Nevada Real Estate >> Las Vegas Real Estate Specialist: August 2009

...........And they all need to be under $50K.

...........With VERY Little Rehab

First of all, there is ONLY something like 100 NON short sale SFRs that are active.

Second, I get these calls all the time.  Late Winter/Early Spring is when they Sprung.

Third, I got three in the last 24 hours.

SO if me (a little time Las Vegas Realtor) gets THREE CALLS in a 24 hour period and you are all competing for those 100ish homes.  How many others are out there?

Can you help me with our portfolio goals?  Yes, I will be happy to help you.  My retainer fee is $100/hour with a 30 hour minimum and only billed in 30 hour increments.  This includes everything after this initial phone call.

The question of the century is:  Can you give me a heads up on pre-market reo listings?  All three asked that question in the last 24.  You can find the "pre market reo listings" in Nevada Legal News.  Subscription price is $100 a month and an entity that has goals to buy hundreds of hundreds of listings in cash, certainly has $100 a month to spare to subscribe to this newspaper to get the trustee's sales.

My best advice to the Investment Group buying large lots of homes:  the resale market ain't your place.  You belong in bigger leagues like:

• Trustee's Sales
• Freddie Mac Bulk Sales
• Fannie Mae Bulk Sales

I am not even going to sit down with you to have a consultation because you are not playing in the right market.  I won't lie to you and tell you "I am the agent that can get it done!"

After your purchases, however, I will offer you property management (through my trusted property management partners) and options to list the property after rehab.  That's when we can talk ;)

Until then, I have to send you back to the big leagues where I will sit in the stands (nosebleed section) and wait for you to get back with me (unless you want to schedule follow up immediately.)

Sorry I have to sound cocky but you are not special.  A bunch of yous are ALL OVER OUR MARKET!

Charleston Heights June 2009 Real Estate Resale Market Report:

• Listings (8/15/2009):  105
• Under Contract (8/15/2009):  148
• Sold July 2009:  64
• Month's Inventory:  1.6

Since Last Month:  Listings are DOWN -19, Pendings are UP +3, Solds are DOWN -6

Last Month's Charleston Heights Real Estate Market Report

For More Las Vegas Communities and Reports Click Here

Southern Nevada - like Green Valley, Summerlin, Henderson, Spring Valley and Eldorado - was rapidly pricing itself out of the housing market a few years ago. The recent unforgettable boom pushed home values way past the average household income, forcing many to buy property with flexible mortgages that they really couldn't afford, or leaving others out of the market altogether.

That was the flavor of the Las Vegas real estate scene then. Things, fortunately, have changed drastically from those days.

BusinessWeek.com and a research shop Reis made some advanced calculations to rank the top 20 cheapest housing markets in the whole nation. The study actually compared how much it costs to own and maintain a home vs. renting one. Reis put these figures together from its own second quarter rent statistics and from Zillow.com's second quarter home price records. And the envelope, please.

Vegas fought its way to the 11^th spot on the list. The own-versus-rent equation here has greatly narrowed now as prices have taken a major pounding, largely on account of oversupply and mortgage foreclosures, and home loan rates have remained nice and low. According to this report the own/rent ratio in Southern Nevada is 131%. If the figure is below 100%, it's cheaper to own a home than rent. In any case, at 131% it's a bit more expensive to own a place today, but the difference is now rather manageable.   

Las Vegas has become once again an affordable place to own a home in. Like it used to be not that long ago. First-time home buyers are having a time of their lives picking and choosing moderately-priced property from a huge inventory, often using an FHA mortgage loan that offers a low down payment option and reasonable underwriting criteria. They may also qualify for the first-time buyer's tax credit of up to $8,000.

By the way, the top three places on this most affordable list went to Detroit, Pittsburgh and Rochester. N.Y.

Summerlin July 2009 Real Estate Resale Market Report:

• Listings (8/15/2009):  708
• Under Contract (8/15/2009):  591
• Sold July 2009:  175
• Month's Inventory:  4.0

Absorption is slightly higher than Las Vegas Valley.

Since Last Month's Report:

• Listings UNCHANGED
• Pendings UP +40
• Sold Units DOWN -27

Last Month's Summerlin Report

Most Current Summerlin Market Report

Las Vegas Area Seller or Transaction Category (#7 in a series):  The Auction

Auction is a type of transaction or sale

Every real estate auction is different.  To auction a property, generally means that there is a date set for bidding on the price of a property.  Each Auction House has it's own terms and conditions that buyers must adhere to if they want to win a bid, or even attend!

