Monday, November 9, 2009

Economy: THANK GAWD, Home Prices & Sales Rise!

As a new Las Vegas homeowner myself, I'm enjoying a HUGE sigh of relief!

After a two-month dip, home sales rebounded in October and prices continued to hold steady, according to statistics released this morning by the Greater Las Vegas Association of Realtors.

The GLVAR reported 3,535 sales of single-family homes in October, a 5.3 percent increase over September when there were 3,358 sales. Median prices rose nearly 1 percent to $139,100, the highest since it was $138,800 in July. [...]

Demand for homes continues to be fueled by investors and first-time homebuyers. Cash buyers accounted for 42 percent of the sales.

The sales of foreclosed-upon homes declined in October, falling to 64.5 percent of the total. It was 67 percent in September.

And thank goodness, beneath the nice top line numbers are some good internals. While foreclosures and short sales still dominate this market, regular sales are at least starting to make a rebound. And hopefully with all the cash buyers coming in (like moi!), we won't see too many "repeat foreclosures" in the near future.

Oh, and thank goodness for that $8,000 new homebuyer tax credit! I myself look forward to taking advantage of it next year to pay for some home improvements, and I'm sure other new homebuyers were brought into the Vegas market thanks to the hope of a little help on the way next year come tax time.

And by the way, guess who's been working super hard on extending that $8,000 tax credit through 2010? Harry Reid and Dina Titus! No wonder why the Republicans are now running scared. With recovery on the way and more help for Nevada's working families coming soon, they really have nothing to run on.

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