in this issue Home Sales this Year Close to Record High On-site appraisals more likely to reveal real value More High-Rise Building Coming See Today's Mortgage Rates Refinancing reaps rewards Today's Real Estate News Realtors Click Here - Close on Time Assessor Records and Maps Find a Home in the MLS

David Lereah, NAR's chief economist, said home sales will be strongest during the first half of the year. "With mortgage interest rates bottoming-out in March, we've had a big rush of home buyers this year," he said. "Home sales should hold close to record territory for a couple months, then ease in the second half of the year but remain at historically strong levels."

Home Sales this Year Close to Record High

The 30-year fixed-rate mortgage is expected to rise gradually to 6.6 percent by the fourth quarter. "Higher interest rates will hurt lower income buyers who are at the margins of qualifying for a loan, but a rising stock market should help upper income buyers. A challenge remains to preserve housing opportunities for low-to- moderate income households," he said.

Existing-home sales are projected to reach 6.00 million in 2004, just 1.6 percent shy of the record 6.10 million last year. New-home sales should come in at 1.07 million, only 1.2 percent below last year's record. Housing starts are forecast at 1.84 million in 2004, slightly below the 1.85 million posted last year.

The median existing-home price is projected to increase 4.7 percent this year to $178,100, while the median new-home price should rise 5.1 percent to $205,000.

Lereah said the U.S. gross domestic product is forecast to grow 4.7 percent this year and 4.3 percent in 2005, both above the historic average of about 3.2 percent. "These strong growth figures are supported by some pent-up business spending this year, and a reduction in the trade deficit is expected next year," he said. "That is stimulating job growth, so the unemployment rate should to drop to 5.4 percent by the end of the year."

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	On-site appraisals more likely to reveal real value
Lenders have been warned that when they use anything less than a traditional appraisal in housing markets where values are soft, they could be penalized. When you buy a house, does it really matter what type of valuation method is used by the lender? Does it matter if your lender uses a live appraiser, an online property value database, or a quick ``drive-by''? You bet it does, especially now. Lenders nationwide have just been warned that when they use anything less than a full, traditional appraisal in housing markets where values are soft or weak, they could be penalized on Wall Street. Fitch Ratings, one of the major risk-assessment firms for the global bond market, believes that anything less than an on-site, exterior and interior professional appraisal is likely to overstate the true worth of the property if it's in any of dozens of slowly appreciating markets around the country. See Full Story.... »

	More High-Rise Building Coming
Potential homebuyers in the Las Vegas Valley may find themselves looking up to find a place to live. As our phenomenal population explosion continues, and the amount of available land shrinks, the high rise is emerging as the answer. The sky is the limit, when it comes to the building boom, and that will soon transform the Las Vegas skyline. "If you can't go out, you go up. Las Vegas is going vertical. You're beginning to see the Manhattanization of Las Vegas." Richard Lee, of First American Title Company, says he meets with a host of high-rise developers from New York, Chicago, Florida and Southern California every week. All with an interest in creating higher levels of living in a city that is geographically close to running out of available land on which to build. "You take a quick look at the map, and you'll see that we're already up against the foothills, and the federal parks, all we've got is north and south. There is so much government land surrounding Las Vegas and the ability to get that is becoming harder and harder." See Full Story..... »

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	Refinancing reaps rewards
CHICAGO (CBS.MW) -- Although the pace of refinancing activity fell in the first quarter, homeowners who did take out new loans continued to cash in on the equity bonanza that has accompanied sharply rising home prices in many parts of the country. Freddie Mac said Tuesday that 43 percent of loans it held that were refinanced in the first quarter resulted in new mortgages at least 5 percent higher in amount than the original mortgages. Five percent is the threshold for considering a new mortgage to be a cash- out refinancing. The percentage was nearly identical to the 44 percent that were considered cash-out refis in the fourth quarter of 2003. In the first quarter of 2003, 41 percent of new mortgages were cash-outs. During the second quarter of 2003, when fixed-rate mortgages were still falling, 33 percent of refinanced loans were for cash out and the number of loans being refinanced was considerably higher. See Full Story... »

	Today's Real Estate News
Lender mistake kills good-faith estimate -- Do I have recourse for incorrectly stated title insurance costs? Home-inspector disagreement jeopardizes buyer's deposit Pulling out of deal without inspection contingency may forfeit money Can I have two principal residences at the same time? See these Real Estate News stories and more.... »

	Realtors Click Here - Close on Time
You need to Close your Transactions on Time and often You need constant communication with your lender, being able to speak to a live person getting the updates in real time. You want to work with an experienced yet flexible company who will adapt to your clients unique requirements. You expect that a full service Lender has the ability to handle a wide spectrum of issues including a wide range of loan programs, appraisals, Title, Escrow, Documentation, and Transaction coordination. You are looking for experts to work in partnership with you, to supplement your skills and abilities, and to extend the amount of discretionary time you have available. 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 Get the Reults you Require »

	Assessor Records and Maps
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. ASSESSOR RECORDS AND MAPS »

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