Mohave.net

by Geoff Dornan, R-C Capitol Bureau December 4, 2007

The head of an independent Southern Nevada research firm told lawmakers Monday nearly 60 percent of homes in foreclosure there are not occupied by their owners.

That means they are either rentals or homes purchased by speculators during the housing boom of the past couple of years.

Jeremy Aguero, of Applied Analysis in Las Vegas, said of the nearly 30,000 unsold homes on the market, 42 percent are vacant and another 11 percent occupied by renters.

Duncan said Nevada, California, Arizona and Florida are in the same situation and the cause is a mix of over-development and speculative investment.

http://www.recordcourier.com/article/20071204/NEWS/71204004

After years of robust growth, the housing market in Las Vegas has been beset with the highest foreclosure rate in the nation, as well as a drop in prices and declining sales. (Adam Tanner/Reuters)

By Susan Milligan
Globe Staff / December 2, 2007

HENDERSON, Nev. – In America’s ultimate boomtown, the signs of economic trouble literally show up in the streets, with “for sale” sign after “for sale” sign stuck in the front yards of homeowners who lost their houses because they couldn’t afford to pay their mortgages.

Las Vegas, a national symbol of growth and opportunity, now suffers the highest foreclosure rate in the country. Nearby Henderson – full of gated communities as well as moderately priced housing – now has more than 300 properties in foreclosure or preforeclosure and some streets have as many as six houses in the process of being sold because the owners couldn’t keep up the payments.

The subprime mortgage crisis was caused when lenders gave often-risky loans to buyers who would not be approved for mortgages under normal standards, either because they had bad credit or lacked the financial records – such as proof of income – to get a standard mortgage.

http://www.boston.com/news/nation/articles/2007/12/02/mortgage_crisis_tarnishes_las_vegas_boomtown_image/?page=1

Misty Williams, Tribune

While the real estate downturn has devastated many households, it has also opened up opportunities for first-time home buyers and others to take advantage of more affordable prices and low interest rates.

Builders have knocked tens of thousands of dollars off the prices of new homes, especially in outlying areas, such as Maricopa and Queen Creek. A rising number of foreclosures and bank-repossessed properties also offer large discounts.

Mesa real estate agent Steffanie Countryman said she recently listed a bank-owned property in south Chandler for $469,000 — almost $200,000 less than what the former owner paid for it in 2006.

“(Prices) jumped up so quickly,” Countryman said. “It’s like anything else. You swing way up, you’re going to swing way down.”

http://www.tribunehomefinder.com/story/103187

Housing woes have domino effect

By Kathy Chu with Sharon Silke Carty, Greg Farrell, Barbara Hagenbaugh, Edward Iwata, Noelle Knox and Adam Shell

If you haven’t yet felt the impact of the nation’s credit crisis, just wait. Chances are, you won’t have to wait long.

So far, the turmoil may feel a bit remote for average people: Failed mortgage lenders. Gargantuan write-downs by banks. Foreclosures for people who couldn’t really afford the mortgages they got.

What about the rest of us? Are we in danger? No one knows for sure, but quite likely, yes.

http://www.usatoday.com/money/economy/2007-11-25-credit-crunch_N.htm

A good article from USA Today with lots of charts.

Here is an interesting YouTube video, there are several more by the same people listed on the right side of the page.

http://www.youtube.com/watch?v=I5kNJgLwD3Y&feature=related

Current U.S. housing decline will be worst since Depression, says Ken Rosen.

Video……

http://www.marketwatch.com/tvradio/player.asp?guid={44C53817-F5F3-403A-9262-7D907DE58687}

By Christie Smythe
Arizona Daily Star
Tucson, Arizona Published: 11.15.2007

Home builders are working to roll back or delay some Tucson-area impact fees to help the new-home industry weather its slump.

The Southern Arizona Home Builders Association has been asking local governments to allow builders to postpone paying impact fees until after houses are sold rather than when construction permits are issued. The organization also is working to delay and temporarily reduce a new impact fee in Marana.

http://www.azstarnet.com/allheadlines/211719

This is from the UK, but the article is about the US commercial real estate market.