Auctions are not just for REO (Foreclosure or Bank Owned Properties!  Many people confuse a Trustee's Sale with a regular Auction.  Builders have been known to use auctions to liquidate standing inventory.  "Regular" or "Normal" sellers may also use the auction method to sell their homes.            

Main reason buyers are attracted to an Auction purchase: 

 PRICE PRICE PRICE!                                                                                 

Pitfalls of an Auction purchase:

• Homes are generally conveyed "as-is".  The seller will NOT correct defects or do lender required repairs in most instances.  They may ask you to waive your NRS CH 113 Rights.
• Deferred maintenance issues could make house a "money pit"
• Title issues can delay closing
• Banks pick title companies which mean that your costs may be higher than if you got to choose your own title company.
• You may be required to be approved by the preferred auction lender if you are financed.
• Some auctions are "cash only".
• Accessing properties can be difficult.  Some auctions have specific viewing dates and times and if you snooze, you lose out on your viewing.
• Very few allow contingencies on the contract. 
• Your contract needs to be ratified.  This process can take a matter of weeks and even if you bid higher than the starting bid, your contract can still be rejected!
• Contracts can be complex.  Some Auctions post the contract on their website or will email it to you for pre-viewing purposes.  If you can get a copy of the contract, have a Real Estate Attorney review it prior to the Auction.
• There may be an auction premium that is passed along to the buyer.  I have seen these as high as 5% of the sales price!

My most humble opinion about Auctions:

I have seen some of the REO homes that go into auction.  They are pretty dumpy and could be unfinanceable and you could have issues with repairs down the road.  While most of the problems I have seen homes have (although I am not a home inspector here) is water damage - which could be red flags to mold, the worst auction house I ever saw had all the Cable, Electric and Phone wires pulled through the walls into the attic.  My curious buyer decided to go in the attic and that is what they found.  This was NOT disclosed on any of the paperwork and the electricity in the home was off so it appeared to be "normal" without the electricity.

Make sure you pay a home inspector to view those homes with you!  Problems like water damage, mold, deferred maintenance, defective systems (malicious or otherwise) can cost you MORE in the long run than what you would save at auction!

One of my favorite lenders attends auctions regularly.  He reports to me that homes are selling at the same price per square foot as they do in the regular resale market.

So some your due diligence prior to auction should be:

• View the home with a home inspector AND your Realtor, if possible
• Try to get a copy of the certificate of resale or deed restrictions.  I have seen some auction houses make you initial or sign that you have already read these right when you sign your contract!  Deed restrictions can restrict the way you use your property (such as not being able to rent it out!)
• Get a copy of the contract for attorney review
• Have an appraisal, BPO, CMA so you can have some recent closed comparables.  Don't OVERPAY!
• Learn about the terms and conditions of attending, bidding and winning at the auction from the auction company itself.  Don't show up at the doors unprepared if you need to bring a large check for certified funds to enter!

Prepare to WAIT for that ratified contract and do not be disappointed if it is rejected - even if you paid WELL ABOVE the starting bid!

Please see my blog post on Seller and Transaction Types in the Las Vegas Area!

Southern Highlands July 2009 Real Estate Resale Market Report:

• Listings (8/15/2009):  150
• Under Contract (8/15/2009):  202
• Sold July 2009:  65
• Month's Inventory:  2.3

Listings are DOWN -25, Pendings are UP +7, Sold Units DOWN -5

Last Month's Report

For More Las Vegas Communities and Reports Click Here

I am tired of objections.  This chart should be like a 2 year old playing hide and go seek and hiding OBVIOUSLY OUT IN THE OPEN!

There are too many fallacies out on the blogosphere.  Lots of amateurs who think they know what is going on here.  Can you see it in the chart? 

• Where is the inventory?  It's here, just pending.
• When are they going to release the moratorium inventory?  It has been getting released since late spring and it's pending.
• Why can't I get that house?  It's pending!
• But I search :insert favorite site here: and I see thousands upon thousands of listings!  Guess what?  It's pending!
• I need my first time buyer tax credit, why can't you get me a house by November 1?  Because you are competing with 50 other buyers for the same house for two weeks before IT GOES PENDING!

I can't tell you how much fun it is PENDING in the trenches of Las Vegas Real Estate. 

