Vegas Sales fall in July but Sky does Not ...Yet

Not that I think prices couldn't fall some time in the future because of a large phantom inventory of foreclosures (They might), but the BADNEWS media making hay of the July drop in home sales to sell their newspapers doesn't tell the whole story.
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In Las Vegas, one of the hardest hit markets in the US, the number of home closings fell from 3360 closings in June to 2948 in July.
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That's a drop of 12% from June of this year and a drop of 21% from July one year ago, BUT June and July 2009 sales were some of our highest closing numbers on record - ever.
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In Las Vegas, any time we sell more than 2900 homes a month, business is brisk. If, between the banks' mismanagement of the real estate industry they now control by default and the Media Bad-NEWS-Bears, a further drop in home prices is engineered, closing numbers in Vegas will go through the roof as cash investors swoop in
like vultures. But, should we hit 4000 sales in a month, and further drop in home prices could trigger that, I trust no one will note the increased sales volume.
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Have I mentioned short sales? Yes, I have. When lots of people put short sales in contract and only 5-7% of them close, closing numbers are apt to dip. Added to the investors who have decided to wait to see if prices really do fall, plus the end of the home buyer tax credit, it is a wonder that Las Vegas closings are down only 12% from June, 1020.
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It is not unusual for Las Vegas closings to dip in July and flatten out in August. If the drop becomes a trend over the next couple of months, that might be significant. Otherwise,..."Papers! Get yer Papers Here!"

Redfin Coming to a Las Vegas near You

I just began the interview process with Redfin (link below) to become one of their Realtors when the expand into Las Vegas. It looks like a great, transparent, client friendly program and the Realtors are kept in line through client performance ratings. As a heads-up to my clients, they may contact you to see what kin...d of service I provide. Please be kind. In the meantime, check them out!
Best wishes,
GH