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Housing's Golden Investment or Fairy Tale?

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94 STATE OF AFFAIRS: WEST » IN THE NEWS Southern Nevada Home Prices Rebound in May Local home prices rebounded in Southern Nevada in May despite slight decreases from March to April, according to statistics released by the Greater Las Vegas Association of Realtors (GLVAR). e GLVAR reported that the me- dian price of existing single-family homes in the area was up 1.6 percent from April to $195,000. May's median home price was up 14.7 percent from the $170,000 figure posted in May 2013. Existing-home prices are still well below their June 2006 peak of $315,000 and bottomed out at a median price of $118,000 in January 2012 before rising for a record 19 months to September 2013, after which prices began moderating. "It's good to see this kind of appreciation in our local home prices. Going forward, I think we'll see prices continue to stabilize. Expect to see smaller percentages when we look at how much prices have increased year over year," said GLVAR president Heidi Kasama. "We'd still like to see more inven- tory in our housing market, but at least we sold more homes in May than we did the previous month." Despite the increase, Kasama noted that local home sales so far in 2014 are roughly 14 percent behind last year's pace. Inventory also remains a problem, with less than a three- month supply of homes available. However, the market is improving—albeit slowly. Compared to one year ago, Southern Nevada has more than twice as many available homes for sale without pending or contingent offers. e group noted that short sales also were down for the month. "In May, 7.9 percent of all existing local home sales were short sales, down substantially from 12.4 in April. Another 9.1 percent of all May sales were bank-owned properties, down from 11.4 in April," GLVAR said. REO properties in May also experienced an increase in price, jumping to $165,000 in May from $159,000 in April. Short sales, however, declined slightly to $160,000 for the month, a $5,000 decrease from April's price. New Mexico RANK: 13 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate MAY 2014 1.89% 2.27% 6.5% YEAR AGO 1.80% 3.15% 6.9% YEAR-OVER-YEAR CHANGE 5.3% -28.1% -0.4% Top County TORRANCE COUNTY 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 2.41% 5.26% YEAR AGO 2.49% 6.74% YEAR-OVER-YEAR CHANGE -3.4% -22.1% Top Core-Based Statistical Area GRANTS, NM 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 1.91% 4.00% YEAR AGO 2.70% 5.06% YEAR-OVER-YEAR CHANGE -29.1% -21.1% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary May 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Oregon RANK: 17 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate MAY 2014 1.68% 2.10% 6.8% YEAR AGO 1.80% 3.17% 7.8% YEAR-OVER-YEAR CHANGE -6.2% -33.7% -1.0% Top County CROOK COUNTY 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 1.60% 4.22% YEAR AGO 1.72% 6.76% YEAR-OVER-YEAR CHANGE -6.5% -37.6% Top Core-Based Statistical Area PRINEVILLE, OR 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 1.60% 4.22% YEAR AGO 1.72% 6.76% YEAR-OVER-YEAR CHANGE -6.5% -37.6% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary May 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Utah RANK: 39 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate MAY 2014 1.94% 0.82% 3.5% YEAR AGO 2.27% 1.48% 4.6% YEAR-OVER-YEAR CHANGE -14.7% -44.5% -1.1% Top County CARBON COUNTY 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 2.41% 1.79% YEAR AGO 1.59% 2.16% YEAR-OVER-YEAR CHANGE 52.2% -16.9% Top Core-Based Statistical Area PRICE, UT 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 2.41% 1.79% YEAR AGO 1.59% 2.16% YEAR-OVER-YEAR CHANGE 52.2% -16.9% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary May 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. IN THE NEWS HUD: Allegations Settled over Maternity Leave Discrimination e U.S. Department of Housing and Urban Development (HUD) announced that it has settled with Utah-based Mountain Amer- ica Credit Union allegations of discrimination against prospective borrowers on maternity leave. Mountain American Credit Union is the second-largest credit union in Utah and the 35th largest credit union in the United States. Mountain America will pay $25,000 to settle the matter with HUD. HUD noted in a release, "Refusing to approve a mortgage loan or provide mortgage insurance because a woman is pregnant or on family leave violates the Fair Housing Act's prohibition against sex and familial sta- tus discrimination, which includes individu- als who have or are expecting a child." An investigation was carried out stem- ming from the allegations of a married couple Las Vegas inventory doubled from 2013 to 2014, according to Movoto. KNOW THIS

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