http://lasvegashomes.com/blog/archive_201106/sort_entrydatetime-desc/ The Case-Shiller home price index continues to post declines, yet many of these observations are lagged. The current index release is for March with the April release scheduled for Monday. The March figure was off 1.1% from February, whcih is a sizeable slide. However, the late spring and early summer months are generally hotter selling seasons and this has yet to be reflected in the Case-Shiller numbers.FNC, Inc has an alternative index based on a hedonic methodology that I really like. The formation of prices estimated by this index is similar to Case-Shiller yet it is released in a more timely manner, already showing April numbers. For Las Vegas, the drop was -.3% and the tail of the series looks quite flat. The Radar logic formation looks closer to that of Case-Shiller for the most recent observations of Case-Shiller, up to March. Radar Logic does lead the Case-Shiller index by several months and produces a daily dataset. For Las Vegas, a clear downard bias in prices is still evident but the rate of change has slowed.I like to look at year-over-year changes in the indices as it gives us an idea of how upside down some earlier purchases are. This helps us to gauge how many of these may roll over as a distressed sale, prolonging the recovery. On cash flow properties however, I generally don't care about these figures but rather look at the return profiles of individual properties on a cash flow basis, understanding that each is below their pre-bubble trend in price.As a second note. Radar Logic is working with the Chicago Board of Trade to produce a futures contract based on their index. This is a very exciting development givent the weak level of interest on the Case-Shiller contracts. A contract size of $10 is small enough to get some non-institutional interest and I hope this brings added liquidity. If traded currently, on could buy a contract for $753.3 for the Las Vegas index although I am not clear if Las Vegas is part of their initial contract rollout. To read more, take a look at the CBOE website for contract specifics at http://cfe.cboe.com/Products/Spec_RPX.aspx. http://lasvegashomes.com/blog/778/home-price-indices/ Mon, 27 Jun 2011 09:29:41 -0800 It is well known that economic conditions have greatly changed the rate of household formation. Young adults are cohabitating with parents, friends or relatives at an uncommon level. For this reason, John Burns, a recognized researcher who studies housing, believes that the rental market is about to "explode."In the shadows of the housing crisis there are many individuals who are seeking a home of their own. This is likely to drive rental demand when job growth is sufficient to add fuel to this. For Las Vegas, we are less concerned with whether homes are rented or owner occupied, rather that they are occupied at all. In the meantime, there is an opportunity for investors to obtain rental properties that are yielding far better returns than many other investments.To the Housingwire John Burns article:http://www.housingwire.com/2011/06/07/john-burns-says-top-rental-markets-about-to-explode http://lasvegashomes.com/blog/885/rental-market/ Thu, 16 Jun 2011 07:53:09 -0800  This Thursday the 16th there will be a Broker Pre-View Event at the Gables Community in Las Vegas. These homes feature: New Homes Move-in Ready Quick Close 3% Commmission Not REO or Short Sale Small Gated CommunityThe event will be held at the community at 2920 Gables Vale Court from 4:00 to 6:00 pm. RSVP to GablesLV@cbvegas.com.For more info visit www.Gableslv.com or call 702-259-2000.This is a great community in a very convenient location. http://lasvegashomes.com/blog/781/broker-preview-event/ Tue, 14 Jun 2011 03:30:36 -0800