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From: "Merilee:::Kern Communications" <merilee@kerncommunications.com>
To: <merileek@kerncommunications.com>
Subject: Las Vegas Review Journal
Date: Tue, 11 Nov 2008 15:39:02 -0800
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http://www.lvrj.com/business/34259729.html



Home-sale inventory shrinks; sales surge=20

By HUBBLE SMITH=20
REVIEW-JOURNAL=20
=20
  a.. Housing in Southern Nevada=20

=20



The number of homes available for sale in Las Vegas has receded from =
last year's peak and monthly closings have nearly tripled, the Greater =
Las Vegas Association of Realtors reported Monday.

Realtors sold 2,718 single-family homes in October, a 180 percent =
increase from 974 sales in the same month a year ago. Inventory is down =
to 22,929 after peaking at 24,341 in September 2007.

The median price continues to fall, down 30.8 percent from a year ago to =
$190,000 in October.

"We don't see any surprises in this month's statistics," Realtors' =
association president Patty Kelley said. "The main trends we see in the =
local housing market continue to be increased sales and decreased =
prices."

She said bank-owned properties continue to have a huge impact on the =
local housing market, adding to the already ample supply and driving =
prices down. Roughly two-thirds of Las Vegas home sales are real =
estate-owned, or foreclosures.

As in the past, Kelly said prices are at the point where bargains abound =
for qualified buyers.

Condos and townhome sales more than doubled from a year ago. Realtors =
reported 414 sales in October, up 7.3 percent from September and up 110 =
percent from October 2007. The median price is down 36.7 percent from a =
year ago at $109,575.

Realtor Rob Jenson of ReMax Central said there were 8,311 foreclosures =
on the market in October, up 4.6 percent from September. The number of =
foreclosures that closed escrow rose 6.1 percent to 1,752 in October.

More affordable pricing and rising sales have helped reduce market =
inventory and is helping Las Vegas return to stable conditions, Jenson =
said. Inventory is down for the second month in a row, dropping from a =
9.4-month supply to an 8.9-month supply.

Short-sale listings, or homes offered at less than the mortgage owed, =
decreased while foreclosure listings increased, reflecting the =
difficulty in achieving a successful short sale that ultimately results =
in subsequent REO listing and foreclosure, Jenson said.

Applied Analysis, a Las Vegas-based business advisory firm, showed the =
number of resale homes on the market rising for the sixth consecutive =
week to 22,873. That's up 915 units over six weeks.

Vacant properties listed for sale are reaching back toward all-time =
highs reported in October 2007 and reflect nearly 60 percent of all =
listings.

The number of homes identified as contingent or pending sale fell by 310 =
units during the week of Nov. 3, finishing at 6,461, Applied Analysis =
reported. About 52 percent of the 3,808 contingent units are identified =
as short sales, which require lender approval.

Local real estate transactions tracked though the Multiple Listing =
Service in October totaled nearly $613 million in single-family home =
sales, down 4.5 percent from $642 million in September, but up 68 =
percent from a year ago.