If you are trying to search for Las Vegas Homes on :insert your favorite search site here: you may be viewing stuff that is PENDING.  To get the most accurate results you can search (registration and hassle free) RIGHT HERE AND if it says "CONTINGENT OFFER" OR "PENDING OFFER", HELLO!!! It's PENDING! (Oh and if it says Active - Exclusive Right, it may just have multiple offers on it!)

If you want to see what's going on - from someone in the trenches - in the Las Vegas Real Estate Market, you can also sign up for my RSS & Twitter Feeds for the most current market reports. 

Coronado Ranch July 2009 Real Estate Resale Market Report:

• Listings (8/15/2009):  24
• Under Contract (8/15/2009):  72
• Sold July 2009:  12
• Month's Inventory:  2

Since Last Month:  Listings are DOWN -6, Pendings are UP +11, Solds are DOWN -6

Las Month's Coronado Ranch Market Update

To View Other Las Vegas Communities Click Here!

NV Law may be a little different (OP is from VA)  This is a simple breakdown.  In Nevada, we determine list price (mostly for distressed property), not value.

Here is the basic definition defined by NV Law:

Notwithstanding any preprinted verbiage to the contrary, this opinion is not an appraisal of the market value of the property.  It is intended only for the benefit of the requesting party in deciding the listing, offering, sale, exchange, option, lease or acquisition price of the real property and not for any other purpose, including, but not limited to obtaining financing.  If an appraisal is desired, the services of a licensed or certified appraiser must be obtained.

Definitely something to look at in regards to future possible resale value.

Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.  This has softened rental prices slightly as many investors are buying all cash in the market currently and then renting.  More homes available for rent (higher supply) and less renters (lower demand.) 

Units Leased:

• July 2009:  2029
• June 2009:  1853
• May 2009:  1760
• April 2009:  1677
• March 2009:  1825
• February 2009:  1702
• January 2009:  1651
• December 2008:  1390
• November 2008:  1405
• October 2008:  1707
• September 2008:  1531
• August 2008:  1719
• July 2008:  1697

 Average Monthly Rental Rates:

• July 2009:  $1405
• June 2009:  $1299
• May 2009:  $1348
• April 2009:  $1348
• March 2009:  $1365
• February 2009:  $1419
• January 2009:  $2083
• December 2008:  $1594
• November 2008:  $1506
• October 2008:  $1393
• September 2008:  $1610
• August 2008:  $1464
• July 2008:  $1510  

Median Monthly Rental Rates:

• July 2009:  $1195
• June 2009:  $1195
• May 2009:  $1200
• April 2009:  $1200
• March 2009:  $1200
• February 2009:  $1200
• January 2009:  $1200
• December 2008:  No Data
• November 2008:  $1250
• October 2008:  $1245
• September 2008:  $1250
• August 2008:  $1250
• July 2008:  $1250

Absorption Rate is stable from last month and remains a Landlord's Market at 2.5 months of inventory in the Rental Sector for the Las Vegas Valley. 

How to check to see if the home you are renting is in default

Last Month's Report 

If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0

Las Vegas Area Seller or Transaction Category (#6 in a series):  The Trustee's Sale

A Trustee's Sale is a type of Sale.

A Trustee's Sale is technically the "foreclosure sale".  This is the final action in a foreclosure where the home goes "back to the bank."

OR DOES IT?

Not necessarily as the public has a crack at the "auction" type of atmosphere.  Many investors are picking up some fantastic bargains during these trustee's sales.  These sales are all cash sales.  Investors have been "flipping" these homes, using them as rentals or even using them for their own personal residences.

What happens before the Trustee's Sale?

• The homeowner goes in default (quits making their payment)
• The homeowner is sent a "notice of default" (NOD) typically around 3-4 months after they stopped making their payments
• A "sale date" is set.  This is what is known as the "Trustee's Sale".  The sale date is typically set 2-4 months after the NOD is sent out.  This sometimes gets postponed if the homeowner is making a valiant effort to keep their home.

How do I find out about Trustee's Sales?

• They are held almost every day at 930 S 4^th St, Las Vegas.
• You can subscribe to the Nevada Legal News for the Sale Dates & Addresses

What is involved?

• DUE DILIGENCE prior to the sale - lots of due diligence.
• Bring your money!  The trustee will define (in their legal notice) what they need in the sale.  Generally this is cash, cashier's checkds drawn by a state or federal credit union, savings and loan association, savings association or savings bank specified in Section 5102 of the Financial Code and authorized to do business in Nevada.

