Las Vegas Home Sales

New -home sales in the US have increased to 459 in September from the 429 the previous month and despite the home sales plunge last year. The result of this is a new median price of $210,877, which is much lower from the $211,350 median price last August. There is also a drop in the new home permits, totaling of 407 last September, down 20 permits from the previous month and a 7.1 percent decrease from a year ago.

This is a very good news in the real estate business especially in Las Vegas , where the market showed development in almost every category in September including a $3,500 increase in the median existing-home price from the previous month. Based on the reports of real estate analysts, they don't see a second wave of foreclosures hitting Las Vegas in the near future. There are also reports that more investors are coming to Las Vegas and making multiple cash offers on homes, beating out would-be owner-occupants who need financing. Although some are getting concerned about the inventory going back to the market, based on the news, investors are buying rental properties for cash flow and fixing them up.

As stated by the real estate analysts, there are only two demographic groups that will drive home the sales in Las Vegas. The first one is the 40 - 50 million baby boomers looking for the "active adult" community. The second one is the Generation Y population, born as early as 1978, who haven't had their savings wiped out and who qualify for the first-time homebuyer tax credit.

Based on the reports of real estate experts, the constant increase on the unemployment in US together with the resets in mortgage slowly shifts the nation's foreclosure epicenters. One of the reported highest increase rate in foreclosure activity were in Idaho and Utah. It is said that the rate of foreclosures almost doubled, climbing up to 60 percent from a year earlier in California and in Nevada. A 77 percent increase rate was also seen in Prescott, Arizona, 64 percent increase rate in Jacksonville, Florida and in Rockford, Illinois. Lastly a 41 percent increase rate in Lansing, Michigan. In Los Angeles, a recorded 1.58 percent of its households received a filing making it climb up the ranks up to the 23rd spot. In New York, they have a less than 1 percent of households in default and foreclosures.

Las Vegas led the nation by having a 5.13 percent of its households receiving a filing in foreclosures, almost seven time the recorded country's average. According to the statistics, the filing in Las Vegas went up by 54 percent from a year earlier. The highest foreclosure rate in the US for the third quarter affected Las Vegas, followed by cities in California and Florida. It is said that the increase in the unemployment rate are causing more borrowers unable to pay their mortgages.