FAST FACTS FOR REAL ESTATE IN LAS VEGAS OF MARCH 2011

FAST FACTS FOR MARCH 2011:

While Las Vegas’ March 13.3% unemployment is not something to get excited over, it is, however, the lowest mark since December 2009. The state reported a year over year employment increase for the first time in over 30 months.

Unfortunately, first quarter residential housing statistics for the Las Vegas market contained little additional news that would suggest a recovery is imminent. Virtually every number that suggested change could be on the way was offset by a corresponding negative number.

For example, the number of existing home sales did jump (5.6%) to 5,114 in March, even as prices slid to their lowest totals in nearly two decades. But, significantly, more than seven out of ten of those sales were distressed properties. The 2,131 foreclosures sold at $106,500 represent 41.7% of the existing home sales. The 533 auction sales at $93,500 represent 10.4% of the sales. And, 929 short sales at $120,000 account for 18.2%. In short, existing home sales improvement was the product of distressed property. More than half were cash sales. Almost four out of five were vacant.

The 1,521 “non-distressed” sales amounted to just 29.7% with an average price of $108,500. That’s a slightly better percentage than last month.
New homes sales continued to lag behind last year. First quarter new home sales lagged last year by 41% at 781 total. The March tally of 279 sales was just 10 units above February and prices for new homes rose slightly to $195,950. (February was their lowest price point since 2002.)

While prices and sales are always major measures of a market’s potential, inventory is the most telling component. There were 2,099 bank repossessions in March – the highest total since last April. Yet, the number of REO’s held by financial institutions continued its very slow decline, reaching its lowest point since last May (11,684).

MLS inventory remained stable at 14,269 with roughly half of those homes listed as short sales. The number of new home subdivisions was also stable at 239, and the number of closings per subdivision averaged just over one per month.

This article is a courtesy of Steve Bottfeld, Marketing Solutions & Larry Murphy, SalesTraq™

Gorgeous condo- town home with granite counter tops, wood flooring, 2-car garage!Move-in ready Energy Star home; 3BD/2.5BA condo with attached 2-car garage. Warm, neutral colors throughout, dark laminate woodfrooring in living and dining rooms, carpet throughout upstairs. Kitchen features oak cabinets and dark granite counter tops with breakfast bar. Large master bedroom with windows looking out to mountains. Master bath has a separate throne room. Easy-maintenance landscaping.Gated community with pool/spa and clubhouse.

To view all the condo-townhomes for sale in Tripoly, please visit: www.Tripoly.LVRealDeal.com

2-story home for sale in Las Vegas NV in Nevada Trails with 4 bedrooms pool-sized yard near Rhodes Ranch golf course, St Rose hospital, Beltway i-215

www.LVRealDeal.com
Email: theRussianRealtor@gmail.com
Cell: 702-498-2664
Marina Gulakova

2-story home for sale in Las Vegas NV in Nevada Trails with 4 bedrooms (one huge bedroom downstairs) pool-sized yard near Rhodes Ranch golf course, St Rose hospital, close to Beltway i-215 and Sierra Highschool. Large lot, granite counter tops with fancy back splash and breakfast bar, woodfloors on the first floor, master suite features separate bathtub and a shower. Open and airy floor plan and vaulted ceilings.

Offered for $199,900
FHA loan
Purchase price $199,900
Down payment (3.5%) $6,997
Loan Amount $192,903
Interest rate * 5%
Principal & interest payment $1,089.75
Taxes & insurance (approx) $479
Total payment (P.I.T.I) $1,568.75


Conventional loan
Purchase price $199,900
Down payment (20%) $39,980
Down payment (10%) $19,990
Taxes & haz insurance (approx) $276
Interest rate * 4.875%
Loan Amount @ 80% $159,920
Loan Amount @ 90% $179,910
Total payment @ 80% $1,122.31
Total payment @ 90% $1,372.10

*Rates may vary based on specific borrower qualifications* *No Prepayment penalty* *Rates are subject to change due to market fluctuations and borrower's eligibility* *Rates are based on an approved credit*

Luxury tri-level home for sale in Las Vegas NV guard-gated community in The Lakes:5 bedrooms,4 car garage, large lot, pool and spa, granite counter to

Offered at $525,000

Conventional loan 30 year fixed rate
Purchase price $525,000
Down payment (20%) $105,000
Taxes & insurance $758
Interest rate * APR * 5% * APR 5.185%
Loan Amount @ 80% $420,000
Total payment @ 80% $3,013

*Rates may vary based on specific borrower qualifications* *No Prepayment penalty* *Rates are subject to change due to market fluctuations and borrower's eligibility* *Rates are based on an approved credit*

How long do you have to wait?

How long do you have to wait before you can buy again after a short sale, foreclosure or a bankruptcy? Well, that depends...

If you are planning on obtaining a conventional loan:
- Chapter 7 BK - 4-year waiting period from the discharge/dismissal date
- Chapter 13 BK - 2-year waiting period from the discharge date or 4 years from the dismissal date
- Multiple Bankruptcies - If there are multiple bankruptcies within a 7-year period, the waiting period is 5 years from the most recent discharge/dismissal date
- Foreclosure - 7-year waiting period from the completion date
- Deed-In-Lieu/Pre-Foreclosure Sale (Short Sale) - minimum 2-year waiting period

If you are planning on obtaining an FHA/VA Loan:
- Chapter 7 BK - 2-year waiting period from the discharge/dismissal date
- Chapter 13 BK - 1 year of the payout must have elapsed and the borrower's performance must have been paid as agreed. Document that the borrower's current situation is not likely to recur. The court must grant permission to the borrower to enter into a mortgage transaction
- Foreclosure/Pre-Foreclosure Sale (Short Sale) - 3-year waiting period from the completion date
- VA Loans ONLY - 2-year waiting period for Foreclosures

PLEASE REMEMBER THESE GUIDELINES ARE ESTIMATES AND EACH SITUATION IS UNIQUE. PLEASE TALK TO A LENDER TO VIEW YOUR OPTIONS REGARDING OBTAINING A MORTGAGE.