Posts (RSS)Repossession Properties Sales in Las Vegas Up in June
June sales of existing and repossession properties in Las Vegas, Nevada reached 4,702, the highest since the June 2004’s 4,414, according to the Greater Las Vegas Association of Realtors.
Local sales of single-family homes in June rose 16.3 percent from the previous month and 70 percent higher from the same month a year ago. Townhome and condominium sales increased to 917, almost thrice their numbers the previous year.
The home sales increase resulted to an 11.9 percent drop in home inventory in the area to 20,613 compared a year ago. Condominium inventory also dropped by 5,416 or 2.2 percent. Home Builders Research housing analyst Dennis Smith said that the affordability factor will continue to boost property resales for three more years.
Smith said that as long as home prices continue to drop, it can never be said that the housing market has reached the bottom.
Meanwhile, a market survey showed one out of five potential homebuyers are interested in purchasing deeply discounted repossession properties. Additionally, 15 percent of survey respondents want to buy distressed properties using the $8,000 federal tax credit for first-time homebuyers or other incentives.
The study noted that many Americans are aware that with the growing number of repossession properties in the market, there are many great deals to have. However, they are in dire financial situation that purchasing a home is the last think on their minds.
Some of those who are interested in purchasing a property believed that home prices would not drop further, while others are motivated by government incentives to make a purchase.
About third-quarter of respondents are concerned about their jobs, preventing them to consider making a purchase, while 16 percent are concerned about selling their present properties. Only 8 percent of respondents are concerned about the possibility that property prices will continue to fall.
On the other hand, industry experts believed that sales figures in Las Vegas would have been higher if lenders and banks did not imposed voluntary moratorium on repossession properties last year. They pointed out that the backlog of bank-owned properties will be most welcome by the housing market.
In June, about 3,460 repossession properties were closed in Las Vegas, more than twice the sales from June the previous year.