What Is Some of the Due Diligence  Involved?

• An appraisal, BPO or some sort of comparative market analysis to get some sort of an idea of pricing so you don't pay too much at the sale.  You can also search solds on my MLS/IDX website with no registration if you know what you are doing!
• A comprensive title search as the liens more than likely convey with the property.  You will need a good and solid connection with a title company.
• An occupancy check.  To see if the property is occupied.  Once it is determined that it is occupied you will need to find out if it is occupied by a tenant!
• Approaching the owner to see if the occupant will let you in to take a peek at the property condition.  This will help you determine property condition.  Many times property condition will not matter to the seasoned investor if the numbers make sense for rehab.

The Pitfalls of purchasing a Trustee's Sale:

• Many times you are buying a property sight unseen.  This could cause problems if the property is trashed so bad or has incurable health hazards (such as mold) that it needs to be "gutted".
• Liens liens liens to satisfy.  Will the starting bid offset those costs?
• Is it occupied?  If it is occupied then you will be dealing with an eviction.
• Is this tenant occupied?  There are new laws protecting tenants in foreclosure & evictions..Make sure you know those laws so you are not in violation of the law if you seek eviction!  This could hinder you from rehabbing or using your property for some time after the sale!

THIS TYPE OF SALE IS NOT RECOMMENDED FOR A NOVICE INVESTOR.  Novice investors who seek these types of transactions shall hire an attorney with experience in this type of Law and do LOTS AND LOTS AND LOTS of research and not pass go and collect their $200 until they fully understand the Trustee's sale.

To read about more Las Vegas Area Sellers and Sales Transaction Categories Click Here!

Las Vegas Area Seller or Transaction Category #5:  The "Flip"

This is part 5  in a series describing different types of sellers and transactions in the Las Vegas Area market.

The "Flipper" is a type of seller. 

To "Flip"  means that the property was recently purchased (at a discount) and is quickly being resold.  There are two main types of "flippers" in this market:

• Those that buy directly from "trustee's sales" (foreclosure sales.)  I am going to call these "Real Flips"
•      Those that are trying to leverage nothing by negotiating short sale transaction - these are the most difficult to get through.  I am going to call these "Flip Flops"                                                                                                                      

Real Flips are attractive to potential buyers because:

• They are usually rehabbed beautifully and have the smell of fresh paint, carpet and neutral colors.
• They usually have a quicker answer or response than REO or Short Sale

The pitfall of a Real Flip is:

• They are usually FHA financing ineligible because of deed seasoning rules.          
• Some major home defects may be covered up during the cosmetic repair process

All about the "Flip Flop":

A flip flop is when an "investor" comes in to negotiate a short sale.  They leverage NOTHING except the time, (maybe a little) money and effort to negotiate the short sale.  They then turn around and request that a Realtor list the home on the free market to find a buyer.

Here are some potential pitfalls of the "flip flop"

• The negotiator (or flip flopper) must DISCLOSE that they are turning around and doing a "double escrow".  The BANK MUST APPROVE THIS.  Many times they do not know or approve it.  This makes the transaction fraudulent.
• Title companies are sometimes NOT insuring the title on these types of transactions.
• Many times money is exchanged outside of escrow or "off HUD".  This may be considered mortgage fraud in the eyes of the buyer's lender if the buyer is financed.

Technically there is nothing wrong with these types of transactions (the flip flop)- if they are transacted in a legal manner per the short sale contingency (bank's knowledge & approval process), state laws and the buyer's lending underwriting guidelines.

To read about more Las Vegas Area Sellers and Sales Transaction Categories Click Here!

Nevada Trails July 2009 Real Estate Resale Market Report:

• Listings (8/15/2009):  18
• Under Contract (8/15/2009):  52
• Sold July 2009:  7
• Month's Inventory:  1.9

Since Last Month:  Listings are DOWN -1, Pendings are UP +14, Sales are DOWN -3.

Last Month's Nevada Trails Market Report

Click here for More Information on Nevada Trails Living.

Welcome Home To Southwest Las Vegas Community:  Sierra Madre @ Rhodes Ranch! 

Sierra Madre @ Rhodes Ranch is a community developed by US Home and Lennar Builder.  There is NO HOA in Sierra Madre which is rare for newer built homes!

