The price of new homes sold in Las Vegas in August rose 1.7%. That's the 3rd consecutive month in which the price of new homes sold has risen, albeit slightly. More evidence suggesting that we hit bottom a few months ago.

Nearly 3900 homes were sold overall in the Las Vegas area in August. That's a very slight decline from July, but a large increase over August of 2008. The percentage of sales attributable to foreclosure was barely over 70%. That's down from 82% in the spring, and reflects the increase in the number of sales of non-bank owned homes, whether resale or new. With a shortage of REOs, more privately-owned homes are selling.

Naturally, with a shortage of bank-owned homes we are seeing flippers in the market again. If you are buying a resale home and are using a mortgage, find out when the home was purchased last. Many lenders won't finance a flip, so if the home you want was sold recently, check with your mortgage agent up front to see if it's going to be a problem.

 I'm still enjoying a little R&R in the Bahamas, where the "no-see-ums" feast on me as I float, half awake, on a mat in the ocean. The diving in the Exuma Islands isn't spectacular, but Gavin and Nick, owners of Turtle Diving, rewarded us with a one-hour layover at Chat N' Chill on Stocking Island after our shallow dives yesterday.

 It will be hard to get back into heels when I return to work...a dilemma I face every year around this time, when I generally return from some down-time in the Caribbean.

[Email Blogger]