Nevada Department of Business & Industry Names Short Sales as One Alternative to Foreclosure

There are a number of ways that upside-down homeowners can avoid foreclosure. Short Sales are an important alternative among them.

SHORT SALE

In a short sale, you sell the house for less than you owe. You can't do a short sale without the lender's permission.

With a short sale, you make necessary repairs to the house; pay the real estate commission, taxes and government fees; and give the lender whatever money is left over -- a partial payment.

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If you want more information on Short Sales & Bank-Owned Properties, visit Understanding Foreclosures Las Vegas.

Short Sales Help Homeowners Avoid Foreclosure

This is an article from last year about Short Sales. While the market has change, the concept is still the same: Selling Short hurts, but not as much as foreclosure.

If you want more information on Short Sales & Bank-Owned Properties, visit Understanding Foreclosures Las Vegas.

Foreclosure and Bankruptcy

RealtyTrac has great information regarding how bankruptcy can sometimes save your home from foreclosure:

If you file for personal bankruptcy under Chapter 7 a so-called "automatic stay" is placed on all your creditors, including the foreclosing lender, by the court. HOWEVER, the stay is only a temporary fix to the situation.

Chapter 7 never permanently stops home foreclosure. It only gives you relief from unsecured creditors like credit cards and prevents certain creditors from pursuing collection action against you. It does NOT discharge debts such as taxes, child support, alimony or student loans, nor can it give you relief from other secured creditors — like your lender — whose debt is secured by the home you're living in.

In fact the "automatic stay" is only effective so long as the court wants it to be in place. At any time the court can grant your lender's motion for "relief from the automatic stay." Once the court grants that motion the foreclosure against your home can proceed to conclusion.

One viable exception does exist, however, by filing for a Chapter 13 bankruptcy. Under Chapter 13 you are allowed to sit down with your creditors and arrange a payment plan to pay back what you owe them over a given length of time and usually on a lower payment schedule. Once accepted, the creditors, like your lender, must abide by the terms of the plan.

…In essence, then, through a Chapter 13 debt reorganization plan you can cure the default and save your home. However, you must realize up front that not everyone qualifies to file for bankruptcy. There are certain threshold qualifications that must be met which were tightened up when the U.S. Bankruptcy Code was revised a few years ago.

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If you want more information on Short Sales & Bank-Owned Properties, visit Understanding Foreclosures Las Vegas.

Recession Talk and Buyer's Concerns

It has been said that a recession is when my neighbor loses his job and a depression is when I lose mine. Lately one can substitute the word "house" for "job" and probably echo the sentiments of a number of people in the current economy.

Experts seem to be having trouble deciding if we are or will be soon in a recession.

But whether we are or not, talk of recession can make homebuyers weary. So below we are addressing five concerns that buyers might have in this market.

Concern # 1: Bad Market Conditions

Everyone knows the housing market is facing challenges, but what many people may not understand is that homebuilding is a cyclical business. The last housing downturn occurred in the late 1980s and early 1990s. New home sales began recovering in 1992 and continued growing until the next peak in 2005.

Most people have heard the saying "Buy low, sell high." Right now it is a buyer's market -- that means you can get more for your money! You have more choices, more value, more design features, lower interest rates and more loan programs to choose from.

Keep in mind though that the market can change at any time. Waiting could mean missing out on opportunities. We are already seeing an increase in competition for buying homes in the Greater Las Vegas area. Why wait for prices and interest rates to go up when you could be living in the home of your dreams right now?

Concern #2 -- Dropping Home Values

Despite short-term market cycles and fluctuations, long-term home values have increased historically. On average, the value of a home nearly doubles every ten years, according to research from the National Association of REALTORS®. And the Federal Deposit Insurance Corporation reported that between 1978 and 2003, the nationwide House Price Index grew an average of 5% per year.

These statistics are sound reminders that home-buyers should keep their long-term goals in mind. While today's market may not be optimal for investors seeking a quick turnaround profit, it could be an ideal window of opportunity for people seeking a place to live out their lives and build memories, dreams and futures.

In addition, by having so many choices in this market, you can enhance your investment by choosing features that will add re-sale value later. The current market provides opportunities for creating a lot of "sellability" into your home that will not only make it easier to re-sale later, but will make it enjoyable to live in now.

Finally, if you are an investor, this market provides a nice basis for long-term investments with an opportunity to take advantage of tax shelters and a growing rental home market in the meantime. Quick-flip investments are not advised in this market, but the long-term picture is still advantageous for the portfolio.