There are currently 300 Homes in the Sierra Madre Community. 

Sierra Madre was built between 2001-2003 and the homes range in size:  1182-2607 square feet.

On the east of Sierra Madre is Tenaka Elementary School and to the west is Faiss Middle School.  Red Ridge Park (formerly named Rhodes Familiy Park prior to construction) is just to the South of Tenaka.

Other amenities just minutes away:  215/Sunset or Durango Freeway Ramp which provides great proximity to the south strip and airport, schools, 2 major hospitals (St Rose San Martin & Southern Hills), retail, restaurants, professional offices and a medical corridor.

Terrie Leighton, a Realtor in Northern Nevada has put together some great resources for people who may be facing foreclosure.  I am reblogging to share with my audience just in case someone needs some help!

Economic Conditions for the Las Vegas Valley July 2009

 Housing Conditions:

• Foreclosure/Short Sale Listings (8/15/2009): Total Listings 11568; Short Sales: 4802, 41.5% of all listings; Bank Owned Listings: 2649, 22.9% of all listings. Short sale and REO listings consume 64.4% of total listings
• New Home Sales (June 2009, units sold): 448 Year Change -42.3% (excl condo conversions, highrises)
• New Home Sales (June 2009, median price): $205,490 Year Change -20.7% (excl condo conversions, highrises)
• Existing Home Sales (June 2009, units sold): 4536 Year Change +66.1%
• Existing Home Sales (June 2009, median price): $125,000 Year Change: -42.7%
• New Home Permits (June 2009): 368 Year Change -58.4%
• Rental Rate (MLS Monthly Average July 2009): $1405/month 

My analysis:  Distressed listings (foreclosures and short sales) are 64.4% of total listings.  THIS IS DOWN FOR THE SECOND MONTH IN A ROW!  Credit markets must be watched.  Resale sold units and pendings remain impressive.  Builders cannot compete with bank owned listing prices, thus sales remain lackluster. The rental market is softening due to all the investor/first time buyer combination of activity.  This adds more supply and creates less demand.

New Residents/Employment Conditions:

• New Residents (June 2009): 4584, Year Change -15.8%
• Total Employment (June 2009): 862,700 Year Change -6.5%
• Unemployment Rate (June  2009) 12.3%, Year Change +95.2%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve.  New Resident Count will go down if no new jobs are created.  Unemployment rate is painful.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (June 2009): 3,436,939 Year Change -11.4%
• Gaming Revenue (May 2009): $747,606,792, Year Change -7.7%
• Visitor Volume (May 2009): 3,527,794, Year Change -6.8%
• Convention Attendance (May 2009): 341,846, Year Change  -32.9%
• Hotel/Motel Occupancy (May 2009): 84.4% Year Change -5.9%

My analysis:   This sector (tourism) needs to see some serious price corrections before we see a comeback.  Corporate credit is not coming back any time soon.  It will be hard to get convention attendance back up without corporate credit.  Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers.  Gaming and convention business is big business and those numbers MUST increase.  A decrease of over 30% is extremely painful to this economy and all the overbuilt convention space.

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation.  Information deemed reliable but not guaranteed.  My analysis is my humble opinion.

This is part 4 in a series describing different types of sellers and transactions in the Las Vegas Area market.

Lis Pendens is a title deficiency that prevents a home sale so I am going to call this a type of seller.  More specifically, it is a seller contingency. 

In some states, a Lis Pendens is part of the foreclosure process.  Since Nevada is primarily a non-judicial state, this isn't the "normal" route of foreclosure. 

Lis Pendens means "lawsuit pending" (Latin.)  While there may be a Lis Pendens deficiency on title for many reasons - the most common is for possible owners that are not owners of record or on deed.  A divorce situation is probably (no statistics available, so I believe) the most common reason why a Lis Pendens is filed.  If one of the owners is not on the deed of a community property, this will stop the owner of record from selling it without the other party's permission or direction.                                                                                                                                                                                                                               

Pitfalls of a purchase that involves Lis Pendens:

• The Lis Pendens will more than likely have to be resolved in court which takes time.
• A trustee's deed will trump the Lis Pendens so if the home is in default, it could go to auction (get foreclosed upon.)

Current Lis Pendens  Climate & Purchase Procedures and Variations from Typical Transactions:

The price, terms and conditions should be that near market value.  If the seller or interested party that filed the Lis Pendens protests any part of the contract, the court may require the price, terms and conditions be altered.

