The overall message: The real estate market hasn't bust - it is in a healthy, normal real estate cycle. The cycle will help buyers and we likely won't be seeing a meltdown.
It's true that sales are down, but that happens. The good news is that prices haven't plummeted as many suggested. They have remained steady, flat. The Las Vegas market is resilient. There are many positive factors driving the city's economy and residents are able to take advantage of homes that have kept their value.
Inspite of a flat market and a large, growing inventory Murphy's outlook is positive, '"...we may be at or near the bottom," he said. "Even with the repos, we have month-over-month sales gains, the highest number of new home permits since August and prices are still relatively stable."'
He reported that some 13% of nearly 3,200 home closings in March were bank repossession sales. Though alarming, it's not completely unexpected.
'"It's good for buyers," he said. "It's going to improve affordability a little bit. This is a good cycle."'
See the full story at the RJ.
- Report presented at the Crystal Ball housing seminar to some 1,000 Las Vegas real estate agents.