Concern #3 Selling Current Home

Although selling a home can be difficult in today's market, there are many things you can do to help your home stand out from the rest. Staging a home is a great place to start. From strategically arranging furniture to adding warm and stylish accents, staging is all about making the home feel inviting an allowing others to imagine living there.

Home inspections are also important. Addressing problems before putting a home on the market can add value way beyond the cost of the inspection and the fixes.

If you want to wait out the market and sell later, turning your home into a rental might be the best way to go. This doesn't work for all properties, but most homeowners are not aware of the potential their homes have to rent or the tax advantages of doing so. Finding the right tenant is key.

In any case, working with a professional Realtor® who has experience in turning homes into investments can make all the difference. If you want to take advantage of the market by moving into a home more in tune with your dreams, selling your current home doesn't have to be a hindrance.

Concern #4 Negative News Coverage

Homebuyers today are flooded with national economic news that is not necessarily representative of their local market. Every area is different. Even neighborhoods within a given area are different. Las Vegas has been and remains very different from the nation.

Realtors® know local markets and relying upon one with that knowledge can make the difference between a good or bad investment. We know and can educate you in local economies, employment, schools, transportation, amenities and communities.

Concern #5 Making a Bad Investment

If you are currently renting, you should learn about the potential tax benefits of homeownership. Paying rent each month makes no financial investment in your future. Buying a home invests in your future.

There are also many lifestyle benefits drawn from homeownership. When you buy a new home, you're investing in something far more valuable than any stock or bond can offer. You're investing in memories. A home is a place to throw dinner parties, hold game nights and host sleepovers; it is a place to play a game of catch in the backyard or sit on the front porch and watch the neighborhood kids play.

In this market, homeownership is more affordable than it has been in years. First-time buyers may not be able to take advantage of these prices for long. Now is a good time to move from rental to homeownership.

THE DULCIE CRAWFORD GROUP has considerable expertise in the Las Vegas/Henderson real estate market. 2008 is a great year to buy a house in our area. Feel free to contact us if you want to know more about the local market and explore whether it is time to buy, sell or convert a home.

Our thanks to Richmond American Homes as a major source for this article.

From Doom and Gloom to Make Room for the Boom

Mark Twain once penned: “A lie can travel halfway around the world while the truth is putting on its shoes.” A half-truth probably goes even faster.

It seems almost daily we hear that foreclosure rates are soaring throughout the country as the effects of shifts in both housing and mortgage industries continue to be felt. But if you dig deeper than the headlines and sound bites, you might find that another phrase attributed Mark Twain would be even more appropriate: Reports of the demise of the housing industry are greatly exaggerated.

In order to understand how exaggerated, we need to understand exactly where such reports originate.

Most media reporters rely upon RealtyTrac, a real estate data aggregator that regularly reports various numbers relevant to the housing industry. RealtyTrac data is accessible and seemingly straightforward.

Data, however, are only as good as the methods used to collect them. And there’s where the problem begins. Housing data is usually collected at the county level. Specifically, foreclosures follow a procedure that requires filing paperwork with the county recording offices. There is no single system or procedure followed by each county. There are 3,140 counties in the United States and almost as many procedures which have to be followed in order to foreclose on a single property.
Also adding to the problem is that most foreclosures involve more than one bank, so in addition to multiple filings due to different steps in the foreclosure process, there may be up to as many as 5 entities making those filings, including HOA’s, 2nd, 3rd, & 4th lien-holders. It should be noted that, in some neighborhoods, there can be as many as 3 Home Owners’ Associations for a single unit.

In addition to requiring different filing procedures, which can include multiple “filings” for a single property, counties track their filings differently. Many are automated and digital, but many are still pretty much a paper, copy machine and microfiche. This means that one county might have real-time data, where another country might not be reporting their filings for 3 to 6 months after they are made.
The upshot of all this is that gaining a clear picture of exactly how many properties are really foreclosed is not as easy as it might seem at first. Up until late 2007, RealtyTrac was using the number of filings to count foreclosures. When they started using property addresses as part of their data collection, the effect was to reduce foreclosure counts by 20-30%. In other words, for most of 2007, the foreclosure rates that were reported in the media were inflated by at least 20-30%.
But even after adjusting for the multiple filings per property, the numbers are exaggerated. Foreclosures take time. The process can take 90 to 120 days. During that time, things can happen, including a buyer might be found. So some filings can be made that never end in a foreclosure.

