My New Outside Blog

Buyers need to be knowledgable when looking for the perfect home. With 67% of all sellers concessions  being less then $500.00 buyers will have to come in with more money at the table for closing costs. Great job Renee.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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www.lasvegasmtg.com Report: Home inventories for February 2010 In Las Vegas, Nevada still are very low compared to the beginning first quarter of 2009. This is based on current demand for homes in Las Vegas, Nevada with about two to three months supply. There are many who feel that there is a shadow inventory of homes that have not come to market yet, and others feel the banks are working harder to keep people in their homes.

What ever the case is for low inventories, home buyers are out in full force with warmer weather, and the first time home buyers tax credit being fazed out expect inventories to be reduced fairly quickly in the next month!

Saturday I was at a open house in North Las Vegas, Nevada and the listed price was $109,900.00. By the end of the day it had multiple offers that were well over the list price. This is what happened in 2005 with lotteries for builder homes that was the beginning of speculation of the housing bubble. Fear from buyers that they will miss out of getting a home was the motivation then to buy more home then they could afford, and today missing out on today's prices, rates and the vanishing tax credit.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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www.lasvegasmtg.com Report: Las Vegas housing will struggle in 2010 was recently discussed at the National Association of Home Builders which was part of the International Builders Show held in Las Vegas, Nevada this Tuesday.

It was predicted that the current housing market will effect the new home production and will see lower levels of new constructed homes at 70% below normal levels and will not see a normalcy until 2011.

David Crowe the NAHB Chief Economist stated " It is the simplest way to say that Las Vegas will continue to suffer at least until 2010. David Crowe believes that inventory remains at high levels and shows no sign of relief. David Crowe states that demand can not remove the supply of bank owned homes that will continue to come to the market through 2011.

David Crowe believes that the country has stopped the bleeding and the house price declines will level off.

David Berson the Chief Economist for the PMI Group that all indications that house prices will continue to decline but at less steeply slide in price. While housing prices in Las Vegas have declined 50% since the high of 2006 it is going to take at least three years before prices start to rebound.

It was discussed that the investors that entered the market in Las Vegas helped take some of the inventory off the market and this was positive. The Economist stated that the foreclosures that are now taking place are not from the sub prime fallout but from loss of jobs and from "strategic defaults".

There was more that was discussed at this meeting but I wanted to address some points that I disagree with.

I disagree that withholding inventory has helped stabilize prices and that demand is not strong enough to remove inventory. If this was the case then why did we sell the second highest numbers of home sales last year? I do not believe that large number of homes bought by investors help communities become stable. There is no home ownership pride that helps rebuild neighborhoods from investors.

With only 2,000 bank owned properties being listed, thousands more never come to the market or only come in dribbles while thousands of home buyers are forced to bid against each others on the small inventories that are available. Banks hoping to get higher prices with this process, knowing that the appraisals will not come in on the asking price so they want the buyer to agree to pay the difference before accepting the offer. Will recovery be in 2011? Only time will tell.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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lasvegasmtg.com Report: 2009 Home Inventory Year End Review in Las Vegas, Nevada saw a decrease in inventory nearly halve from the beginning of the year. In January, 2009 the home inventory in Las Vegas was 23,014 homes available, by the end of December, 2009 that number decreased to 11,359 available homes in Las Vegas, Nevada. The number of available home inventories decrease was primarily attributed to the decrease in vacant properties listed for sale. This decline is reflected in the decline of home inventories in Las Vegas, Nevada from 14,600 to 6,300 homes in the last 12 months.

Bank owned Properties declined by -15.6% from the beginning of 2009 with 8,200 homes or 35.4% of home inventories in Las Vegas, Nevada. By December 2009 Bank Owned Properties available were only 2,246 homes or 19.8% of the available home inventory in Las Vegas, Nevada.

 Bank owned properties is considered to be much higher number then the 5,900 homes currently listed as available, contingent or pending. It is estimated that there is approximately 12,000 homes held by the banks at the end of 2009. There is another 7,000 homes that are in some form of the foreclosure process. The number of potential vacant properties will mean there is still some potential for volatility in the near term.

2009 home inventories in Las Vegas, Nevada was also impacted by demand that has tripled from January 2009 that was 3,700 and closed out 2009 with 10,761 contingent or contracts pending. With 8,300 out of the 11,359 current contingent offers 77% are are waiting for bank approval for short sale. If the properties cannot obtain the necessary lien releases from the banks for a lesser amount then owed, expect the short sales fallout to increase the number of available home inventories in Las Vegas, Nevada.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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lasvegasmtg.com Report by John Le Francois: City Center, a New Year and New Beginning for Las Vegas, Nevada was ushered in on December 16th, 2009 just in time for the start of a new decade 2010. City Center is the newest Casino Project since early 2008 when the Palazzo Hotel and Casino owned by Las Vegas Sands Corp. and the Encore Project that were opened in late 2008 owned by Steve Wynn.

In the past, openings of new Casinos in Las Vegas always attracted a increase in visitor volume, and the hopes of a recovery in Las Vegas is squarely on the shoulders of the City Center to do the same. The sheer size and the ability to complete the project after securing the financing of $8.5 Billion dollars during one the worst economic times since the the Great Depression is a tribute to Las Vegas, Nevada star power. Here are some interior pictures.

Pictured from left to Right at City Center: Open Light-scape in front of Buffet and promenade. Sculpture accent. Mirror Earth-scape Sculpture.

Pictured from Left to Right at City Center: A dizzying optical illusion marble flooring in front of the Lemon Grass Restaurant. Three dimensional Sculpture. Painting acrylic paint and Etched Copper.

On your next trip to Las Vegas, Nevada the City Center is a must see.

                                                                                                          

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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