Las Vegas Real Estate Blog

Will the presidential election of 2008 mark a turning point in American political history?

The subprime mortgage crisis, which has led many thousands of homeowners to lose their houses and caused trouble in the financial markets, is becoming a campaign issue hits key battleground states in the presidential campaign. Arizona and Nevada, both important states in the 2008 election.

Nevada still attracts 6,000 new residents every month, and business analysts predict that the casino industry will bring 80,000 new jobs to Las Vegas by 2012. But the state's housing woes are not only forcing tens of thousands of Nevadans out of their homes; it is also having a ripple effect on the entire economy, according to housing and financial specialists.

The impact of the mortgage crisis is likely to continue well into next year, when the presidential campaign is in full swing, analysts say.

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Several positive developments in the credit market will pave the way for improving housing market conditions going into 2008. The worst in the credit crunch of August is clearly over. Markets, therefore, have settled down and mortgage rates have trend back down to about 6.3% on conforming loans - near historic lows.

Though the credit problems appear to be over, there is an overhang that looms large that could hamper housing market recovery. Inventory is high. But many people live in the homes that are listed for sale. These people are homesellers as well as homebuyers. A bigger concern on inventory is on newly constructed homes because they are purely vacant. Builders will be forced to provide more incentives and price cutting to attract buyers.

New Home Sales declined 8.3% in August to a seasonally adjusted annualized rate of 795,000 units. The sales pace of new homes was down 21.2% from year-ago levels. The inventory of new homes available for sale rose 7.9% to a 8.2 month supply. With tighter credit standards -particularly related to the subprime loans and jumbo loans - the demand for new homes will continue to tread on the low side over the next three months.

Despite all the "negative" media coverage on housing, home prices in the region have largely held on onaverage. There are neighborhoods where home price declines are notable, and REALTORS® can pinpoint those areas. One principal reason for price stability on Las Vegas housing market is due to the fundamentally sound local  economy. Employment increased by 1,391 jobs in Clark County during July and August. However, the number of job seekers also increased. The combined effect of these two trends was an increase in the average monthly unemployment rate from 4.4% for the second quarter to 5.1% in the first two months of the third quarter. The solid job growth will help to build housing demand, while historically low mortgage rates should continue to spur sales.

However, the pent-up demand is strong (from accumulated job gains) and the recovery is around the corner. Expect measurably higher home sales next year.

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Happy New Year Active Rain! Reflections on the passing year 2007...

This ancient African proverb teaches eternal truth. No man, woman, or family is an island. We'd all like to think we live in a place where people care about others -- where people pitch in to help when things get rough -- where it's safe to leave the doors unlocked and let the kids play around outside.

Nobody Is An Island

Sometimes when times get rough it may seems that we are alone all wrapped up in our own worries and hardship. It's pretty awful when you feel like you are all alone and the whole world is against you. Life is a lot easier when you are part of a network of friends and family, a community, a neighborhood.

2007 was a difficult year for the Real Estate Market across the entire country... Most of us were challenged on the professional level and forced to develop our survival skills in order to overcome the hardship. There are many stories of success and failure among us, lessons to learn and wisdom to gain.

Active Rain network came into our lives at the right time and right place. Just when we needed the most help!!! Real Estate community of people connected with each other during these difficult times. We found a family and friends around us. Everybody shared the experiences and personal thoughts on all levels, so everybody was in the same boat ... and that was very therapeutic and beneficial for all.

So people helped each other out. Not only on the professional level but also with the spiritual and emotional necessities.

Life is easier when you are part of a network of friends and family, a neighborhood.

It does take a village, to work with the family and weather the storms of life. If we want that kind of support, the place to begin is with ourselves. You start building a good neighborhood when you yourself decide that you will be a good neighbor. If you don't know anyone on your block, you can take the initiative and reach for others.

This is the story of Active Rain community! Here is where the strengths come from! That way is growing so fast and is here to stay for long time. Because is like no other network we've seen before... It not only a place to meet one an other, grow together and share our wisdom or professional experiences but it is  "our village of friends and survivors" 

You start building a good neighborhood when you yourself decide that you will be a good neighbor.

I don't know exactly where, when or who brought to life Active Rain but whatever was it's been a blessing for our real estate community. Bringing us together and open the gates of a unique place where we feel home, taking care of, understood and loved by our community...

We have an obligation to keep our community strong, alive and successful for years to come. Be good neighbor. United we stand, divided we fall -- cooperation is as important as competition. Maybe, at certain times and places, it's more important.

It is great to be home!