The NV Energy committee was present at the Realtors’ preview reception to talk about the Energy Plus residential rating system that the homes achieved. According to the real estate experts, the presentation was very successful, where they had over 300 Realtors participate in the event and their response was very outstanding. They agreed with the floor plans, the architectural attention to detail and, most specially the prices. Realtors said that the turnout may be a sign that the local residential market is set to recover from its recent downfall.

According to real estate experts, an average 300 Southern Nevada real estate agents went out to tour the models in the Reserve collection, which was presented to the public May 8 near Rainbow Boulevard and Wigwam Avenue. They are trying to find out how to get more productive in the market to be able to get more clients. Real estate experts say that for every boom, there’s a bust, but then there is always some kind of recovery, because that’s what usually happens in the market.

Based on the real estate experts, the homebuilding industry has historically been an economic leader in bringing the country out of a recession, but it’s not happening so much this time. Based on the real estate experts, the American West presentation was the first really positive presentation the real estate has seen in the last two years, and the people are feeling optimistic about the momentum than what they have felt in the last two years.

The old Vegas formula in real estate just doesn’t work anymore. Real Estate Company, American West presented to the public the American West Reserve located at Coronado Ranch last May 6, which was highlighted by a presentation of Las Vegas real estate expert Richard Lee, who said a positive turnaround could be expected in the real estate market in the near future. According to a real estate consultant, it’s time for the real estate market to prepare for an upcoming recovery. At this phase in time, realtors are hoping for the best second chance they could get.

According to real estate experts, the foreclosure filings were based on the records of April 2009, but the rest of US experienced a 27 percent fall. During the first quarter, the Las Vegas valley had 74.7 percent of its homes underwater and 2.9 percent going the negative equity border. About the same as it was during the fourth quarter of 2009. Based on real estate consultants, Nevada continued to be the nation’s top with regards to percentage of foreclosure filings for the 40th consecutive month.

Las Vegas remains the leader with regards to mortgages that are underwater. Even though foreclosures has been one of the factors for the home values to go down over the last three years, based on the level of inventory available and the foreclosures happening presently, there seems to be enough foreclosures to lower prices. At the most, it might keep home values at their present levels. Financial institutions have been working with homeowners in large numbers to make short sales possible by letting them to put their homes up in the market for less than they owe on the mortgage.

According to the reports of CoreLogic, the latest 90-day mortgage delinquency rate in March was recorded at 22.2 percent in the Las Vegas area, up from 21.4 percent in February. The rate went up monthly for more than one year. As recorded last March 2009, 14 percent of homeowners were delinquent for 90 days or more. If the trend remains unchanged, that wouldn’t mean a negative effect for the state’s real estate market, which has been at odds due to the high unemployment rate.

Foreclosure filings were even in contrast to April 2009, but the rest of US experienced 27 percent decline. According to the real estate experts, the total amount of delinquent real estate in their mortgage payments constantly went up in the Las Vegas valley, and banks has foreclosed a large number of homes across Las Vegas in April compared to its recorded foreclosures last March. Las Vegas, which had one filing for every 69 households as recorded last April, had increase filing totaling to 10 percent last month when almost all of the US states have experienced a 12 percent decline.

Based on real estate experts,  the present status of the real estate market brings positive news to homeowners who want to see prices go up. In the condominium and town home market, the 787 sales fell 3.3 percent from March but went up to 8.3 percent in April 2009. The median price of the units sold was recorded to be $70,000, up 2.6 percent from March and up 8.5 percent from April 2009. Among the total 2,951 real estate sold in April, almost 52 percent were bought by home buyers or investors within 30 days.

The GLVAR stated that around 27 percent of the home sales last month were from short sales. Homes owned by the bank composed the 43 percent of the sales in April, down from 53 percent last February. According to real estate experts, the figures went up 4.4 percent from $136,000 in March and 0.2 percent from $141,720 in April 2009. Foreclosures bring down prices in contrast to homes put in the market by owners. Short sales is called in cases wherein banks allow the homeowner to put the property up in the market for less than its owed on the mortgage.

Real estate experts were expecting that the market would be strong with the tax credit in effect. It’s the result of the weakening inventory. Based on the real estate experts, the Multiple Listing Service had only 1,600 foreclosed-upon properties that were available the previous week. Of all the 20,875 real estates that are listed at the end of April, only 7,207 did not get offers from creditors. This reflects the real estate inventory, and with the tax credit ending, it is foreseen that the market would be much slower.