RealtyTrac is reporting the number of properties on which foreclosure proceedings have begun, not the number of properties that are foreclosed.
Of course, none of this makes glamorous or sexy headlines. Doom and gloom sell papers and raise ratings. With the advent of the Internet, media outlets face a competitive market like they have never seen and content has been sacrificed for sensation. So rather than responsibly digging into the deeper story and helping consumers understand what different numbers really mean, many (not all) media reports remain negative.

This is why the savvy investor doesn’t pay attention to the headlines. According to Andrew Waite, in the January-February 2008 issue of Personal Real Estate Investor, the picture is not nearly as bleak as one might guess from the local evening news in your hometown. After examining the data and the ways in which the data is collected and counted, Waite asserts that as of 12/06/07, .078% of all homes in the U.S. had gone into “absolute foreclosure” in 2007. Less than 1%. Hardly a horrific crisis.
So if the data on foreclosures is difficult to follow and often reported poorly, what can the savvy Real Estate Investor do to understand when is a good time to invest and when is a good time to sell?

Probably the most important statistic to watch is population growth. The relationship between housing and population is an obvious and natural one. Currently in Clark County, we have a housing glut. This is due to many factors, including the recent shifts to stricter mortgage qualification requirements, the rise of bank-owned properties and fear-mongering that misleads both buyers and sellers from following more rational courses in pricing and buying/selling decisions.

These factors will adjust under the pressure of the coming population growth.

“The only action necessary to change the market is to change our expectations. We have been and will most likely remain the envy of the country for one reason alone … we create jobs. Employment is the engine that drives the economy and for the past 20 years or so, we’ve had the most powerful engine in the race.” – Patrick Egger, Understanding the Las Vegas Marketplace

Las Vegas is growing and is expected to grow by 50% in the next 12 years. This means the demand for housing will be huge. The current glut, and its suppression of prices, will not last.

Doom and gloom may sell papers and raise ratings, but when considering an investment like real estate, facts are more likely to increase profits than rumors.
Understanding a local market requires a local source of knowledge. The role of the local Realtor® can be much more valuable than the local newscaster. Our jobs as Realtors® are to keep abreast of the local economy neighborhood by neighborhood.

The Dulcie Crawford Group has accumulated a lot of knowledge about local economies and we are keeping up with the many changes current conditions are creating. Please feel free to ask us anything that will help you better understand how to reach your goals in the current market. We will be happy to help.

FIRST SEMINAR A SUCCESS!

Our thanks to the participants who came our first seminar, Where Should I Invest in 2008? held last Saturday at Windermere. We had a great turn out and a great discussion.

A special thanks to tax attorney, Jim Sexton, who reviewed the tax benefits of rental investments with a special eye for the current market.

Also, a special thanks to Eric Torres whose impromptu information on securing financing for rentals which greatly enhanced our discussion.

Look for more seminars soon. If you'd like to be notified of future seminars, please email us at Dulcie@DulcieCrawford.com and we'd be happy to put you on our mailing list. OR stay tuned for announcements right here!

Las Vegas Real Estate Market is Starting to Warm Up

The Las Vegas Board of Realtors (MLS) reported that, as of April 15, 2008 there were approximately 21,971 home listings throughout the greater Las Vegas valley, which includes the cities of Las Vegas, North Las Vegas and Henderson. This figure, one of the lowest numbers of monthly listings reported in the past year, is the result of the overall increase in pending and contingent transactions, now reported to be approximately 5,301.

Based on the current rate of monthly sales, this translates into about an 8-month supply of inventory, a definite improvement over any period in 2007, during which typical supply averaged about 20 months. This change represents a buyer increase of approximately 140% over similar periods in 2007 and is considered a good market indicator that the bottom has or will arrive soon.

If you take 2007 figures we averaged 1,077 sales per month. In 2008, over the first three and a half months we are averaging 1,393 sales per month which is an increase in sold properties of 29%, which is another indication that the market is improving. Furthermore, multiple offers on foreclosures are being reported, another good sign that buyers believe we are at or close to a market bottom.

The general market softened over the past 1.5 years due to the oversupply of available inventory and diminishing demand. This softening was the direct result of unrealistic sellers, a large portion of which were investors, and the lessening of credit programs formally available. In a typical market, if a property is priced appropriately, it will sell within a reasonable period of time. In a soft market, however, sellers have a tendency to be very unrealistic in pricing in order to minimize losses.

They do not take into consideration the dynamics of supply and demand.

