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Archive for the ‘Data’ Category

1 in 7 Nevada homes are vacant

In Data, News on March 15, 2011 at 9:19 am

US Census data shows us the enormity of the housing problem in Nevada and why it will take decades to get out of the hole.

There were 167,564 empty houses in the state last year, according to newly released U.S. Census data, more than double the number in 2000. The number of vacant homes represents about one out of every seven houses across Nevada.

An interesting blip in the statistics is that Nevada has – simultaneously – the highest rate of mobility in the country and the worst market to sell a house.

More than 16 percent of Nevadans relocated to new residences within the state in 2008 alone, the highest mobility rate in the nation, the Census data shows.

So what does that mean? It means that Nevadans are not moving willingly, they are being forced to move. Without a doubt it is going to take Nevada many years to rebuild an economy capable of supporting the excess housing inventory and clear the vacancies.

Read More:

http://www.msnbc.msn.com/id/42084625/ns/us_news/

Housing data ‘may’ have understated extent of collapse

In Data, News on February 22, 2011 at 5:40 am

The National Association of Realtors is reporting that they may have “overstated home sales by as much as 20 percent” dating as far back as 2007.

This comes as no surprise because it has been in their best interest to present a better than normal picture of the real estate market that they represent. It seem that only after four consecutive years of being called out by California real estate analysis firm, CoreLogic, did NAR admit that they ‘may’ have made an error.

Unfortunately, the biggest tragedy here is Reuters shoddy reporting in which they say:

The crash of U.S. housing markets, in part because of shoddy lending practices, was at the heart of the economic meltdown that started in the United States and spread around the world.

As we know, the shoddy lending practices were a symptom of the meltdown — not the cause of the problem, the causes having been well documented, as the US Federal Reserve keeping the interest rate artificially low in support of a misguided federal housing policy, lack of meaningful discretion by Fannie Mae and Freddie Mac, complete lack of regulation of syndicated mortgage market, and the fraudulent or negligent participation of the rating agencies who duped the market and fueled the appetite.

The shoddy lending practices were a part of the system, but even the worst mortgage originators, merely ordered a drink at the bar that was staffed by the Federal Reserve and Fannie Mae, supplied with an unending supply of money from investors who were being led to the party by Moodys and the major investment banks.

Read More:
http://www.reuters.com/article/2011/02/22/us-usa-economy-housing-idUSTRE71L10U20110222

Homeowners stay in home 17 months after default

In Data on February 21, 2011 at 7:23 am

Many news sources are reporting on the latest figures from LPS Applied Analytics a real estate database company who owns the industry’s largest database of mortgages covering more than 39 million active first and second mortgage loans, including portfolios serviced by nine of the top 10 mortgage servicers in the nation.

According to LPS:

“the number of days that the average borrower in foreclosure went without making a payment stretched from 410 in January to 507 in December, … before the foreclosure crisis, the norm was more like 250 days, says Herb Blecher, LPS senior vice president.”

There is no doubt that with this type of lag time built into the system there will continue to be downward pressure on home prices throughout 2011.

Read More:
http://www.usatoday.com/money/economy/housing/2011-02-21-unpaidmortgages21_ST_N.htm

Foreclosures up in 2011

In Data on February 14, 2011 at 6:26 am

Following the report that a Record 2.9 Million U.S. Properties Receive Foreclosure Filings in 2010 the impact of those foreclosures is working its way through through the system.

RealtyTrac reports that foreclosure activity is up 1% in January. According to the report lenders foreclosed on 78,133 U.S. properties in January, up 12 percent from December.

Among the leaders is Nevada, of course:

Nevada bank repossessions increased 16 percent from the previous month, helping the state maintain the nation’s highest state foreclosure rate for the 49th straight month — despite month-over-month decreases in default notices and scheduled auctions. One in every 93 Nevada housing units received a foreclosure filing in January — more than five times the national average.

Read More:
http://www.realtytrac.com/content/press-releases/foreclosure-activity-increases-1-percent-in-january-6387

51% of homes in Vegas Purchased with Cash

In Data on February 9, 2011 at 6:14 am

Why do property values continue to drop in Las Vegas? Channel 12 Action News Las Vegas reports on the latest stats released by the Greater Las Vegas Association of Realtors (GLVAR) indicating that cash buyers dominate the Las Vegas home buying market. Cash buyers are so prominent in the Las Vegas housing market because only a tiny percentage of all home sales of homes result from traditional arms length buyer financed transactions. January 2011 saw 49.8% bank owned transactions and an additional 26.6% short sales.

Recovery is not going to happen in the Las Vegas area until foreclosures make up a smaller and smaller percentage of the housing market.

Read the full story:
http://www.ktnv.com/story/13991899/more-than-half-of-all-homes-sold-in

UNDERWATER – 71% of mortgages in Clark County, NV

In Data, News on February 8, 2011 at 2:41 pm

Chilling stats reported by USAToday show that more than 50% of residential mortgages in more than 17 counties are underwater.

Topping the list is Las Vegas.  As of September 2010, in Clark County, Nevada, home of Las Vegas, North Las Vegas and Henderson, 71% of mortgages are underwater.

Thats 71% of all remaining mortgages after the foreclosure crisis has already wiped out 10s of 1,000s of mortgages from 2007 through today.

See more,  http://www.usatoday.com/money/economy/housing/2011-02-04-under-water-chart_N.htm