in this issue "Its a matter of suppy and demand" Real Estate Prices to Continue Strong through 2005 PMI Mortgage Insurance Co. Ranks Las Vegas as Low Risk See Today's Mortgage Rates Let The House Hunting Begin Today's Real Estate News Realtors Click Here - Close on Time Assessor Records and Maps Find a Home in the MLS

Next came Las Vegas, at $224,900, which was 31.3 percent above the first quarter of 2003, followed by Anaheim-Santa Ana (Orange Co., Calif.), with a first quarter median price of $572,500, up 28.1 percent in the last year.

"Its a matter of suppy and demand"

WASHINGTON (May 12, 2004) - Median existing-home prices in most metropolitan areas continued to experience above-average appreciation in the first quarter, according to the latest survey by National Association of Realtors®.

The association's first-quarter metro-area home price report, covering changes in 126 metropolitan statistical areas,* shows 35 areas with double-digit annual increases in median existing-home prices and 16 areas posting generally small declines. Most markets-80- rose faster than the norm for price appreciation.

David Lereah, NAR's chief economist, said a strong home-price growth pattern is well established. "It's a simple matter of supply and demand," he said. "We continue to have more home buyers than sellers in most of the country, which results in tight housing inventories and higher rates of home price appreciation."

The national median existing-home price was $170,800 during the first quarter, up 6.5 percent from the first quarter of 2003 when the median price was $160,400. The median is a typical market price where half of the homes sold for more and half sold for less.

View statistical data

	Real Estate Prices to Continue Strong through 2005
NAR President Walt McDonald, broker-owner of Walt McDonald Real Estate in Riverside, Calif., said housing continues to be an excellent investment. "Normally, overall home prices appreciate one-to-two percentage points above the rate of inflation, but we've been well above that for the last three years," he said. "Although the rate of price growth is expected to slow, it should continue to rise faster than historic norms both this year and next." Lereah noted that none of the metros experiencing price declines had recently experienced rapid appreciation. "In some of these areas we may be seeing a surge of first-time buyers at the lower end of the market, but many of them have gone through a period of local economic weakness, primarily in the labor markets, and they also have an adequate supply of homes from new home construction," he said. "Generally, these areas are now recovering jobs and should gradually turnaround. In other words, they are not harbingers of local price bubbles because those area home prices were never inflated to begin with." The strongest price increase was in the Riverside-San Bernardino area of California, where the first quarter median price of $258,900 was 32.9 percent above a year earlier. Next came Las Vegas, at $224,900, which was 31.3 percent above the first quarter of 2003, followed by Anaheim-Santa Ana (Orange Co., Calif.), with a first quarter median price of $572,500, up 28.1 percent in the last year. See Full Story.... »

	PMI Mortgage Insurance Co. Ranks Las Vegas as Low Risk
PMI Mortgage Insurance Co. Risk Index Average Declines WALNUT CREEK, Calif.--(BUSINESS WIRE)--May 13, 2004--The PMI Risk Index declined 34 points, a 3.4% improvement from its February 2004 level to 140, PMI Mortgage Insurance Co. announced today. The average PMI Risk Index of 140 for the 50 largest Metropolitan Statistical Areas (MSA) implies a 14 percent probability of a house-price decrease within the next two years across the 50 largest housing markets. PMI analysts attributed the decline in the PMI Risk Index from February 2004 to a spike in fourth-quarter house price appreciation led by strong housing demand driven by lower interest rates, and overall improving local economic conditions. This includes improved job creation resulting in lowered unemployment rates and strong expansion of manufacturing, industrial production, and the services sectors. In the May 2004 version of PMI's "Economic and Real Estate Trends" report, PMI analysts noted that nationwide house price appreciation in fourth quarter 2003 was mainly the result of increased demand following the Federal Reserve's decision to keep interest rates at historically low levels, and a decline in already low mortgage interest rates beginning in August 2003. Recently, the 30 year fixed rate mortgage has increased nearly 1 percent and could affect housing affordability and demand, which may influence future Risk Index levels. One of the weaker sectors in the economy has been domestic automobile manufacturing, which had a negative impact on the economic conditions of certain regions. The impact is reflected in the latest PMI risk index, where Detroit, Indianapolis and Charlotte (MSAs heavily concentrated in the automobile production industry) trended towards the top of the risk list. Detroit and Charlotte are classified among the 5 riskiest MSAs in the latest PMI risk report. See Full Story..... »

	See Today's Mortgage Rates
Click Here »

	Let The House Hunting Begin
(CBS) Spring is the traditional house hunting season, so financial advisor Ray Martin explained on The Saturday Early Show what to expect from the housing market this year. Over the past few ugly economic years, how many times have you heard the refrain: "Real estate is your best investment?" The economy is picking up speed, but Martin says homes remain a hot commodity and a good investment. Median home prices climbed 7.5 percent last year -- the biggest increase since 1980 -- according to the National Association of Realtors. Experts predict that prices will rise 7.4 percent again this year. Some markets have seen double-digit price increases over the past three or four years. The 10 metropolitan areas that have seen the largest increases over the past three years are: See Full Story... »

	Today's Real Estate News
Will refinancing trigger a property-tax reassessment? New take on acquiring investment real estate Home inspector distances self from financial advice 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 »

	Find a Home in the MLS
Property Search in the Las Vegas MLS »

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.

Related Links

Today's Rates What is my Home Worth? Calculators

Pre Qualify Free Credit Report Find A Realtor

Powered by