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Subject: Observers say LV housing sturdy despite sell-off
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Observers say LV housing sturdy despite sell-off )
Stocks plunge; analysts shrug October 10th, 2004
in this issue
  • Nevada Housing Market Still a Strong Bet
  • Average Home Selling Prices on the Rise
  • Study: Property Tax Burden Rising Fast
  • Today's Rates
  • Real Estate News
  • Realtors Click Here - Close on Time
  • Assessor Records and Maps
  • Find a Home in the MLS

  • Sunday

    Home-builder stocks continued to fall Tuesday, a day after Pulte Homes reduced its earnings forecasts because of a slowdown in sales in Las Vegas, its second-largest U.S. market.

    Despite the sell-off, analysts said home-builder stocks and the Las Vegas housing market remain good long-term investments.


    Presented by Mike Francis

    Nevada Housing Market Still a Strong Bet

    Pulte, headquartered in Bloomfield Hills, Mich., and the second-largest home builder in Southern Nevada since its purchase of Del Webb, created a panic late Monday when it announced that it was reducing its earnings guidance for investors. It attributed the lower outlook for profits to a drop in sales in Las Vegas, possibly the hottest housing market in the nation the past year, and the need for price cuts at some of its local developments.

    The Dow Jones Home Construction stock index slipped 2.1 percent Tuesday, following a 5.1 percent plunge Monday. Analysts blamed the two-day plunge on investors who assumed that one company's problem in one area, Las Vegas, reflected the end of good times for home builders nationally.

    In truth, analysts argued Tuesday that the housing market remains strong nationally and in Southern Nevada.

    "Overall, builders are still raising prices, but not to the degree they were in the first part of the year," said Dennis Smith, president of Home Builders Research.

    Average Home Selling Prices on the Rise

    HOME PRICES: We're a nation of people who relocate, with real estate values a key concern for many families.

    Ever wonder how your place measures up against the highest average sales prices and most affordable across the country?

    Not surprisingly, seven of the top 10 most expensive average selling prices were in California, led for a second year by La Jolla, the posh enclave perched atop the Pacific Ocean just north of San Diego. The average sales price there this year? $1.7 million. La Jolla was followed by Beverly Hills and Santa Barbara, at $1.3 million and $1.2 million, respectively.

    Non Golden State-cities in the top 10 were Greenwich, Conn. ($1.19 million); Wellesley, Mass. ($1.1 million); and Kailua, Hawaii ($1.08 million).

    Study: Property Tax Burden Rising Fast

    Fueled by rising home values and a strong housing market, property tax burdens are rising quickly, according to the Washington, D.C.-based Tax Foundation.

    State and local governments collected $279 billion of property taxes in 2002, with the lion's share of the revenue ($269 billion) going to local governments to support schools and other local spending projects, according to the Tax Foundation, a nonpartisan organization that promotes education about tax policy and the tax burden borne by citizens.

    States with the highest tax burden on a per-capital basis are New Jersey, Connecticut and Maine, according to data that the Tax Foundation has compiled. The organization is planning to release a report on property tax burdens in the coming weeks. When property taxes are ranked as a share of personal income in a state, Maine ranks first, according to the organization.

    Sumeet Sagoo, an economist with the Tax Foundation, said that the organization estimates that property taxes have been rising at a rapid rate in recent years and will continue to do so, in no small part because of rising home values. Typically, property taxes are calculated as a percentage of the property's value.

    Today's Rates

    Real Estate News

    Realtors Click Here - Close on Time

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    6. You recognize that a Mortgage Team that Leverages both technology and human interaction will be the most effective in meeting your needs.

    You expect results

    Assessor Records and Maps

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    The Clark County Assessor's Office makes every effort to produce and publish the most current and accurate information possible. No warranties, expressed or implied, are provided for the data herein, its use, or its interpretation. The assessed values are subject to change before being finalized for ad valorem tax purposes. The Assessor parcel maps are for assessment use only and do NOT represent a survey. The Assessor parcel maps are compiled from official records, including surveys and deeds, but only contain the information required for assessment. See the recorded documents for more detailed legal information.

    Find a Home in the MLS

    Free Credit Report - On Line!!!
    • Fact: There are three major credit bureaus potentially recording and reporting information about you (Equifax, Experian, and Trans Union).
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    • Fact: Most mortgage lenders check all three reports when evaluating your credit risk.
    • Fact: For the first time ever, you can order a report online that merges all three as one - available online!

    Now that you've got the facts, don't you think it's time you see what's on all of these reports?

    Free Credit Report - On Line!!!

    Free home valuation - On Line!!!
    If you're thinking of selling your home in the next year, this FREE service will help you find your home's current market value.

    To receive your free home valuation, simply click on the link below, and we'll take it from there!

    Free home valuation - On Line!!!

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