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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 |
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| Stocks plunge; analysts
shrug |
October 10th,
2004 | |
|
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
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Nevada Housing Market Still a Strong
Bet |
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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.

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Average Home Selling Prices on the
Rise |
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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).
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Study: Property Tax Burden Rising
Fast |
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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.

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Assessor Records and Maps |
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The best web templates providers online who offer high quality web Templates HTML web templates for both novice and experienced users. Build your own website with a professional web template. 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.
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