Home > Uncategorized > ~ Nevada Real Estate Market, Las Vegas Real Estate Market, Market Report JUNE 2011 ~

~ Nevada Real Estate Market, Las Vegas Real Estate Market, Market Report JUNE 2011 ~

Las Vegas Homes For Sale – http://www.ballengrouphomes.com 702-604-7739 – Las Vegas Short Sale Specialist Team of Las Vegas Real Estate Agents

Greater Living Southern Nevada

August 2011

Freddie Mac: ‘Double Dip’ in Housing Is Unlikely

Daily Real Estate News | Tuesday, July 19, 2011

Freddie Mac continues to sound optimism about the housing market for the second half of 2011. In its latest economic and housing market outlook report, Freddie Mac says that the housing market is unlikely to experience a “double dip” and home sales are projected to reach above last year’s pace by 3 percent to 5 percent.

Despite an unemployment rate that sits at 9.2 percent, Freddie Mac says the gloomy job picture reflects a temporary “soft patch” in the economy and “does not foreshadow an inflection point in gross domestic product growth.”

Freddie Mac forecasts that the housing market “will likely follow the performance of the overall economy for the remainder of 2011.”

Rental housing will likely see the largest growth. Freddie Mac’s first-quarter apartment property price index rose 15.2 percent compared to last year.

While home buyer affordability is at record levels and mortgage rates are at historical lows, households are still putting off major purchases like buying a home, according to the report.

“Following June’s labor market report, households are naturally concerned about their financial futures, which is being reflected in the housing market,” says Frank Nothaft, Freddie Mac’s chief economist. “Yet, the single-family market will likely improve over the balance of 2011, in keeping with positive GDP forecasts for the United States. Home sales are expected to be up over 2010’s pace, perhaps by 3 to 5 percent. And after clear weakness in national price metrics through the first quarter, there are glimmers the second quarter will likely show gradual improvement over time.”

Source: “Freddie Mac Says Housing Sector Unlikely to See Double Dip,” HousingWire (July 18, 2011) and “July 2011 U.S. Economic and Housing Market Outlook,” Freddie Mac (July 18, 2011)

4 Ways to Rescue Your Plants From the Heat Wave?

By Lisa Kaplan Gordon,
HouseLogic Blogger

Summer’s triple-digit heat is threatening to fry the trees and shrubs you’ve spent all year tending.

You can’t turn off the sun. But you can turn on a spigot and save your plants by watering wisely and well.

“It’s decision-making time,” says Scott Aker of the National Arboretum in Washington, D.C., where temperatures this summer have reached 105 degrees.

Your first decision? Let your lawn go.

“Turf grasses are programmed to go dormant in heat as a protective measure,” Aker says. “As soon as we get rain and the weather cools, they’ll get green.”

Also, give your vegetable garden its last rites. Tomatoes and peppers don’t form in heat above 95 degrees, so watering them now will keep the foliage alive, but you won’t see any fruit until September or October – if you’re lucky.

Jim Sutton of Longwood Gardens in Pennsylvania has nursed shrubs and trees through several heat waves this summer. He offers four vital tips on how to help your landscaping beat the heat:

1. Recognize stress

Many stressed plants look thirsty. Green foliage turns grey and droops; blossoms and leaves fall to the ground in a desperate attempt to save the shrub. A deep watering often brings a plant back, or at least saves it so it’ll bud next year.

But if leaves are crispy, or the plant continues to look parched in the evening, then it’s reached a permanent wilting point: The point of no return. However, its death need not be in vain. Add your hapless plant to the compost pile to someday nourish its luckier neighbors.

2. Triage. Stat!

In triple-digit heat and drought, save what you can in this descending order:

  • Newly planted shrubs and trees, vulnerable and pricey landscaping
  • Perennials: Cut blossoms and stalks, which gives plants a rest and raises chances of returning next year.
  • Established trees and shrubs, at least two years old, which have deep roots.
  • Container plants: Move them onto a porch or under a shade tree.
  • Vegetable gardens
  • Lawns

3. Watering 101

Here’s a watering rule of thumb: Water deep, not often. Water should reach 8 to 12 inches down, creating a well of water for plants and trees to draw upon in high heat. To determine if you’ve reached your mark, press a large screwdriver into the soil: If it meets resistance, keep watering.

Hand-watering with a garden hose and aerator is best. Count to 10 as you water the base of plants. Move and repeat. If you have lots of property to water, then use a sprinkler, but adjust it so it doesn’t waste overspray on driveways and walkways.

Tree gators (plastic donuts or sacs that slowly release water onto tree bases) and drip hoses are good helpmates, too.

Water in the early morning: Not 7 a.m. when you usually roll out of bed, but when the sun rises at 5 a.m. or 6 a.m. However, don’t get fixated on watering in the morning. If water restrictions require only evening watering, soak ‘em good and don’t fret about fungus forming on leaves that stay damp throughout the night: A little powdery mildew won’t kill your shrubs, but dehydration will.

4. Mulch is your friend

If you didn’t mulch in spring, do it now. Mulch will keep moisture in the ground and suppress weeds, which compete with landscaping for water. If you haven’t mulched, water thoroughly, then add mulch to a depth of 3 to 4 inches.

Simple Choices for a Greener Planet

Can saving the planet be as simple as what kind of laundry detergent you use? Maybe not. But MXenergy, an independent energy provider, says those choices do matter and wants consumers to think about the environmental impact of their daily decisions.

“What you realize as you move to a more sustainable lifestyle is how so much of ‘green living’ is just about simple choices,” says Marjorie Kass, MXenergy managing director. “Do you use plastic bags at the grocery store? Do you use cloth napkins instead of paper? All these small choices add up to a better planet for us all.”

