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Archive for January, 2006
North Las Vegas Plans for Growth
The Las Vegas Business Press featured an article today discussing the Mayors plans for managing population growth and promoting economic expansion in North Las Vegas. The area of North Las Vegas was chartered as a city in 1946 and expanded in the 1970s. With a current population of 158,000, the city is working to be proactive and guide development in the area.
Click here to read more about this the tale of two cities.
This information brought to you by North Las Vegas Homes.
Real Estate Investor Concerns
RISMedia reported that chief economists in housing and financial industries are concerned about the number of investor-owned homes in Las Vegas. Nationwide investors accounted for about 23% of the new home loan originations. Las Vegas numbers closer to 35%.
Las Vegas runs above the national average both in investor and second-home purchases. Real estate markets that show more than a 20% appreciate rate over two years often attract investors. Las Vegas more than qualifies for the category. Read more here.
This information brought to you by Henderson Homes.
CNN Reports on Housing Bubble Markups
CNN posted a report on the most overvalued housing markets in the U.S. Their study found that 65 of the 299 largest real estate markets were overpriced. The Housing Market Analysis was conducted by the National City Corp, a financial holding company. The report named Naples, Florida as the most overpriced and overvalued. Undervalued markets included College Station and Killeen in Texas.
Las Vegas ranked 47th on the list of the 65 overpriced markets followed by Kingston, New York and the Washington, DC-VA-MD-WV area. Estimating the typical house in the local market and comparing it to the median price of what houses are selling for is part of the process that National City Corp used to arrive at these rankings. The city’s population density, the local interest rates and local income levels are all factored into the equation along with historical premiums or discounts available.
The markets with the highest markups also appeared to be those that have experienced the real estate boom.
This information brought to you by Henderson Homes .
