We try to present insightful analysis of the local Las Vegas Real Estate Market when/where we can. Today the national mortgage provider PMI Mortgage Insurance Co. thinks sales of existing homes here in Las Vegas and around the rest of the country probably hit bottom in the first three months of the year and believe that sales will increase each quarter for the remainder of this year and next.
PMI’s Market Analysis of National Market & Las Vegas Real Estate
PMI’s latest monthly analysis of economic, housing and mortgage market conditions projects 4.89 million existing home transactions, just shy of the 4.91 million deals seen in 2008. PMI projects sales of existing homes will continue to rebound in 2010 as economic conditions improve, reaching 5.37 million approximately. The Las Vegas Real Estate Market is clearly starting to improve based on this report, our ongoing analysis and other reports.
Although PMI doesn’t see the unemployment rate peaking until the first half of next year, at around 9.5 percent, recovery of job markets tends to lag behind the economy, and PMI sees signs that the recession will bottom out in the second half of 2009.
While short sales and sales of real estate-owned properties, or REOs, should provide a boost for sales of previously owned homes, they will also put pressure on new-home sales, resulting in more drastic swings, PMI predicts. We think these new home projections will continue to negatively impact home builders in the Las Vegas Real Estate Market.
