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Most Houses and Manufactured Foreclosures for Sale Remain Unsold

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By : John Cutts    99 or more times read
Not a lot of property buyers are interested in purchasing residential properties in Nevada as shown in the October 2010 housing data. Newly built houses, existing homes like foreclosed residences and manufactured foreclosures for sale, remain on offer with fewer buyers showing interest compared with last year.

Sales of new houses and foreclosed homes in Henderson, NV declined, but the biggest drop for October was in Las Vegas. According to latest housing reports, not only are home buyers staying away from the market, but prices of houses have also declined to their lowest levels in four years. Analysts did explain however, that this is to be expected as buyers do not usually go home-shopping during months leading to the holiday season.

Inventories of Nevada foreclosure properties and dwellings offered at short sales have risen during the month, prompting analysts to speculate that this could be part of the reason for the lack of buyers. They stated that potential buyers might be waiting for the prices to drop further before they make any purchase.

Sales of existing residential properties, including manufactured foreclosures for sale, declined when compared with October 2009 figures. A total of 3,266 existing dwellings were sold in October 2010 compared with October 2009 when 4,254 existing homes were sold. The median price in this category also dropped by 4.8% to $119,000 compared with year-ago levels.

Compared with existing homes sales that include properties under lists of foreclosure houses, newly built dwellings performed better when full year statistics are taken into consideration. For October, 324 new houses were sold. This is lower than the 471 recorded in October 2009. However, the figure brought the total yearly number to 4,568 which represent a 10% rise compared with 2009. Prices of new houses also jumped by 3.4% to $212,498.

Housing reports revealed that builders in Las Vegas have started offering incentives to allow newly built homes to compete with existing houses and foreclosures. Sellers of new homes find it particularly hard to get their supplies unloaded, particularly when the price gap between new dwellings and resales has reached over $90,000.

Some analysts stated that Las Vegas already has an oversupply of existing houses, including manufactured foreclosures for sale. They suggest that new home construction activities be put on hold to give home prices a chance to recover.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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