Wednesday, December 26, 2007

Home prices post record annual drop

By Richard Leong

NEW YORK (Reuters) - Prices of existing U.S. single-family homes recorded their biggest annual drop in October, suggesting the housing slump is far from over, a national home price gauge released on Wednesday showed.

The Standard & Poor's/Case-Shiller year-over-year index of 10 metropolitan areas fell to 209.68 in October, down 6.7 percent from a year earlier. The decline surpassed the 6.3 percent drop in April 1991.

"No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim," said Robert Shiller, chief economist at MacroMarkets LLC, in a statement.

The firms' newer, composite home price index on 20 metropolitan areas declined to 192.89 in October, down 6.1 percent from a year ago.

On a month-over-month basis, both indexes lost 1.4 percent in October compared with September.

The bleak housing data spurred more selling in stocks, which were already under downward pressure on worries over weak Christmas tallies among retailers. Bond prices were also stuck in the red, as the data failed to stoke hopes of more interest rate cuts from the Federal Reserve.

Eleven of the 20 metropolitan areas recorded their largest monthly decline on record in October, led by San Diego, where home prices fell 2.6 percent, according to S&P/Case-Shiller.

On an annual basis, single-family home prices in Miami recorded the biggest decline, down 12.4 percent in October, followed by Tampa with an 11.8 percent fall.

Charlotte, Portland and Seattle were the only cities still experiencing annual home appreciation in October, as tracked by the S&P/Case-Shiller indexes.

At least one economist predicted that home depreciation will continue well into 2008 in order to attract enough buyers to clear the huge backlog in inventories.

"It's painful medication but it's the one that works," said Gregory Miller, chief economist at SunTrust Banks Inc. in Atlanta.

"More likely, we'll be well into 2009 before we start describing this housing cycle as 'in recovery,"' Miller added.

(Additional reporting by Lynn Adler)

(Reporting by Richard Leong; Editing by Dan Grebler)

Saturday, December 22, 2007

Las Vegas Relocation

Las Vegas Relocation
Better known through out time as "Sin City", Las Vegas is much more then that. With thousands of new residents a month moving here per month, Las Vegas is a growing city with a thriving industry, tax breaks, schools, and hospitals sprouting up to support our increasing communities.
Relocating to Las Vegas can be frustrating and stressful especially if you don't know anyone and have never been here except to vacation. If you are thinking of relocating to our wonderful city, and are looking to purchase a home, please feel free to contact me, Steven Harless at (702) 217-1680 and I will be glad to assist you with your relocation plans.

Just before your scheduled upcoming move, click on the links below
to get a head start on organizing your move and for helpful tips to relocate your family
Las Vegas.

Las Vegas Relocation
Las Vegas High Rise Condos Las Vegas Homes For Sale Las Vegas Property Search
Las Vegas Crime Mapping InformationCity Of Las Vegas - Relocate Your FamilyDepartment of Motor VehiclesNevada Power CompanySouthwest Gas CompanySprint TelephoneCox CommunicationsLas Vegas Review-Journal

Our goal is always to exceed your expectations, and ensure a smooth process throughout your real estate transaction.

Steve Harless Realty World Luxury Homes
"For Your Successful Real Estate Experience" Cell:702-217-1680

Wednesday, December 12, 2007

Housing Shortage In Las Vegas By 2009?

"The Southern Nevada Home Builders Association released a report this week which forecasts a shortage in available housing by as early as 2009...The study, conducted by Applied Analysis, found that the 2008 residential housing market will likely remain soft...However, major Strip construction projects set to open in 2009 and 2010 will create a need for thousands of new jobs, which will strongly impact housing availability."

Saturday, December 08, 2007

Home Price Drop Biggest in 25 Years

Declining home prices have triggered a crisis in mortgage lending by revealing weaknesses across hundreds of thousands of loans made through the U.S. housing boom. Loans made to risky, subprime borrowers and those that required no equity from the borrower have led to soaring defaults, leading lawmakers and the Bush administration to pursue various efforts to stall resulting foreclosures.

Thursday, December 06, 2007

Median Home Price Trends

Median Home Price Trends This chart shows the current median single family home price in LAS VEGAS. Real estate market research begins with price trends. Watch this report each week to discern trends before you can read about them anywhere else. Subscribe to the Market Intelligence Details report for LAS VEGAS for weekly city-wide and neighborhood trends, and Quartile trends for different price points in the market. Median Price as of December 02 2007 for LAS VEGAS is $321k.

Market Action Index We developed the Market Action Index for at-a-glance real estate research. The Index is a barometer of real estate supply and demand. A value above 30 indicates demand is relatively robust, we call that a Seller's Market. Below 30 is a Buyer's Market. Also use the long-term trends as a leading indicator for prices. When markets fall persistently into Buyer's territory prices will likely follow. Subscribe now to see how the market's price Quartiles are faring. Median Market Action Index as of December 02 2007 for LAS VEGAS is 16.16.

Days On MarketHow long does it take to sell a home in LAS VEGAS? Pay close attention to the Days on Market. Not only does it tell you about the health of the market, but also how long you might expect it to take to sell a home. Or how quickly you should make an offer on the place you saw this weekend. Take advantage of this knowledge to optimize your home buying and selling experience. Don't forget to examine the differences in DoM in the different price Quartiles. It can be very telling... Subscribe now! Average Days on Market as of December 02 2007 for LAS VEGAS is 105.50.

Price Per Square FootLooking at the price per square foot helps us understand the value placed on homes in a real estate market. Median Price per Sqft. as of December 02 2007 for LAS VEGAS is 0.0.

InventoryInventory measures the number of properties for sale in a given real estate market and will fluctuate seasonally. Make sure you keep an eye on the Market Action Index (above) to gauge demand levels relative to inventory levels. If inventory increases as demand falls, you'll see the Market Action Index drop quickly. Median Inventory as of December 02 2007 for LAS VEGAS is 15293.50.

Saturday, December 01, 2007

First Time Home Buyers!

Now is the time to take special advantage of the new home or resale market in Las Vegas. There are first time homebuyer loan programs that I can put you in access to that can move you in for as low as $500.00 & assist you with the down payment of up to $10,000!!!

You can literally save $50,000 to $100,000 dollars on new & resale homes by using my services. Call 702-217-1680 to get started TODAY!!!

Please allow me to introduce myself. My name is Steve Harless and I am with the Sullivan Group at Realty World Luxury Homes. Whether you are just in the preliminary stages of gathering information or you are ready to preview properties I can help.

I work with a team of professionals and we work directly with the builders to find you the best value.

If you prefer to preview re-sale homes we also have a database of over 20,000 homes and from that we can email to you your specific preferences.

Our services are FREE to you as a buyer. It is important to have a buyer's representative help you in your new home search. We represent your best interests and help you negotiate the best deal.

We also have an in house lender that can provide the best financing available to you. So whether you are looking to move in for $0 down or need creative financing we will help you dilgently achieve your goals.

I would like to get a better ideal of your favorite part of town and the type of home you are looking for so I can get started with your customized home search. Is there a good time for me to contact you? Just Tell Us the Location, # of Bedrooms, and Price range and your perferred Time Frame to buy-- and we'll send you pictures FREE!

You can also call me direct on my cellular at 702-217-1680. I look forward to helping you. Thank you for your inquiry.


Steve Harless
Client Care Consultant
Realty World Luxury Homes
6131 S. Rainbow Blvd. Las Vegas, Nevada 89118
fax: 702-804-6374