The "soft market" hit of 5% for our designation as a "declining market" has been lifted. This is great news for the Las Vegas real estate market, and another sign that we may be on the road to recovery.

Lenders were requiring an additional 5% down in certain areas hard hit by foreclosures. With this requirement removed by many lenders, more buyers will have the savings to qualify for a mortgage.

I just found the Reuters article on rising home prices that I referred to yesterday. With sales continuing to rise rapidly, I am ready to go out on a limb and predict that prices will rise in June as well.

Is it the bottom? Who knows? It's been a rocky 18 months. Real estate is local; however, if homebuyers read tomorrow that the national economy is going to hell in a handbasket, it will be tempting to hold off on making big decisions such as real estate. If the national headlines say that we haven't reached the bottom of the national real estate market, buyers may take this to mean that prices are still dropping in Las Vegas. Today, prices are rising in Las Vegas.

[Email Blogger]