Home Mortgage Nevada Rate Second
Las Vegas Valley home sales are drying up
Rising mortgage rates, reduced sales and increased foreclosures are forcing Las Vegas Valley home builders to revise earnings forecasts. Pulte Homes, for example, recently reported a 20 percent drop in profits for the second quarter as well as 29 percent fewer new orders. Pulte Homes is the fourth largest builder in Southern Nevada, recording 1,891 new home closings in 2005. The company last month cut its forecast and said second-quarter profits would be 85 cents to 95 cents a share, down from its previous forecast of $1 to $1.10."After several years of limited house inventory and robust demand, the supply of homes for sale continues to increase, while greater buyer uncertainty about purchasing a home at this time is being further impacted by their inability to sell existing homes and the effect higher prices and interest rates are having on overall affordability," said Richard J.
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Facing up to reality on housing
The first stage of grief is denial.
That's the state the few remaining housing bulls seem to be in.
Even the scant good news is tinged with bad. According to RealtyTrac, foreclosure activity dipped 5 percent across the nation in June from the previous month, although it's still up 17 percent over last year's pace.
But that wasn't the real news. Sending shivers down the spines of speculators who've yet to exit stage left was news from Nevada and California, where foreclosure postings spiked.
In Nevada, foreclosures rose 13 percent over May, nearly double the national rate. In California, foreclosures were up 15 percent, boosting the Golden State to number-two in the nation, ahead of Florida.
The best news came out of Texas, where foreclosure postings plunged 22 percent.
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