Las Vegas Real Estate Blog

On this very special day my heart goes to all our Active Rain Mom's... exceptional professional people and even more exceptional Mothers. I am not one of them but I admire and look up to all of them, out there who graciously embrace the love and responsibilities for their children while performing in a very demanding professional field such as the Real Estate. So many of them I don't know yet, but here below are the once that I came across in our Active Rain community, learned about their successes in their
carriers and family.

Hundreds of dewdrops to greet the dawn, Hundreds of bees in the purple clover, Hundreds of butterflies on the lawn, But only one mother the wide world over. ~George Cooper
Julie Neerings Carole Provenzale Susan Mangigian Mirela Arleen Lammons Christina Lackey Chrissi Ewing Mana Tulberg

ELITE REALTY
7448 W.Sahara Ave. #106 • Las Vegas, NV 89117
Office: (702) 856-6680 • Cell: (310) 529-5360

Website: http://www.lasvegas-buyandsell-realestate.com/ • Email: arina.lv@gmail.com

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The Tropicana Entertainment LLC subsidiary of Tropicana Casinos & Resorts said late on Monday that it filed for protection from creditors under Chapter 11 of federal bankruptcy law.

Tropicana casinos in Atlantic City and Las Vegas has filed for Chapter 11 bankruptcy protection, nearly five months after New Jersey regulators stripped the Tropicana Casino and Resort of its license.

A slowing national economy made gamblers more cautious about parting with their money, and real estate values plummeted as well. Then credit markets tightened, leaving Tropicana Entertainment "very little margin for error,"

Margin for errors?... This Tropicana casino bankruptcy shows that behind all the glitter and glamor, are cut throat businessmen who have no problem clipping gamblers playing at slot machines programmed with low payout random number generators, but these businessmen are reluctant to pay off their own debts when they lose their business gamble.

Business as usual?...

By contrast, the Trump casinos in Atlantic City, as well as the Aladdin and the Stratosphere in Las Vegas, filed bankruptcy for reasons many other businesses do - because they lost money.

I came accross an unnamed employee confession: read>>> Las Vegas Sun

" By 5pm Monday Management held meeting with employee's of its "2 Southern Nevada" properties informing them of the Bankruptcy before it became public. Telling everyone NOT to discuss it with anyone because its business as usual.You'd still get your raises and promotions etc.etc. But "We may have to cut people back to 4 days !" Well thats not business as usual and if an employee is cut back to less then 32 hrs a week they'll cancel their insurance without notice! So their Business as usual is the worst joke for all those poor souls who work for this Slave labor company."

When the Gambling industry, in Vegas, is sneezing the entire local economy catches the cold!... It's like we did not have enough with the downturn of our local housing market...

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ELITE REALTY
7448 W.Sahara Ave. #106 • Las Vegas, NV 89117
Office: (702) 856-6680 • Cell: (310) 529-5360

Website: http://www.lasvegas-buyandsell-realestate.com/ • Email: arina.lv@gmail.com

