Housing Stability: Nevada Gets a D-plus
Las Vegas CBS KXNT- A new monthly report will provide regular analysis of the Nevada housing market, using 12 indicators to provide a deeper-than-Zillow look at the sector. Foreclosures and underwater mortgages are at the top of the chart, but the data include such factors as affordability, availability, the rate of new construction, and the share of cash purchases in the market.
The Nevada Housing Stability Index was unveiled on Thursday as a partnership project by the state’s Department of Business and Industry, and UNLV’s Lied Institute for Real Estate Studies. The report has been compiled from proprietary data the partnership purchased.
Nevada’s housing market saw an extreme boom, followed by an extreme bust. The state ranks first in the number of negative-equity mortgages, yet made national news this week for the largest price spike in the nation. Some realtors have predicted a price collapse is coming when the pace of foreclosures picks up, after an artificial slowdown arising from restrictive legislation passed in 2011.
The first Housing Stability report gave the Nevada housing sector a grade of D-plus. The same analysis a year ago would have produced a D, state officials said.