Buyers must understand that even though the seller has signed off on the contract, their closing date, price or terms could be changed.  Just reiterating the above paragraph!  Don't order the moving van or give your landlord notice that you are moving until the court has approved the price, terms and conditions for the sale!

A Lis Pendens could take time.  Since this is a seller contingency, this process could take time.  It depends on how motivated the seller is and what the court schedules look like.

!!!If the sale is in regards to a divorce and one of the parties still occupy the residence, there could be issues in the end in regards to occupancy, what is and is not real property, etc.  Hopefully your buyer's agent will prepare you emotionally for the outcome if there are some hiccups!

Find out about more seller/transaction categories here.

DISCLAIMER:  The information, photographs & content  contained within Renee Burrows' blog is the property of Renee Burrows.  You must obtain written permission from Renee Burrows or be a syndication partner or use the Active Rain "reblog" function and reblog the post in  its entirety without revision if you would like to use any of this content.  Opinions expressed are those of Renee Burrows may not necessarily be opinions of past and present brokers.  Many articles may be time and date sensitive so please always look at the date posted.  For most current brokerage and contact information, refer to my Active Rain profile.

**Las Vegas Area Sellers and Sales (Transaction) Categories:  Lis Pendens (#4 in a series)

The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement for June 2009.  Absorption still remains high BUT is hovering around the 1 year mark.  Solds have FINALLY gone from hovering the 200 unit mark and went over the 400 mark.  I see improvement in this sector! Inventory has decreased  (-233 units).  Pending units have increased by +805 units.    Solds have increased by +58 units.  Absorption down by 2.1 months

There are many reasons for the lack of closings in this market and it is outlined in this post. 

Short Sale Synopsis:

• Listings 8/15/2009: 4802
• Pending 8/15/2009: 7283
• Closed July 2009: 458
• Month's Inventory: 10.5

Short Sales Currently Account for:

• 41.5% of All Las Vegas Valley Listings
• 10.1% of All Las Vegas Valley Sales
   

Read here for the most current Las Vegas Area Short Sale Report.

Read here for last month's report on Las Vegas Area Short Sales.

If you need to sell your home through the short sale process, you can either fill out the form on this page or you can call 702-966-2494 and press option 0. 

DISCLAIMER:  The information, photographs & content  contained within Renee Burrows' blog is the property of Renee Burrows.  You must obtain written permission from Renee Burrows or use the Active Rain "reblog" function and reblog the post in  its entirety without revision if you would like to use any of this content.  Opinions expressed are those of Renee Burrows may not necessarily be opinions of past and present brokers.  Many articles may be time and date sensitive so please always look at the date posted.  For most current brokerage and contact information, refer to my Active Rain profile.

**Las Vegas, NV Area Short Sale July 2009 Real Estate Market Inventory Update**

Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.  This has softened rental prices slightly as many investors are buying all cash in the market currently and then renting.  More homes available for rent (higher supply) and less renters (lower demand.) 

Units Leased:

• June 2009:  1853
• May 2009:  1760
• April 2009:  1677
• March 2009:  1825
• February 2009:  1702
• January 2009:  1651
• December 2008:  1390
• November 2008:  1405
• October 2008:  1707
• September 2008:  1531
• August 2008:  1719
• July 2008:  1697
• June 2008 1564  

 Average Monthly Rental Rates:

• June 2009:  $1299
• May 2009:  $1348
• April 2009:  $1348
• March 2009:  $1365
• February 2009:  $1419
• January 2009:  $2083
• December 2008:  $1594
• November 2008:  $1506
• October 2008:  $1393
• September 2008:  $1610
• August 2008:  $1464
• July 2008:  $1510
• June 2008:  $1503  

Median Monthly Rental Rates:

• June 2009:  $1195
• May 2009:  $1200
• April 2009:  $1200
• March 2009:  $1200
• February 2009:  $1200
• January 2009:  $1200
• December 2008:  No Data
• November 2008:  $1250
• October 2008:  $1245
• September 2008:  $1250
• August 2008:  $1250
• July 2008:  $1250
• June 2008:  $1275

Absorption Rate is stable from last month and remains a Landlord's Market at 2.7 months of inventory in the Rental Sector for the Las Vegas Valley. 

How to check to see if the home you are renting is in default

Last Month's Report 

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.

If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0