Based on the Greater Las Vegas Association of Realtors, the sales in April went down 7 percent in contrast to last March and went down almost 8 percent as compared to April 2009. The yearly fall in sales is the first since March 2008. The drop in result was not expected since April was the last month for buyers to go into agreement for new and existing homes. According to the president of Home Builders Research, Dennis Smith, who watches the Southern Nevada real estate market, the fall out in sales is the effect of the receding amount of foreclosure properties in the housing market.

Based on real estate consultants, the value of residential lots in Las Vegas has gone up from $40,000 to around $50,000 per lot, compared with the figures $25,000 to $35,000 from the previous year. According to the statistics released by real estate experts, 17.2% of would be home buyers says they are thinking about buying a home in the near future for investment purposes compared to around 5.6% less than a year ago. There has been a dramatic growth presently with the number of investors getting in touch with the real estate agents.

According to the reports it has went up to an average of around 37% during the first quarter of 2010, as lots of home buyers availed of the tax credit that will end by the end of April. The real estate experts also stated the significance of properly analyzing and accepting the total Las Vegas New Homes market. Based on the data of real estate experts, there is an average of around 40-50K homes owned by banks in Las Vegas presently needs the inventory released to cater to the demands of local buyers and investors from out of state. Based on real estate experts, meetings with bank attorneys have told them that creditors in Las Vegas will let loose an average of 1,500 homes per month for sale.

According to real estate experts, the closing of short-sale went up to a value of 905 last March, which is a 42 percent boost compared to last February and 323 percent increase from March last year. Around an average of 10,000 out of 12,445 home closings, or around 80 percent, now belong to short sales. With the establishment of short sales in the market, it is now easier for the real estate agents to close their deals. Agents who didn’t get REO accounts have had problems in the past but present they are now able to get on the trend and make their businesses better again.

Based on the real estate data, the filing of foreclosures, which include mortgage default notices and also repossessions have resulted to a figure of around 315,716 last January. If you would look at it closely, it fell around 10 percent from last December, but went up to an average of 15 percent compared to early last year. Based on the reports of real estate consultants, one in every 409 U.S. housing units has gotten a foreclosure filing in last January. In Nevada, the mortgage delinquency rate of 90 days results with a figure of around 19 percent, and is much higher than the countrywide average of only 8.7 percent. 8 of the country’s top 50 foreclosure ZIP codes all points to Southern Nevada. Real estate consultants said that mainly all homeowners does not want to hand out their homes back to the bank, but most of the time, the bank forces them to surrender the house.

Based on the real estate consultants, creditors are dealing out short-sale transactions much quicker and the percentage of short sales is foreseen to grow ahead even if the new HAFA guidelines have no effect whatsoever. According to real estate experts, short sales are the very best solution for homeowners who are in the midst of a heart breaking foreclosure and eviction. The mortgage brokers, the banks, federal government and the people that are purchasing real estate are responsible of leading them down this road so the realtors need to plan together to normalize the housing market.

The government has recently released two new programs, the Home Affordable Foreclosure Alternatives and the Second Lien Modification a couple of weeks ago this month to be able to assist in facilitating short sales, as part of the $75 billion Home Affordable Modification Program that was announced by the US president the previous year. The great importance of this program is that it stops the lender from giving a deficiency judgment against the owners of the homes. Real estate agents who did not receive real estate owned property (REO) accounts have had financial problems. As of the present, they are able to get on the trend and they’re able to get transactions again with regards to their real estate business.

According to housing experts, this positive development of short sales may prevent a great deal of foreclosures in the future. Short sales are the most practical alternative. In the market, there are rent for deeds, deeds in lieu of foreclosure, HAMP, HAFA.  Even if you look at its results, it won’t even come very close to short sales. It’s the most reasonable way to go through this market. The closing of short-sale went up to around 905 last March, this is a 42 percent rise compared from its result last February and it is also a 323 percent jump from the same month last year.

The prices of short sales maintain to move downward in the direction of REO pricing instead of going upward towards positive results of transaction. They released data where a median real estate-owned home value of around $126,000 last March whereas, $11,000 of it is below the overall market median. Real estate offices are initially trying to maneuver prices along the area of foreclosures during the previous year, which is to list properties that are under the present market value to get several offers and pass a practical offer to the creditor. According to some housing consultants, they deem that short sales could overwhelm the number of foreclosures by before the year end, or at least come close.