Voit Real Estate released their Q2 quarterly reports today for CRE in Las Vegas, Phoenix, San Diego, Orange County and several other southwest cities.
Posts Tagged phoenix
CR Note: As mentioned in the Look Ahead post, the consensus for existing home sales (to be announced Tuesday) is for an increase to 6.2 million sales in May (SAAR), from 5.77 million in April (SAAR). For new home sales, the consensus is for a sharp decrease in sales to around 400K (SAAR), down from 504K in April. Housing economist Tom Lawler is taking the under.
Too many homes? Build more …
May 15
From David Streitfeld in the NY Times: In City of Homes That Sit Empty, Building Booms Home prices in Las Vegas are down by 60 percent from 2006 in one of the steepest descents in modern times. There are 9,517 spanking new houses sitting empty. An additional 5,600 homes were repossessed by lenders in the first three months of this year and could soon be for sale.
Back in 2006 some analysts argued that strong local economies (because of construction) would keep certain areas from being impacted by the housing bust. I disagreed and wrote: As the housing bubble unwinds, housing related employment will fall; and fall dramatically in areas like the Inland Empire.
The hills are alive… Not with the sound of money But with banks failing by Soylent Green is People From the FDIC: New York Community Bank, Westbury, New York, Assumes All of the Deposits of Desert Hills Bank, Phoenix, Arizona Desert Hills Bank, Phoenix, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver…. As of December 31, 2009, Desert Hills Bank had approximately $496.6 million in total assets and $426.5 million in total deposits
Are Homes now "Cheap"?
Dec 30
First, from Brett Arends in the WSJ on May 6, 2008: Is Housing Slump at a Bottom? Wellesley College Prof. Karl E.
From three DataQuick reports on Las Vegas, Miami and Phoenix … Las Vegas: In September, a popular form of financing used by first-time home buyers – government-insured FHA loans – accounted for 53.8 percent of all home purchases, up from 52 percent in August . Absentee buyers bought 40.4 percent of all Las Vegas–area homes last month – the highest figure for any month this decade .
The BLS jobs report will be released tomorrow morning. The consensus is for 170 thousand net jobs lost and the unemployment rate rising to 9.8%
Click on graph for larger image in new window. This graph shows the historical light vehicle sales (seasonally adjusted annual rate) from the BEA (blue) and an estimate for September (red, light vehicle sales of 9.22 million SAAR from AutoData Corp). This is the third lowest vehicle sales this year.
From Jim Wasserman at the SacBee: Repo business soars as Sacramento area home sales slump … As the U.S. foreclosure crisis grinds on, the detailed work of processing, repairing and selling thousands of homes repossessed by banks is real estate’s new gold.
