BluefoxToday blog : Las Vegas housing weak in 2007

Las Vegas housing weak in 2007

2007 was one of those years in Las Vegas residential real estate that many will remember for a long time. The glut of homes on the market, new and resales alike, from single-family houses and townhomes to condominiums, put tremendous pressure on prices. On top of that the mortgage industry ran into homeowner and investor payment problems and as a result foreclosures began to rise steeply. In summary, it was an ugly year.

Let's look at some specific statistics. New home sales totaled 19,670 for all of 2007, a serious 45.6% decline from 2006. On the resale side last year's final number was 24,838 which amounted to a 40.7% drop from 2006, as was recorded by Home Builders Research. Combined sales haven't been this low since 1997 when they were 39,187 units. This last comparison alone is enough to indicate how far the market has up to now dropped. To read the entire article, please click on the link in the first paragraph.

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Provided by: 

Esko Kiuru
Mortgage and real estate market commentator 

www.BluefoxToday.com - syndicated mortgage and real estate blog

eskokiuru@gmail.com
My cell: 702-499-1006

14 comments • Esko Kiuru • January 25 2008 11:10PM

Comments

Interesting topic..when I get a chance I will dig more into it and saved this for future reference, Thanks For Your Real Estate Posting.  Hope all is going well for you and your business.

Tom Davis Real Estate Agent In Delaware

Delaware Home For Sale Realty.

Posted by FREE Delaware Homes Search!, $$ Save $$ Find Homes! Delaware Realtor Tom Davis (Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today !) over 2 years ago
It may have been weak in '07 but if I have anything to say it's going to be GREAT in '08!
Posted by Mary Warren (Referring Agent) over 2 years ago
HAHA! The market is looking great right now and I have more deals than I can handle. I am sure that the market in Vegas will rebound.
Posted by Flagstar Bank over 2 years ago
Those are some truly amazing numbers. I suppose what goes up fast, falls just as hard. But that doesn't mean it does not hurt!
Posted by Des Moines Iowa Real Estate- Brian Wentz REALTOR® (Burnett Realty) over 2 years ago
Esko, if I had to describe 2007 in one word it would be "change", we experienced a lot of change in 2007.  I am hoping that the word associated with 2008 is "Positive", a positive change in the market.
Posted by George Souto (McCue Mortgage) FHA, CHFA, VA Mortgages CT. over 2 years ago

Tom,

Check it out when you have the time.

Posted by Esko Kiuru over 2 years ago

Mary,

I'm certainly looking forward to that.

Posted by Esko Kiuru over 2 years ago

Kurt,

With these low mortgage rates, it's coming they say.

Posted by Esko Kiuru over 2 years ago

Brian,

The market definitely overheated, so now it's letting out some steam.

Posted by Esko Kiuru over 2 years ago

George,

Change is a good word to describe 2007.Conditions are bound to improve for 2008.

Posted by Esko Kiuru over 2 years ago

Esko,

Being that you are well-versed in all things lending, how do you feel 2008 will fare with the loan programs disappearing right and left?

Can you elaborate more on the state of the "Declining Market" down payment issues?

Any input you have on these matters are definitely of interest in Clark County and Las Vegas!

Posted by Denise Willer 'Where There's a Willer There's a Way' Las Vegas (Elite Realty) over 2 years ago
Esko, I bet your Board of Realtors has a few less members with numbers like that.  It is unfortunate, but there were some markets that were so overheated that it had to come sooner or later.  It is just too bad that it was such a severe correction.
Posted by Summit County, Colorado Realtor l Joanne Hanson (Coldwell Banker Colorado Rockies Real Estate) over 2 years ago

Denise,

The mortgage business is going back to basics where down payments are again in vogue and the exotic programs have largely disappeared. 

Posted by Esko Kiuru over 2 years ago

Joanne,

Las Vegas real estate market certainly overheated and now it's in the correction mode.

Posted by Esko Kiuru over 2 years ago

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