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Sales of FNMA Foreclosures and Other Homes to Remain the Same in 2011

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By : John Cutts    99 or more times read
Sales and prices of residential properties in Las Vegas, Nevada, including FNMA foreclosures, are expected to remain much the same in 2011 as the previous year. According to local housing industry analysts, there is not much hope for any recovery this year, not with the shadow inventory threatening to overwhelm the housing market in the coming months.

Analysts predict that sales of Las Vegas distressed homes and other existing properties will increase slightly this year compared with the 2010 figure of over 42,600, while new housing unit sales will decline slightly from the total of over 4,700 last year. Median prices for existing dwellings ranged from $119,000 to $125,000 in the past two years and will likely remain the same in 2011, analysts further added.

The median selling prices of both Nevada distressed properties and non-foreclosed homes are projected to remain flat in 2011. Analysts stated that the median rate for non-foreclosed dwellings has shown no change at the end of 2010, with December median price around $216,000; the same rate as December 2009. They added that sales activities will be hampered by buyers' tendency to be more cautious, particularly now that there is no more tax credit to induce them to purchase.

With foreclosed properties, including FNMA foreclosures, expected to remain at high levels this year, market observers predict that residential property developers will not conduct a lot of development projects. Although majority of distressed lots in the city have already been purchased by developers, it is highly probable that they will not engage in major development projects while the market is still in poor condition.

However, analysts stated that the fact that most lots and properties under distressed home list are already in the hands of developers and investors shows that they have a lot of confidence in terms of the long-term prospects of Las Vegas. If the market does not encounter a double-dip, analysts are optimistic that these parcels of land will not be liquidated.

Majority of housing experts believe that the number of foreclosed properties, including FNMA foreclosures, will rise even higher this year than previous periods. They stated that another four years or so are needed for the market to attain some semblance of stability.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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