Consider the packaging: When shopping consider not only the price but also the packaging. Choose laundry detergent in boxes rather than plastic bottles. Choose milk in paper cartons instead of glass. Buy bar soap for washing dishes and bathing rather than liquid. These simple changes can dramatically reduce your plastic consumption in just one shopping trip.

Think about the little things: Choose matches over lighters. Say no to straws. Choose a wood cutting board instead of plastic.

Clean green: Not only will baking soda and vinegar help your home sparkle, you eliminate toxic chemicals and multiple plastic cleaning containers as well.

Buy in bulk: When given the choice, buy in bulk for items you consume regularly. You will not only save money but eliminate unnecessary packaging waste. Choose to buy dry good items from bulk bins when possible and bring your own reusable bags.

Eliminate paper: Take advantage of online banking and e-statements. This saves paper, money, and helps reduce your carbon footprint by eliminating the energy needed to deliver the statements to your door.

Reuse: Bring your own cup to the coffee shop. Bring your own bags to the grocery store. Before making a purchase or discarding an item, look for ways to reuse those things you already have in your home.


July 2011 Housing Statistics

The above two charts compares the percentage of “Cash” sales to “Financed” sales for the first six months of 2010 and 2011. The majority of cash sales are investor buyers. In general, the house prices purchased by investors are less than properties purchase by buyers who borrow the funds. This trend is one reason that home values are not increasing.

The number of Bank Owned and Traditional sales for 2011 has exceeded the number of sales in 2010. This increase in number of sales could be attributed to the increase in “cash” buyers as indicated on the “Cash vs Financed” chart above.

Visit us on the web at http://www.ballengrouphomes.com or call us at (702) 604-7739 for more information regarding the Las Vegas Real Estate market.

Brought to you by…
The Ballen Group
(702) 604-7739

Why Use a REALTOR®?

The REALTOR® mark shows that your real estate agent is a member of the National Association of REALTORS® and adheres to a strict Code of Ethics. There are many reasons to use a REALTOR® to help you buy or sell a home. Here’s one:

A REALTOR® can give you up-to-date information on what is happening your local marketplace and the price, financing, terms and condition of competing properties.


Pending Home Sales Rise in June

Lawrence Yun, NAR chief economist, said there may be some increase in closed existing-home sales. “For the majority of transactions, the lag time between pending contacts to actual closings is one to two months. Therefore, the two consecutive months of rising activity should lead to overall improvement in closed sales in upcoming months,” he said. “Though a higher than normal cancellation rate can hold back final closing figures, it could well be that some past cancellations are nothing more than delayed buying decisions rather than outright cancellations.”

Yun said tight credit and economic uncertainty have been constricting the market. “The best way to ensure a more solid recovery in housing is to simply return to normal, sound credit standards so more creditworthy home buyers can get a mortgage,” he said.

“Washington also should not rock the boat with policy changes that would negatively impact affordable credit or otherwise increase the cost of buying or owning a home,” Yun added.

Fed to Keep Interest Rates Low Until 2013

Daily Real Estate News | Wednesday, August 10, 2011

The Fed said in a statement following its regular policy-setting meeting Tuesday that the overall economy has grown “considerably slower” than it expected and that consumer spending “has flattened out.” Some economists in recent days have expressed concerns that the U.S. is heading for a double-dip recession.

Fed officials “are very nervous about the economy,” says Mark Zandi, chief economist at Moody’s Analytics. “This is unprecedented for the Fed to indicate they are ready to keep rates low for two more years.”

Still, the Fed continues to forecast a moderate pick-up in growth for the economy in the second half of the year.

Here’s a closer look at rates for the week ending Aug. 4:

30-year fixed-rate mortgages: averaged 4.39 percent, downfrom last week’s 4.55 percent average. A year ago at this time, 30-year rates averaged 4.49 percent.

15-year fixed-rate mortgages: averaged 3.54 percent, dropping from last week’s 3.66 percent average.Last year at this time, 15-year rates averaged 3.95 percent.

5-year adjustable-rate mortgages: averaged 3.18 percent this week, falling from last week’s 3.25 percent average. Last year at this time, 5-year ARMs averaged 3.63 percent.

1-year adjustable-rate mortgages: were the only ones on the rise last week, averaging 3.02 percent this week, which is up from last week’s 2.95 percent average. Last year at the time, 1-year ARMs averaged 3.55 percent.

Source: “Fed says it Will Hold Rates Fast Until mid-2013,” MSNBC.com (Aug. 9, 2011)

Faucet Tips

Description: Faucet Tips
Installing aerators on your faucets can save as much as 1,000 gallons of water per faucet each year.

Installing low-flow faucet aerators can reduce the amount of water coming out of your faucet by 50 percent, saving about 2,000 gallons of water annually for two faucets. Choose aerators with a 1.5 gallon per minute (GPM) flow rate for bathrooms and 2.2 GPM for kitchen or laundry sinks.

The Southern Nevada Water Authority (SNWA) provides a free indoor water audit and retrofit kit to SNWA member agency customers that comes with a sample low-flow aerator. The Indoor Retrofit Program helps increase the efficiency of fixtures often found in homes built before 1989.

Call the Conservation Helpline at 258-SAVE, or fill out a request form to find out if you qualify.

You can learn more about water-efficient products with the U.S. Environmental Protection Agency’s WaterSense program and start conserving water and reducing costs on your water bill.

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This Email is produced by the Greater Las Vegas Association of REALTORS®. It is provided to members as a benefit to provide consumer news to current and prospective clients. Information is obtained from various resources, both in and out of house. For further information, clarity, or assistance in buying or selling a property, please contact the agent listed on this newsletter.

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