| I am a realtor in Las Vegas. With the increase of short | | | | month to 884 in June, but the year-to-date total is |
| sales, foreclosures, oil prices, unemployment and the | | | | down 61 percent to 5,653. |
| decreasing of the US dollar; when will we start to see | | | | Resale activity is picking up, topping 2,000 for the third |
| a turn in this slumping economy? | | | | consecutive month and increasing for the sixth straight |
| New-home sales in Las Vegas have been consistently | | | | month to 2,731 in June. The 12,500 existing-home sales |
| low over the past six months and appear to have | | | | through the first six months is down 15.9 percent from |
| possibly reached the bottom of this dreaded bear | | | | a year ago. |
| market. | | | | About 65 percent of resale closings in June were real |
| There were 922 recorded escrow closings for new | | | | estate-owned or bank-owned homes, according to |
| homes in June, bringing the total for the first half of the | | | | data from the Multiple Listing Service. |
| year to 5,747, a 45.1 percent decrease from a year | | | | About 26 percent of available inventory in Las Vegas, |
| ago. | | | | or 5,800 units, are listed as short sales. Short sales |
| Taking out 114 high-rise and mid-rise condos and 31 | | | | must be approved by the bank; they can take up to |
| apartment conversions, sales of traditional single-family | | | | six months to close escrow. Sellers must prove |
| detached homes totaled 777, the sixth straight month | | | | financial hardship from unforeseen circumstances such |
| under 1,000. The high mark of 3,233 came in June | | | | as divorce, illness or loss of employment. |
| 2006. | | | | The median resale price in June was $218,000, a |
| Is this flat trend in new-home closing going to continue | | | | decline of $62,000, or 22.2 percent, from a year ago. |
| through 2009? | | | | With 15 stalled or canceled commercial projects littering |
| The median price of all new-home products sold in | | | | the Vegas valley, this takes a lot of unnecessary |
| June was $269,900, a decline of $54,000, or 16.7 | | | | inventory off the market. Can this help our slumping |
| percent, from the same month a year ago. ". | | | | market? |
| New-home permits increased for the fourth straight | | | | |