Debt... It Hits Hardest at Home!

The Largest form of Debt for most people is their Home Mortgage.

 It's nice to see that Nevadans on average have less debt.

But we tend to not pay our Debts.

Nevada leads the Nation in Delinquent Debt.

Most likely because of how hard the Housing Crisis affected us.

America's debt load

Americans hold a majority of their debt in mortgages, considered productive debt. 

But when it comes to not paying bills on time, the South stands out. 

Urban Institute; 1 - Debt in collections: Debt goes into collections after it is more than 180 days past due. At that point, the debt is placed in collections by the original issuer or sold to a third party debt collector. Debt in collections can remain on a person's credit file for up to seven years.

Janet Loehrke, USA TODAY

Nevada Leading the Nation in Appreciation - Relax, It's OK !!!

-  WARNING  -

This is a Recovery - Not a Bubble

We still have a long way to go until Housing Values are where they should be.

Raising Kids in Nevada... Our Report Card

Today in the Newspaper and on the Radio I heard Reporters saying,

"Nevada Schools Rank Dead Last"

They were referencing a Report by The Annie E Casey Foundation.

The Report ranks The Quality of Life for Children in each State.

Nevada Report Card below

Or go to their website www.aecf.org

 

This doesn't mean all of Nevada is bad.

We do have a  lot of Non-English speaking Families.

Their children tend to struggle in school.

There are a lot of families that make minimal incomes.

We are a 24/7 Town. Many people work 2nd and 3rd shift.

These parents are not always around to keep their kids on track.

They are exposed to a lot of bad things.

It's called "Sin City" for a reason.

You can see a big difference in the various areas of town.

When buying a house, better schools and areas demand a higher price.

A Good Realtor can help you find an area for You.

Las Vegas in the Top 1/3 of Counties to Live in, In the USA

The New York Times put out this Interactive Map.

Showing every county in the Nation, Ranked by

 Education,  Income, Unemployment Rate, Disability Rate, Life Expectancy and Obesity.

To get full use out of this Interactive Map

Click HERE

Home Values Compared to One Year Ago...

This is always fun to look at.

But please take these numbers with a grain of salt...

For Example... 89134 and 89144 are both in the heart of Summerlin,

And both are excellent neighborhoods. But you can see a 13% difference in change.

89074 and 89014 are both Green Valley and have a 27% difference.

It only takes a couple of Million dollar homes to skew these numbers.

But you can definitely see a lot of positive growth throughout the town.

 

These next two images show a transition in the market 

from Cash Buyers buying Foreclosures and Short Sales,

to a more Traditional Market with far less Cash Investors.

Why the change?

The Local Economy has got better.

Property Values have gone up.

Most of the people who are going to lose their home, have.

Investors are not getting the rate of return they were last year.

Nevada Economic Condition Showing Improvement

I use this Graph regularly to show what is happening with Home Prices in Las Vegas.

It shows a strong upward Trend that is happening right now.

In my opinion, this is a very good sign.

But some people look at it and say,

"This is another Housing Bubble and it will Pop... Again"

So we need to put this growth into perspective.

This graph is from 2010 and on.

The next graph shows from 1990 and on.

When you look at the high Home Values in 2006,

compared to the little bit of growth we are having now,

To me it is more of a recovery, not a bubble.

But in doing my due diligence, 

I went to the UNLV / CBER website to look at the 

May 2014 Economic Reports. (see below)

Las Vegas is seeing upward trends in the 3 main indicators in the report.

Business, Tourism and Construction are all seeing a similar Growth / Recovery. 

The Market is Always Changing... So where is it now?

 We have seen a lot of changes in the Las Vegas Real Estate Market.

And it is still changing now.

10 years ago we saw the market take off, "The Boom"

The economy took a turn for the worse and so did the Housing Market, "The Bust"

Foreclosures Properties dominated Home Sales.

Then Home Owners saw a way out in Short Sales.

Investors and Cash Buyers took advantage of Low Prices.

The Market has since started to recover and prices are again on the Rise.

Short Sales and Foreclosures are fading away.

Rising Prices have shrunk Investor Profits.

And Now...

Traditional Sales (Classic) are taking over the Market.

Development and Jobs are coming back.

People who loss their homes a few years back are Buying again.

Prices are rising at a reasonable rate.

 We are transitioning back to a more "Normal Market"

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