Nevada’s residential market stabilizing

Nevada’s residential housing market stabilized more, the third-quarter 2014 Nevada Housing Stability Index shows.

The index points to more measured improvement across several areas and the best supply-demand conditions since the recession’s end.

The index’s composite score ticked from 2.18 the second quarter to 2.26 in the third quarter, maintaining a “C” grade first achieved one year ago. Only one index component declined — the measure of the price premium of new construction over existing-home price averages.

The index monitors uses 12 weighted ratios and performance metrics to measure statewide housing market stability. An aggregate “C” grade represents an average-quality housing market.

Highlights from the index included: Foreclosure volumes, which remained flat as delinquency rates declined further, at 2.3 percent and 5.8 percent respectively.

Investor purchases statewide fell from 37.3 percent in the third quarter to 29.9 percent, down from 44.6 percent a year ago. In Southern Nevada, investor purchase share was 31.7 percent; Northern Nevada, 21.9 percent.

Median prices statewide increased 3.8 percent to $189,000 with an increase of 2.8 percent in Clark County and 5.9 percent in Washoe County.

The component measuring the ratio of total number of first-home loans relative to employment earned an F, showing the index’s worst individual performance.

The Nevada Housing Stability Index can be downloaded from the department’s website at business.nv.gov/News_Media/Publications.

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Forecast breakfast set

IREM Las Vegas will sponsor its fourth annual Forecast Breakfast and Industry Partner Fair from 8 a.m. to 11 a.m. Jan. 7 at the MGM Grand Conference Center.

The event — “A Global Community: What Does This Mean for Economic Development, Commercial, Residential, Banking and New Business?” — will bring together a cross section of the real estate, financial, academic and governmental sectors to explore market dynamics and economic conditions. Panelists include Jeremy Aguero, principal at Applied Analysis; Kevin Aussef, CBRE’s Capital markets senior managing director; John Guedry, Bank of Nevada president and chief operating officer; Steven Hill, director of the governor’s economic development office; Don Snyder, UNLV’s interim president, and Mark Stark, Berkshire Hathaway CEO.

IREM Las Vegas Chapter No. 99 serves Las Vegas real estate professionals delivering networking and education since 1984.

Registration is available at Las Vegas IREM or by calling 702-878-0959. Sponsorships are available.

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MainStreetChamber debuts

Downtown resident MacKenzie Holt has launched the Downtown Las Vegas chapter of the MainStreetChamber, a business-to-business networking and marketing platform.

Holt, who has been an activist and has worked in outreach, and community service, said she seeks to connect and support those invested in Las Vegas’ future.

“What makes our downtown chapter unique is that it has been designed to introduce and connect local, community-based, and socially responsible businesses and individuals here in Las Vegas,” she said. “Membership to the chapter is free and we will be having monthly, seasonal, and special events and activities, featuring downtown vendors, artists, and restaurants/bars, to further bring these fantastic people together.”

To learn more , call Holt at 702-239-4498 or email mackenzie.holtlv@gmail.com.

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Trust firm arrives

First American Trust, which offers investment management, wealth planning and trust advice, has opened its first Las Vegas office.

First American Trust has served high-net-worth individuals, families, foundations and businesses in Southern California for more than 50 years. The new office is the first outside of California.

“Nevada has progressive trust laws that allow people to protect the legacy that they’ve often spent decades building,” said Neil Schoenblum, senior vice president of First American Trust’s Las Vegas office.

Although many states limit trusts to 90 years, Nevada laws allows trusts to last up to 365 years. These dynastic trusts, along with Nevada’s asset protection laws, safeguard assets from creditors, lawsuits, former spouses and estate taxes, and preserve the beneficiaries’ assets for many generations. Families can also exercise greater control over investments and use a more sophisticated structure for making distribution decisions through Nevada’s directed trust laws.

Also, a trust created and administered in Nevada can be designed as a Nevada incomplete nongrantor trust or NING. This type of trust, approved in several recent Internal Revenue Service private-letter rulings, allows investment income to avoid state income taxation.