Las Vegas Real Estate Foreclosures 2010 market - looks like less sales volumes and less inventory. Here are statistics for our market as of this date:
- As Of January 6, 2010: Multiple Listing Service Stats for Single Family Homes, Town homes, and Condos Total Number Available is 10,830, with 2,213 Foreclosures, 4,647 Short Sales, & 3,943 Regular Sales.
- Total Number of Homes With Contingent Offers: 10,458 of which 1,556 are Foreclosures, 8,249 are Short Sales, and 653 Regular Sales.
We have several wild cards in the mix that will certainly impact Las Vegas Real Estate Foreclosures 2010:
- The $8000 Home Buyer’s Tax Credit expires in April this year. Close to the expiration we will see a surge in sales. We would like the Government to extend the credit; they’ve done it once already.
- The Federal Reserve has kept mortgage rates low for most of 2009 by committing to purchase up to $1.25 trillion in mortgage-backed securities; but, no one knows where our mortgage rates will end up as we move through this year.
- Mortgage rates have stayed under 5% for most of 2009 and many economist think private money may step in and fill the gap once the Fed stops its aggressive tactics. But, we believe the Federal Govt is watching interest rates and their impact on our national economy and will continue to “drive” the situation if needed.
- Loan Modifications have been anemic to date to say the least; the current Administration is pushing to get more loans modified, which would minimize pressure on Las Vegas Real Estate Foreclosures in 2010, but no one knows how much pressure the administration can bring to bear on financial institutions.
- We have more loan resets in the pipeline. We anticipate these impacting higher priced homes that were puchased in 2005. It’s extremely difficult to predict the impact on Las Vegas Foreclosures Market moving into 2010. Banks are not releasing the foreclosures in the same volume that they did in 2009.
The offset to many of these wild cards is our levels of affordability. We have not seen this affordability in many years. The strong global “city brand” that Las Vegas has as one of the premier destination resorts in the world has a long history of bouncing back from economic setbacks. There is a tremendous amount of interest from investors in Las Vegas Real Estate Foreclosures in 2010!
