real estate:
Home prices decline in 53 of 58 Southern Nevada ZIP codes
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Thursday
18 August 2011
2 a.m.
Homes in 53 of 58 Las Vegas ZIP codes saw their prices fall over the past year, according to a San Diego research firm.
DataQuick reported that Clark County’s home prices as a whole fell 14.7 percent to $116,000 from the second quarter of 2010 to the second quarter of 2011.
That equates to a price per square foot of $66, according to DataQuick, which tracks sales of new and existing homes and condos.
The steep decline is a reflection of the decline in home prices since a federal homebuyer tax credit effectively ended in April 2010.
Many analysts said Las Vegas has yet to hit the bottom in this yearlong wave of price declines. Prices had been stable in 2009 and early 2010.
The five valley ZIP codes where prices increased were 89124 in Desert Shores east of Summerlin (up 0.3 percent); 89128 south of Southern Highlands (up 3.7 percent); 89138 in Summerlin (up 2 percent); 89146 near Spring Valley (up 13 percent) and 89085 in North Las Vegas (up 2.3 percent).
In 10 ZIP codes, including 89015 in Henderson, 89032 in North Las Vegas and eight in Las Vegas and unincorporated Clark County, prices declined 20 percent or more.
The highest median price per square foot of all properties was in 89109 on the Strip at $196. The median price of all units sold was $180,000, which was a 1.9 percent decline from the second quarter of 2010. The 155 sales in 89109 were 12.4 percent fewer than in the second quarter of 2010.
The lowest price per square foot was 89030 in North Las Vegas at $33. The median price of homes sold in that ZIP code was $40,000, which is an 11.3 percent decline from the second quarter of 2010. The 139 sales in 89030 were 13.7 percent fewer than the second quarter of 2010.
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the price decline is nationwide so vegas isnt alone. vegas' problem is no one can sell because no one wants to buy in a neighborhood with so many foreclosures.
Dennis Williams said "the price decline is nationwide so vegas isnt alone. vegas' problem is no one can sell because no one wants to buy in a neighborhood with so many foreclosures".
No...no one can sell because 85% of all homes are underwater so owners are trapped in their homes. They would sell and move up to a larger home if they could. I know I would if I could just sell my house. There are no foreclosures anywhere in my neighborhood built in 2003. And almost every home is an original owner. The problem? Our houses have to compete with foreclosures 3 or 4 miles away.
It used to be foreclosures were never taken into account for assessing a house for sale, but because there are so many now that is what happens and houses are selling for less than what it would cost to build them.
The problem is also the banks. They wold rather sell a house for $70,000 after foreclosing due to federal incentives they get than renegotiate the primary mortgage to $200,000 with the original owner.
Further evidence that things aren't getting better, it's slowly getting worse. Jobs are the key to any kind of turnaround and I don't see anything in the next 6 months that is going to change that. Remember, the oh so benevolent Fed Chairman announced that interest rates are locked in for the next 2 years which means they don't see any improvement in the economy and are quite worried about a double dip.
Hang on to the girdle granma, it's going to be a rough ride.
Houses in my neighborhood are selling in one day. Granted my house lost 75% of its value since prices started falling in 2007, but there are plenty of buyers out there snapping up deals. Its a no brainer when you can generate average cash flow of $900+ per month in my neighborhood. Its way better than you can earn with you cash tied up in bonds or in a savings account.
Meanwhile the National Association of Realtors and other Real Estate Shills keep pushing "its a great time to buy". They say it's cheaper to buy than rent. Technically true, however if your leveraged home mortgage loses 10 or 15% per year in value, plus the added maintenance costs of many of the valleys poorly built homes, The "Buy Now" story is totally false.
only 54 out of 58?
And the government keeps saying "the recession is over"....yeah....right.
This is why that new Rhodes development near Red Rock should not be approved. The community has the right to ward off yet more disastrous over-development. Just as you can't plop down a factory in the middle of a residential neighborhood, you can't keep dumping yet more inventory that further destroys our home values. Somalia is just not that great a place to emulate, folks.