Builders in the city believe that a full market correction will occur sometime in 2009. In adjusting to the downturn, they have lowered prices by 20%-30%, have less standing inventory and are constructing homes on an "as needed" basis. Its hard to imagine our local housing market will not right itself and come into balance, given the over $35 billion dollars worth of construction taking place on the Las Vegas "Strip." To date, approximately 6,000 people continue to move to the Las Vegas valley every month. This can only lead to an ever-increasing demand for housing. In their reluctance to buy, the ongoing major concern of buyers is whether or not we are truly at the end of a declining market.

Thanks to Paula Clark for this information.

Nehemiah Wins Court Support for Down Payment Assistance

Good news. The lawsuit brought by Nehemiah fighting a proposed US ban on seller-gifted down payment assistance won court support yesterday. Such down-payment assistance, a huge benefit for many homebuyers, will continue.

Mortgage Forgiveness Debt Relief Act 2007

In December, Congress pass the Mortgage Forgiveness Debt Relief Act to provide some relief through loosening the tax laws and empowering FHA to help with refinancing. This will help a number of homeowners who are in trouble. Here are three sources that explain the law and its implications for homeowners:

Library of Congress Summary

IRS Summary

Article from Las Vegas Review Journal

If you want more information on Short Sales & Bank-Owned Properties, visit Understanding Foreclosures Las Vegas.

A Glimmer of Hope for LV housing

Sales stats seen as indication bottom of slump is near
By HUBBLE SMITH
Dec. 12, 2007
Las Vegas Review-Journal

Nobody's ready to declare that the Las Vegas housing market has reached bottom, but some real estate experts are convinced the floor is at least being established.

The inventory of homes for sale receded slightly in November to 23,494, about 400 fewer than the previous month, and sales remained below 1,000 for the third consecutive month, the Greater Las Vegas Association of Realtors reported.

Inventory is up 19.1 percent from a year ago and sales are down 37.4 percent, but the hard numbers have leveled off over the past few months.

"It appears we have reached the bottom everyone is waiting for," Robin Camacho of American Realty & Investments said. "December is looking horrible, but it's December and it's always the worst month. November did finish flat. Pending sales were rising, then stalled. Now they are rising again, which means in 30 to 60 days, sales should be rising.

"Unfortunately, foreclosures and short sales are still rising. But listings are decreasing and pending sales are rising. These are the positive signs we've been watching for."
The number of condominiums and townhomes listed for sale fell 0.9 percent in November to 5,989.

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Overview of the Las Vegas Nevada Real Estate Market

Information updated November 28, 2007.

The thrust of economic development in Las Vegas, Nevada is greater than anywhere in the United States, and greater than anywhere on the planet earth. The gaming industry alone has spent 20 billion dollars over the last 14 years. This incredible economic growth, combined with available land, water and a political climate favorable to development has led a very strong market for both new and resale homes.

There is tremendous development activity on and around the strip. It is estimated that with the projects in place, 45,000 more hotel rooms will be added to the strip area by 2012. Deutsche Bank Securities estimates the casino industry will need to hire 113,500 workers for the positions being created. The projects underway include the 6 billion dollar project CityCenter, 1.8 billion dollar Palazzo and the 1.4 billon dollar Encore. In addition, Boyd Gaming is preparing the closed Stardust site for their Echelon Place, a 4 billon dollar project. Station Casinos has broken ground in February on their 600 million dollar hotel casino in North Las Vegas. Additional projects scheduled to open in the 2008-2009 period include Turnberry Associates Fontainebleau and the Trump International Hotel and Tower.

Downtown is also turning into a hot bed of development. Union Park, a 61 acre development just west of Fremont, is becoming a reality. The Lou Ruvo Brain Institute has broken ground and the Smith Center for the Performing Arts scheduled to break ground in 2008. The World Jewelry Center with 1 million sq. ft. is in the planning stages as well as a number of retail and residential projects. The World Market Center, just to the west of this is partly finished and in operation. The World Market center will have over 12 million sq. ft. of floor space when completed. Three new residential high-rise developments are under construction, Streamline Towers, Newport Lofts and Juhl. Soho Lofts is now completed. An number of upscale bars, shops and restaurants are moving into the area.

