Las Vegas Second Mortgage
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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'American Real Estate-What's Next??' Announces Fall Broadcast on ...
LAS VEGAS, Aug. 1 /PRNewswire/ -- Paolo Sadri, founder and president of the International Real Estate and Design Expo and president of TMG Films and TMG Television, today announced his latest television production, "American Real Estate-What's Next??" is set to broadcast on FOX 5, KVVU, on Sunday, September 3, at 1 p.m.
In June, the National Builders Association reported a decline in housing, showing that the downswing is still underway. Builders are reporting systematic declines in home sales, an increase in sale cancellations and the withdrawal of investors and speculators from the market.
According to the Wall Street Journal Online, many homebuilders struggle with big inventory, a surge in cancellations and a pullback in demand. The condominium/high-rise market has begun to lose momentum and many developers have been forced to cancel what were once deemed lucrative projects.