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<DIV><FONT face=3DArial size=3D2><A=20
href=3D"http://www.lvrj.com/business/34259729.html">http://www.lvrj.com/b=
usiness/34259729.html</A></FONT></DIV>
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<DIV><SPAN class=3Dstory_title_font><B><FONT face=3DVerdana =
size=3D4>Home-sale=20
inventory shrinks; sales surge</FONT></B></SPAN> <BR><BR><SPAN=20
class=3Dstory_byline><FONT face=3DVerdana size=3D1>By HUBBLE SMITH =
<BR>REVIEW-JOURNAL=20
</FONT></SPAN><!-- startclickprintexclude --><!--------Related =
Videos--------><!----------------Related Stories---------------->
<DIV =
class=3Dstory_norelatedvideo_norelatedstory><!----------------Sidebar =
1----------------><SPAN=20
class=3Dstory_sidebar_font>
<DIV class=3Dstory_sidebar1><!-- Begin Hot Topics area --><FONT =
face=3DVerdana=20
size=3D1><IMG alt=3D"More Info"=20
src=3D"http://media.lvrj.com/designimages/hot_topics_more_info.gif"=20
border=3D0></FONT>=20
<UL class=3Dsidebar1_hot_topics>
  <LI><A href=3D"http://www.lvrj.com/hottopics/housing.html">Housing in =
Southern=20
  Nevada</A> </LI></UL><!-- End Hot Topics area --><!-- ||| Housing in =
Southern Nevada ||| --></DIV></SPAN><BR><A=20
href=3D"http://media.lvrj.com/images/3128022.jpg"><IMG=20
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<DIV class=3Dstory_body_intro>
<P>The number of homes available for sale in Las Vegas has receded from =
last=20
year's peak and monthly closings have nearly tripled, the Greater Las =
Vegas=20
Association of Realtors reported Monday.</P>
<P>Realtors sold 2,718 single-family homes in October, a 180 percent =
increase=20
from 974 sales in the same month a year ago. Inventory is down to 22,929 =
after=20
peaking at 24,341 in September 2007.</P></DIV><!-- =
startclickprintexclude --><!-- endclickprintexclude -->
<DIV class=3Dstory_body_remaining>
<P>The median price continues to fall, down 30.8 percent from a year ago =
to=20
$190,000 in October.</P>
<P>"We don't see any surprises in this month's statistics," Realtors'=20
association president Patty Kelley said. "The main trends we see in the =
local=20
housing market continue to be increased sales and decreased prices."</P>
<P>She said bank-owned properties continue to have a huge impact on the =
local=20
housing market, adding to the already ample supply and driving prices =
down.=20
Roughly two-thirds of Las Vegas home sales are real estate-owned, or=20
foreclosures.</P>
<P>As in the past, Kelly said prices are at the point where bargains =
abound for=20
qualified buyers.</P>
<P>Condos and townhome sales more than doubled from a year ago. Realtors =

reported 414 sales in October, up 7.3 percent from September and up 110 =
percent=20
from October 2007. The median price is down 36.7 percent from a year ago =
at=20
$109,575.</P>
<P>Realtor Rob Jenson of ReMax Central said there were 8,311 =
foreclosures on the=20
market in October, up 4.6 percent from September. The number of =
foreclosures=20
that closed escrow rose 6.1 percent to 1,752 in October.</P>
<P>More affordable pricing and rising sales have helped reduce market =
inventory=20
and is helping Las Vegas return to stable conditions, Jenson said. =
Inventory is=20
down for the second month in a row, dropping from a 9.4-month supply to =
an=20
8.9-month supply.</P>
<P>Short-sale listings, or homes offered at less than the mortgage owed, =

decreased while foreclosure listings increased, reflecting the =
difficulty in=20
achieving a successful short sale that ultimately results in subsequent =
REO=20
listing and foreclosure, Jenson said.</P>
<P>Applied Analysis, a Las Vegas-based business advisory firm, showed =
the number=20
of resale homes on the market rising for the sixth consecutive week to =
22,873.=20
That's up 915 units over six weeks.</P>
<P>Vacant properties listed for sale are reaching back toward all-time =
highs=20
reported in October 2007 and reflect nearly 60 percent of all =
listings.</P>
<P>The number of homes identified as contingent or pending sale fell by =
310=20
units during the week of Nov. 3, finishing at 6,461, Applied Analysis =
reported.=20
About 52 percent of the 3,808 contingent units are identified as short =
sales,=20
which require lender approval.</P>
<P>Local real estate transactions tracked though the Multiple Listing =
Service in=20
October totaled nearly $613 million in single-family home sales, down =
4.5=20
percent from $642 million in September, but up 68 percent from a year=20
ago.</P></DIV></DIV></BODY></HTML>

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