A recently released study of the local market, commissioned by the Southern Nevada Homebuilders Association and done by Applied Analysis, forecasts the following: "the largest wave of openings (strip area projects) in the regions history is set to begin....later this year. We estimate that this and other contributing factors will stimulate demand for 177,400 housing units between 2008 and 2012, a 13.3% increase over the demand reported during the preceding five-year period (ie., 2003 through 2007)." This 75 page study predicts that housing supply will peak late 2007/early 2008. They estimate that cutbacks in permitting activity combined with this increased demand could possibly create a housing shortage by late 2009.

by Millie Fine
Thanks to
Kristy Pentoney-Frias
Title One

Nevada Mortgage Crisis Rebound Predicted

December 04, 2007 - CARSON CITY, Nev. —

Nevada's economy should be so strong by 2009 that a housing shortage may be the big concern rather than the current mortgage crisis and heavy surplus of homes for sale, an economist told lawmakers.

While Nevada now has the highest home loan foreclosure rate in the nation, Jeremy Aguero of Las Vegas-based Applied Analysis told a legislative panel studying the state's mortgage problems that it's "a great fallacy" to have doubts about another economic boom in the state.

With some $36 billion in megaresort construction occurring in Las Vegas in the next few years, Aguero said Monday the people holding new jobs created by the building activity will buy up homes now available on the market and probably need more.

"You won't have enough housing stock for all the jobs in the near-term pipeline," Aguero said after the legislative hearing, adding, "How many markets can you point to with a $36 billion investment in their core industry alone that have long-term housing problems? Very, very few."

While a turnaround is on the horizon, Aguero and other economists and experts told the legislators that Nevada's problems related to foreclosures and overbuilding are likely to get worse during 2008.

Douglas Duncan, chief economist for the Mortgage Bankers Association, predicted that the problems with Nevada's foreclosure rate and other housing industry woes won't bottom out until late October in 2008.

Keith Schwer, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas, added that a drop in building permits should continue in 2008. But he said the upcoming resort expansion should cut deeply into the number of vacant housing units _ more than 27,000 _ now on the market.

Mendy Elliott, director of the state Business and Industry Department, recommended against a state "bailout fund" to help deal with subprime loans. Former state Sen. Joe Neal of North Las Vegas agreed, but said a freeze on subprime loan rates would help consumers.

Las Vegas Housing Market to Rebound March 2008 Predicts Las Vegas' Number One Appraisal Firm

Largest Las Vegas Real Estate Appraisal firm principal announces Las Vegas Housing Market predictions for "rebound" to begin on 31 March 2008. Las Vegas housing market rebound prediction made by Las Vegas largest and most respected Real Estate Appraisal firm, considered the number one real estate appraisal firm as ranked by "In Business Las Vegas" and other industry journals. Vegas housing market rebound predictions made based upon emperical data and industry expertise.

Las Vegas, NV (PRWEB) October 7, 2007 --

Largest Las Vegas Real Estate Appraisal firm principal announces Las Vegas Housing Market predictions for "rebound" to begin on 31 March 2008. Las Vegas housing market rebound prediction made by Las Vegas largest and most respected Real Estate Appraisal firm, considered the number one real estate appraisal firm as ranked by "In Business Las Vegas" and other industry journals. Vegas housing market rebound predictions made based upon emperical data and industry expertise.

"Mark your calendars, investors, home owners and anxious home sellers: The Las Vegas real estate market will rebound on March 31, 2008," predicts, Don Foster Scoggins, Nevada Certified General Real Estate Appraiser with AppraisersofLasVegas.com, Las Vegas' number one appraisal firm as rated by: 'In Business Las Vegas'.

"There is a huge pent-up demand for homes in Las Vegas, but buyers cannot or will not buy right now," Scoggins stated. "Those who can't buy because of financing will find FHA or other loan products along with lower rates in the coming months. Those who won't buy because of market uncertainty will start snatching up homes as investments as they expect price appreciation and profit for fixer-uppers, foreclosures and flips."

Commercial real estate appraisers in Las Vegas will tell you the local real estate market is ruled by the herd mentality. "Developers will hear of a shortage of apartments or industrial space and huge numbers spend a year or more to bring that product to the market. Then, when all of the new development comes on line at the same time, an oversupply begins and the herd moves on to the next high demand property type," Scoggins explained.

According to Scoggins, March is when the pendulum will begin to swing back for Las Vegas housing prices. "March begins the annual selling season, and we basically didn't have one here in Las Vegas in 2006," Scoggins explained.

Until 2007, each year the trend in the annual selling season was the same, although the numbers have differed. Scoggins has made the following expert prediction: "In March of 2008 we will see the trend resume. Even a modest number of sales will jerk the slack out of the oversupply train and begin the turnaround. On March 31, 2008, the Las Vegas housing market will officially be on its way back - appreciating slowly but steadily and getting back to 2006 levels within a couple years."

