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Article Published: 04-20-2010, 06:04:21

Las Vegas is in the Top Ten US Cities in "Free Fall"

According to Forbes: "Cities in the "Sand States" of Florida, California, Arizona and Nevada, where overbuilding was rampant, are also in trouble, claiming nine of the top 10 spots in our list of cities in free fall. In Las Vegas, Riverside, Calif., and Phoenix, median home prices have fallen 50%, 44% and 37% from their respective peaks. Jobs are vanishing."

Las Vegas is number 9 in the list of the top ten cities with troubled real estate market. Las Vegas MLS statistics still show that more than 60% of the single family residential properties on the market are short sales. The majority of them will eventually go in foreclosure and become REPO's. Additionally, the median home value dropped more than 50% which will probably determine more homeowners to let their homes go into foreclosure....

See the stats below for the 2007-2010 changes that have occured in the construction industry in the Las Vegas area

Las Vegas Real Estate Market

9. MSA: Las Vegas-Paradise, NV

Net Population Change, 2006-2009: 7.01%

Per Capita Gross Domestic Product: $49,366.59

Change in New Building Permits, February 2007-February 2010: -63.63%

Change in Unemployment, January 2007-January 2010: 181.63%

Change in New Jobs Added, February 2007 - February 2010: -12.43%

Change in Median Home Price from Market Peak: -50%

 

 


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Article Published: 01-22-2010, 02:01:27

Las Vegas Not In The Top Ten Cities To Go From Renting To Buying

According to the latest Forbes statistics, renters in the following ten US cities have decided to purchase their homes and stop renting, taking advantage of the record low interest rates and, in many cases, the extended tax credit for the first-time home buyers. Economists predict a significant home-price hike in five years.

Whether to rent or buy is a complex decision, but timing is important. In many U.S. cities, the premium to buy--the difference between what you'd pay monthly to own a home, rather than rent--has dropped dramatically. If that's the case in your metro, the next thing to consider is whether your home will appreciate. In these 10 cities the step up from renting to buying is a much smaller one than usual, according to data from Dallas-based Witten Advisors, an apartment market consulting firm, and the five-year S&P/Case Shiller home price outlook is particularly good. If you've been considering trading in your lease for a deed, click ahead for some cities where it might be a good idea to take the plunge. READ THE ENTIRE ARTICLE

10. Metropolitan Statistical Area: Boston-Cambridge-Quincy, Mass.

Premium to Buy, 15-year Average: 90.4%
Premium to Buy, Q3 2009: 70.0%
Five-year Home Price Index Forecast: 18.69%
Median Rent: $982
Median Home Price: $348,000
Blended Mortgage Rate: 4.98%

9. Metropolitan Statistical Area: Charlotte-Gastonia-Concord, N.C.-S.C.

Premium to Buy, 15-year Average: 56.9%
Premium to Buy, Q3 2009: 48.2%
Five-year Home Price Index Forecast: 12.55%
Median Rent: $671
Median Home Price: $199,600
Blended Mortgage Rate: 5.31%

8. Metropolitan Statistical Area: Chicago-Naperville-Joliet, Ill.-Ind.-Wis.

Premium to Buy, 15-year Average: 42.3%
Premium to Buy, Q3 2009: 28.6%
Five-year Home Price Index Forecast: 13.57%
Median Rent: $835
Median Home Price: $210,100
Blended Mortgage Rate: 5.54%

7. Metropolitan Statistical Area: Cincinnati-Middletown, Ohio-Ky.-Ind.

Premium to Buy, 15-year Average: 20.6%
Premium to Buy, Q3 2009: 0.1%
Five-year Home Price Index Forecast: 12.32%
Median Rent: $663
Median Home Price: $131,700
Blended Mortgage Rate: 5.41%

6. Metropolitan Statistical Area: Denver-Aurora-Broomfield, Colo.

Premium to Buy, 15-year Average: 50.8%
Premium to Buy, Q3 2009: 49.5%
Five-year Home Price Index Forecast: 12.34%
Median Rent: $768
Median Home Price: $229,100
Blended Mortgage Rate: 5.36%

5. Metropolitan Statistical Area: Minneapolis-St. Paul-Bloomington, Minn.-Wis.

Premium to Buy, 15-year Average: 38.0%
Premium to Buy, Q3 2009: 14.0%
Five-year Home Price Index Forecast: 15.20%
Median Rent: $806
Median Home Price: $184,800
Blended Mortgage Rate: 5.30%

4. Metropolitan Statistical Area: Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.

Premium to Buy, 15-year Average: 28.4%
Premium to Buy, Q3 2009: 18.7%
Five-year Home Price Index Forecast: 13.85%
Median Rent: $957
Median Home Price: $227,500
Blended Mortgage Rate: 5.33%

3. Metropolitan Statistical Area: Portland-Vancouver-Beaverton, Ore.-Wash.

Premium to Buy, 15-year Average: 61.9%
Premium to Buy, Q3 2009: 46.4%
Five-year Home Price Index Forecast: 19.09%
Median Rent: $819
Median Home Price: $244,500
Blended Mortgage Rate: 5.17%

2. Metropolitan Statistical Area: San Francisco-Oakland-Fremont, Calif.

Premium to Buy, 15-year Average: 296.1%
Premium to Buy, Q3 2009: 232.7%
Five-year Home Price Index Forecast: 27.94%
Median Rent: $1,064
Median Home Price: $716,500
Blended Mortgage Rate: 5.24%

1. Metropolitan Statistical Area: Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.

Premium to Buy, 15-year Average: 56.6%
Premium to Buy, Q3 2009: 37.0%
Five-year Home Price Index Forecast: 14.73%
Median Rent: $1,182
Median Home Price: $324,700
Blended Mortgage Rate: 5.32%

 


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Article Published: 11-20-2009, 03:11:58

BEFORE YOU PURCHASE PROPERTY IN A COMMON-INTEREST COMMUNITY
DID YOU KNOW...

1. YOU GENERALLY HAVE 5 DAYS TO CANCEL THE PURCHASE AGREEMENT?

When you enter into a purchase to buy a home or unit in a common-interest community, in most cases you should receive either a public offering statement, if you are the original purchaser of the home or unit, or a resale package, if you are not the original purchaser. The law generally provides for a 5-day period in which you have the right to cancel the purchase agreement. The 5-day period begins on different starting dates, depending on whether you receive a public offering statement or a resale package. Upon receiving a public offering statement or a resale package, you should make sure you are informed of the deadline for exercising your right to cancel. In order to exercise your right to cancel, the law generally requires that you hand deliver the notice of cancellation to the seller within the 5-day period, or mail the notice of cancellation to the seller by prepaid US mail within the 5-day period. For more information regarding your right to cancel, see Nevada Revised Statutes 116.4108, if you received a public offering statement, or Nevada Revised Statutes 116.4109, if you received a resale package.


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