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The increasing number of foreclosures is driving down market values of existing homes, making it more difficult to refinance into more affordable loans, and drawing the attention of potential buyers toward foreclosed properties. In some markets, sellers who are not feeling the pressure to sell or refinance are simply pulling their listings from the market, leaving a larger portion of the inventory in the hands of the banks. This has created a buying opportunity for those who were priced out of the market, including well-financed first-time home buyers. The Trulia Trends Report is ... Trulia Trends Report- February 2008... built from a compilation of data sources-mostly listing price information and consumer search behavior on trulia.com and other licensed data Pacific Northwest $219,900 $289,000 Pacific $334,000 $437,000 West $148,450 $204,900 Southwest $212,000 $250,000 Midwest $78,000 $139,000 South Central $108,279 $144,900 South $177,900 $180,000 Mid- Atlantic $224,900 $229,900 New England $208,000 $295,000 Median list price. Shows the median list prices for all homes listed on Trulia.com from Jan 1 - Jan 31, 2008. Data includes primarily resale properties, not new developments or foreclosures. Median REO Price. Shows the median price data of foreclosed homes that have been repossessed by the lender; Also known as "bank-owned" or "Real Estate Owned" (REO). Data for each city is licensed from RealtyTrac. Las Vegas Market Trends. According to data released by the Greater Las Vegas Association of Realtors, the median price of single family homes in Las Vegas fell 22.7% in April, from $305,000 in April 2007 to $235,875 in April 2008. Prices haven’t been this low since February 2004, when the median price was $220,000. Five U.S. Cities on the Road to Recovery Not every city’s housing market is bleak: according to Trulia research there are five cities that are beginning to show early signs of recovery: Albuquerque, Queens, Tulsa, Memphis and St. Louis. Looking at 2008, month-over-month median list prices were up from Dec 07 to Jan 08 in Tulsa, Memphis and St. Louis and unchanged in Albuquerque and Queens. City Q3 Med List Q4 Med List Q-Q Change Dec Med List Jan Med List M-M Change Albuquerque $244,900 $239,900 -2% $240,000 $239,900 0% Queens $489,000 $489,000 0% $489,000 $489,000 0% Tulsa $120,250 $129,500 8% $120,000 $129,500 7.9% Memphis $105,000 $110,000 5% $104,900 $110,000 4.9% St. Louis $155,000 $154,900 0% $149,900 $154,900 3.3%

ELITE REALTY
7448 W.Sahara Ave. #106 • Las Vegas, NV 89117
Office: (702) 856-6680 • Cell: (310) 529-5360

Website: http://www.lasvegas-buyandsell-realestate.com/ • Email: arina.lv@gmail.com

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No matter how much we slice and dice the statistics, percentages and projected numbers, the truth is that housing market is far from re-bounce, particularly, in Las Vegas.

I came across many posts here on ActiveRain trying to keep up with the statistics of monthly, quarterly...etc. They all are valuable, interesting facts, we get in hand, in order to understand the direction and flow of the market. But one thing is relevant, for Las Vegas Market, the situation is not improving as well as it was expected. Tired of reading rehashed economic reports? If you want to read the originals and make up your own mind, check out  Census Bureau Economic Indicators

Pre-foreclosures really taste the hot water... tells you volume about what's going on and what can we expect in the immediate future. People are more and more in trouble and the situation it's escalating. Only when pre-foreclosures start dropping, we see a market turnaround.

Grouping foreclosure properties

• "Pre-foreclosures" are homes on which the owner has fallen behind on the mortgage or which have already been taken back by the lender, but haven't yet been placed on the market.
• "Auction foreclosures" are bank-owned homes that will be sold on the auction block.
• "Listed foreclosures" are bank-owned homes that have been listed for sale with a local realty broker.

Pre-foreclosures, start with a notice of default, signal that people are in financial trouble and those numbers are growing rapidly. The problem is deep now with repercussions to the economy. Not only do those people who overbought get hurt, but the whole community gets hurts. As the crisis deepens and foreclosures escalate, it is everyone's problem.

The county has 15,937 pre-foreclosures through the first quarter of the year, or 3.11 percent of its 512,253 households, the online foreclosure source reported.

Nevada leads the nation with 2.42 percent of its households, or 18,087 homes, in pre-forclosure through March, ReviewJournal.com - Business - ECONOMY: Bad news mounts in housing

Real-estate brokers typically have access to plenty of information about the location, price and condition of listed foreclosures. They assist you in any request for information you need to assess the housing market and opportunities for immediate consideration in your investment choices...

