New-home prices will drop another 5 percent this year and stay essentially flat in 2011 as builders compete with more foreclosures and short sales, a Las Vegas housing analyst said Thursday at his quarterly presentation.
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Some real estate professionals see a shaft of light in the real estate market gloom enveloping Southern Nevada, although another analyst says he still sees little more than a glimmer so far.
WASHINGTON — The number of buyers snapping up new homes dipped unexpectedly last month as the effects of a temporary tax credit for first-time owners started to wear off.
When Nevada learned it would get $37 million in federal stimulus to help low-income households cut energy costs, state officials zeroed in on expanding existing and largely successful weatherization programs. But things haven’t gone exactly to plan.
Fighting over allocation of the money has delayed distribution of the funds that would be used to lower residential utility bills and create hundreds of weatherization jobs for contractors.
Apartments are getting cheaper to rent in Las Vegas, thanks to increased competition from the “shadow market” of single-family rental homes, a commercial broker said Tuesday.
About one in eight Nevadans is now behind on their residential mortgage, new data from the Mortgage Bankers Association show.
Las Vegas home prices have lost more than half of their value since the peak in 2006, but there are more signs the housing crisis could be reaching the bottom.
A five-year legal saga took another small step Tuesday toward its conclusion.