Scoggins' prediction of March 31, 2008 as the date Las Vegas property values will rebound is bolstered by three key data points.

First, Las Vegas continues to attract tourists as illustrated by the fact that McCarran International Airport accommodated a record of 4.3 million passengers in July. "When talking about big numbers, this 4.7% increase over the same month a year ago is huge," Scoggins stated with confidance. "If this were some small airport, a 5% swing would be no big deal. But, McCarran is the 11th largest airport in the world and the sixth largest in the U.S."

Second, commercial development projects currently underway are providing the local economy a needed economic booster. Developers are plunging some $2 billion a year into City Center, the largest private construction project in the world. The $4 billion Echelon Place will be built between 2008 and 2010 - another $2 billion per year being pumped into the economy. Encore at Wynn Las Vegas will be completed in 2008 at a cost of $1.8 billion.

"There is over $14 billion in just four projects - another indicator the construction industry has not collapsed," reminded Scoggins. Historically, the employment of permanent workers for new large hotel casinos is an even bigger boon to the economy.

Finally, the retail sales and gambling take of the local casinos continues to fuel the Las Vegas economy and provide jobs - and commercial construction has boomed even while residential sales have busted. "Commercial appraisers in Las Vegas are doing well - we're hiring - but, Las Vegas residential appraisers, mortgage brokers, and residential home builders and their various subs and suppliers are suffering," Scoggins, Certified General Appraiser notes. "But, the pendulum swings both ways.

"Wait until March 31, 2008. Everyone in the industry is saying 18 months to two years. But this is Las Vegas, not Detroit." Stated Don Scoggins.

Scoggins is a principal of AppraisersofLasVegas.com, the largest appraisal company in Las Vegas and has been for the past seven years according to 'In Business Las Vegas'. AppraisersOfLasVegas.com appraises houses to high-rises, condos to casinos, land to large industrial complexes in Las Vegas, Henderson, North Las Vegas, Clark County and many parts of Nevada. Principals include Don Foster Scoggins, a Certified General Real Estate Appraiser, and Arthur F. Nelson, MAI, RM, Certified General Real Estate Appraiser. Both are residential and commercial appraisers licensed in Nevada to provide appraisals of houses to high-rises and condos to casinos. They are often sought after as expert witnesses in real estate litigation and sought out by the areas largest investors and development companies to provide insight as to current and future real estate values throughout the Las Vegas Valley.

Visit www.AppraisersofLasVegas.com to learn more.

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Midyear real-estate report says gains in home values abound

By HUBBLE SMITH

Sep. 04, 2007
Las Vegas Review-Journal

To hear people whine about the Las Vegas housing market, you'd think they were cats taking a bath.

Sure, home prices have receded from their all-time peak, which was just a year ago and followed a period of blistering appreciation. Las Vegas led the nation with quarterly appreciation of 40 percent and 50 percent in 2004.

Increased housing demand from mid-2003 through 2005 resulted in record numbers in both the new and resale home market, Coldwell Banker Premier Realty President Bob Hamrick said.

The market has backed off, but the gains remain, he said.

Nine ZIP codes in Las Vegas Valley with depreciating home values in 2006 show net gains of anywhere from 9 percent to 81 percent since 2003, according to a midyear report from Coldwell Banker Premier Realty.

One sample neighborhood gained 16 percent in 2003, 45 percent in 2004 and 13 percent in 2005, appreciating more in three years than it would have in 20 years by historical standards.

Before 1999, Las Vegas was among the slower U.S. housing markets with annual appreciation of 1 percent to 4 percent. That's what made it one of the best housing values in the nation. Homes in master-planned Summerlin were selling for $66 a square foot at a time when a comparable home in Phoenix was selling for $115 to $120 a square foot.

Giving back 1 percent last year is a drop in the bucket, Hamrick said.

"Few of us would pass on a stock market investment with a three-year return on investment of 73 percent," he said. "With the onslaught of negative press, many of us have forgotten about these record-breaking gains."

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Las Vegas Named #4 Top Renters Market by Forbes

Forbes Magazine named Las Vegas number 4 in Top Renters Market last month.

# 4 Las Vegas
The same issues of oversupply putting a burden on the Las Vegas housing market are plaguing the rental market. In the last year, according to NAR, rental vacancies have increased from 2.9% to 4.9%--transforming the market from one of the nation's tightest to one of the most overstocked. Rents in Class B and Class C housing grew slightly faster than did Class A units. Strong job creation figures suggest the supply gap will be gobbled up quickly, meaning now may be the best time to get in as a renter.

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