But information about pre-foreclosures, typically much more difficult to obtain. And there are a lot of opportunities on today's market. You can't get as much information there as you would like to but you can:

• Ask a Real Estate Professional to assist you in locating pre-foreclosures in the area of your choice.
• An other easy way to identify possible pre-foreclosures is to drive around and look for homes that appear to be unoccupied... If the lights are never on and the grass has grown unusually high, the home may have been left vacant in advance of a foreclosure. Homes are notorious for their poor condition, because the former owners typically leave under duress and have neither the means nor the inclination to take care of the property.
• Verify the property value. If selling the property through an investor, the Real Estate Profesional will provide an estimate of market value.
• Determine the amount owed against the property. This will be the total of all loans against the property. Have the investor contact the lender. Some lenders are willing to cooperate by reducing the amount owed or making other arrangements.
• Check with an accountant. The IRS often gets involved with short sales because they are seen as a relief of debt and may be treated as income.

ELITE REALTY
7448 W.Sahara Ave. #106 • Las Vegas, NV 89117
Office: (702) 856-6680 • Cell: (310) 529-5360

Website: http://www.lasvegas-buyandsell-realestate.com/ • Email: arina.lv@gmail.com

Related terms: las vegas real estate, las vegas buy real estate, las vegas real estate agent, las vegas buy and sell real eatate, homes for sale in las vegas, las vegas sell real estate, lasvegas real estate, homes for sale in las vegas, summerlin nevada real estate, summerlin, real estate agent las vegas, Las Vegas Condos - Luxury Condos - Las Vegas High Rise Condos, las vegas board of realtors, real estate listings las vegas, agent las vegas real estate, the truth on las vegas real estate, homes for sale in las vegas nv, nevada las vegas new homes, residential real estate listings las vegas, las vegas homes for sale, summerlin real estate, vacation homes in las vegas, henderson homes for sale, Condos - Las Vegas Condominium Sale - Condo in Las Vegas - Las Vegas Luxury High Rise Condos - Condos for Sale - las vegas real estate companies, new homes in las vegas, homes for sale las vegas.

With all the inventory on the housing market, with all the falling prices, Foreclosures and Short Sales, why the selling is not picking up in a faster pace?

According to the Nevada Department of Employment, Training & Rehabilitation only 18.9% of the Las Vegas Valley's housing stock is attainable to workers earning the area's median wage, (which was $14.03 an hour in June).

In March on this year, the median price off a home in Las Vegas was $243,169- 23% off of the $315,000 peak in 2006.  That's hardly a price that a $14/hr worker would find affordable. Still, that puts a lot more homes in the range of a lot more people- assuming, of course, they qualify for a mortgage.

What causes more homes to be sold during a "Seller's Market" than during a "Buyer's market"?  

Could part of the reasoning be that properties appreciate during a "Seller's" market and prices go down during a "Buyer's market? Thus, during a "Seller's" market the property becomes more desirable creating more of a Demand? Also, during a "Seller's" market there is less inventory as compared to a "Buyer's market. What affect does the scarcity of homes on the market have on the Buyer if any?

Check your affordability: Housing Affordability Calculator

ELITE REALTY
7448 W.Sahara Ave. #106 • Las Vegas, NV 89117
Office: (702) 856-6680 • Cell: (310) 529-5360

Website: http://www.lasvegas-buyandsell-realestate.com/ • Email: arina.lv@gmail.com

Related terms: las vegas real estate, las vegas buy real estate, las vegas real estate agent, las vegas buy and sell real eatate, homes for sale in las vegas, las vegas sell real estate, lasvegas real estate, homes for sale in las vegas, summerlin nevada real estate, summerlin, real estate agent las vegas, Las Vegas Condos - Luxury Condos - Las Vegas High Rise Condos, las vegas board of realtors, real estate listings las vegas, agent las vegas real estate, the truth on las vegas real estate, homes for sale in las vegas nv, nevada las vegas new homes, residential real estate listings las vegas, las vegas homes for sale, summerlin real estate, vacation homes in las vegas, henderson homes for sale, Condos - Las Vegas Condominium Sale - Condo in Las Vegas - Las Vegas Luxury High Rise Condos - Condos for Sale - las vegas real estate companies, new homes in las vegas, homes for sale las vegas.