuyer tax credit and the extension of that has really helped the market quite a bit. People were getting frantic wondering if they were going to be able to close before the deadline, so that gives a little bit of breathing room for everyone."

    Realtors across the country are happy to see a tax credit of up to $6,500 extended to first-time buyers and also to "move-up" buyers, Naumann said.

    Home prices in Las Vegas are being dragged down by foreclosures, which have a median price of $116,900, according to Las Vegas-based SalesTraq research firm.

    Naumann said the percentage of bank-owned home sales declined to 64.5 percent in October, compared with 67 percent in September.

    Recent data show the dismal housing market making a turnaround, but there are still supply and demand issues that will hamper the recovery, said Whitney Tilson of T2 Partners investment firm in New York.

    Low interest rates, falling home prices and the first-time homebuyer tax credit have all contributed to a seasonal upturn in housing. However, total inventory is triple what's actually being reported, Tilson said. He estimates there are twice as many homes in foreclosure or near foreclosure yet to be listed for sale with a wave of losses still to come on prime loans and jumbo loans.

    "The rebound has been stronger than we've anticipated," Tilson said. Still, he remains confident that this is the "mother of all head fakes."

    Statistics from the Greater Las Vegas Association of Realtors are based on data collected from the Multiple Listing Service and do not necessarily account for sales by owners, homebuilders and transactions not involving a Realtor.

    Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.

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    Nevada Jack wrote on November 11, 2009 12:55 AM: What the RJ means to say here is "The Recession is over people ... nothing to see ... move along ... the Nevada Resort Association would like to ask you all to start gambling again and move along ... nothing to see here folks."


    Jim wrote on November 10, 2009 09:19 PM: FOR RENT,

    Give me a call I can help you find a renter. I'm a Realtor and I can list your rental in the MLS.

    James Wheeler
    (702) 677-7711


    Patrick wrote on November 10, 2009 01:56 PM: I'm betting prices will flatten or fall again once the credit is gone.


    guru wrote on November 10, 2009 01:17 PM: boo- I don't blame banks (any lender) for not wanting to lend anyone money these days. People have a nasty habit of not wanting to pay back, especially in Las Vegas. They are terrific on sob stories and making creditors chase their money.

    Would you lend money to anyone in this town? If so, you should become a private lender and respond to the demand. Being a lender or a landlord is very risky business, especially these days.


    boo wrote on November 10, 2009 12:40 PM: The Sun has a great picture. A person is asking for a loan and the banker said sorry we arent lending right now.

    The banks are holding onto everything and being greedy. All the houses they are talking about are selling are people with cash and investors.

    Lately the listings on MLS are all just cash offers only. Im sorry as a first time home buyer trying to get the tax credit i dont think i have $200,000 cash in my hands.


    FOR RENT wrote on November 10, 2009 10:48 AM: Anyone know how I can RENT a home out?! I have tried Craigslist, no luck. I hesitate on the RJ classified. It just seems there is a glut of homes for rent, and I thought with all the foreclosures that people would want a nice home to rent! I suspect that many have either a) left town or b) squatting and hoping for modification (as some banks may be holding back on foreclosing).


    screw those investors seeking to make a profit off you. wrote on November 10, 2009 09:31 AM:
    cash investors receive favoritism from banks and get it for far le$$ and want to pass the scam onto you.

    just say no.
    time is on your side


    Donna Reed wrote on November 10, 2009 09:17 AM: johnfroomdowtown wrote on November 10, 2009 06:51 AM: I truly believe but have no proof that the article is complete BS. Just drive around this town and see what a ghost town it is becoming. Those numbers are being manipulated by banks and realtors. I wish RJ would stop re-typing GLVAR's press releases.

    THANK YOU! I am so happy to read these comments confirming that we are all not the sheep that voted in the impostor that calls himself our president. I have not bought into this scam of a real estate market because this whole city of realtors, brokers and banks are so dishonest, Ive been renting the same apartment for 5 years. Everyone that bought here is gone. They paid $260,000 and units are now offered at $60-80,000. Its all a scam. Prices are being fixed in Las Vegas by banks not releasing inventory and then saying "supply and demand" B.S.


    savings and loan goes bust wrote on November 10, 2009 09:00 AM:
    banks use a president for a bail out at tax payers expense.

    how can you ever be responsible if you know the tax payer will always be paying for your mistakes and lies.

    almost 100k foreclosures not even released yet and banks are holding onto the secret.

    wait two years for the orchestrated bottom to finally fall out.


    harry reids las vegas journal wrote on November 10, 2009 08:57 AM:
    more false hope from a dying state


    lies lies and more lies.


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