By Daniel Pimlott in New York
Published: November 13 2007 02:00 Last updated: November 13 2007 02:00

“In the US we’ve spent 15 years building the concept of securitisation into real estate,” said Eric Schwartz, joint head of Deutsche Bank’s commercial property arm. “I don’t think anybody is prepared to believe that the events of the last three months have changed everything.”

In spite of Wall Street’s hopes, the signs at the moment are not good in commercial real estate, as fears rise that a flight from commercial mortgage backed securities could be pushing commercial real estate prices lower.

Investors are increasingly betting that the booming commercial real estate market is heading for a downturn. Yields on CMBS have soared to levels not seen since the late 1990s, indicating that they are seen as riskier.

In the third quarter, the average loan was 118 per cent of the property value, according to Moody’s, which includes expectations of properties incomes over several years in their calculations. That level of leverage is “really kind of creepy” says Sally Gordon head of commercial property research at Moody’s.

http://www.ft.com/cms/s/0/ab0c89ca-918e-11dc-9590-0000779fd2ac.html?nclick_check=1

Someone on the topix forum mentioned Kentucky and the low cost of housing and mild weather. I mentioned that retiree’s would likely move to where ever they felt the cost of living was lowest and fit their wants.

One of the local realtors said “Who wants to retire and live in Kentucky? “

I have always said that not every retiree wants to live in a hot climate and I looked on a California city-data forum that was asking where people were going to move if they left California. Only two mentioned AZ and one of those said they had moved but they wanted to move back to Calif. Of the rest of the comments, Colorado stood out as one of the top destinations, which pretty much fits in with where people I know have moved or want to move to. Many also mentioned what they were looking for was…1)low cost of housing 2) small rural town 3) no need for extensive shopping etc. I clipped the “where we’re going part” out of each of the individual posts…….Here it is:

We’ve been thinking about moving to San Antonio

We have found the cost of living in Tennessee

We are researching Arkansas

We are deciding between three towns in western WA

I’m staying put, right here in California

I have made the decision to leave CA and am moving to NE Arkansas

I just got back from my second scouting trip to Denver.

I have been looking at Oregon, WA, and Wisc. I like cold weather. I’m sick of the heat.

no reason for us to want to live back in California. Colorado itself is stunningly beautiful.

We moved two years ago from Chico to Arizona.

we are going to Kalispell mt.

We are heading for Gig Harbor Wa.

My daugher moved back to Tennessee

We sold that house after only a year and moved to Southern Utah

Be sure you understand how truly HOT it is in Vegas…we are usually a few degrees cooler in St George than Vegas and it is unbearable.

in reference to moving from CA to San Antonio, you wouldn’t be alone. Californians are moving down here in DROVES.

We are looking at Northern Co, Loveland/Ft Collins area, also looking at Tulsa and possibly Boise, Idaho.

We moved from Sac a year ago to Portland, OR

I heard great things about Austin

I have considered Austin Texas myself….I may end up in Texas, Tennesee or somewhere similar.

born and raised in Cali, We are moving out next summer to Colorado,

You’ll find very few if any people who have regretted their move from California to Colorado

We left to move to Southern Florida

I moved back to my home state (Michigan)

we are actually considering moving BACK to California…..AZ has been affordable

Nope, not moving.

More valley homes in foreclosure than for sale

TATIANA PROPHET
November 14, 2007 – 9:38AM

VICTORVILLE — There are more homes headed for foreclosure — or already on the auction block — than there are for sale, according to listing service RealtyTrac. In Victorville, 1,366 homes are in pre-foreclosure, indicating the owner has received a notice of default. There are 314 homes on the auction block and 659 owned by the bank as of Monday. By contrast, 442 homes were listed for sale in Victorville, 46 by owner, 303 by realty company and 93 as new homes.

http://www.vvdailypress.com/news/homes_3693___article.html/sale_victorville.html