Hello everyone. My name is John Drennen and I am the Sales manager at Fairway Independent Mortgage Corporation here in Las Vegas
This is my weekly show in which we talk about Real Estate, Mortgages, Sports and Las Vegas.
According to the Las Vegas Review Journal, Las Vegas is bucking the national trend when it comes to new home sales and shows no signs of slowing down based on the latest numbers and projections from Las Vegas-based Home Builders Research.
Sales of new single-family homes nationwide fell to an eight-month low in June, but There’s a different story in Las Vegas.
New home closings are up by more than 19 percent in the first six months of 2018 compared to the same period in 2017 at over 5000, and Southern Nevada will blow by its 9,401 closings in 2017, according to Andrew Smith, president of Home Builders Research. It even surpassed the 2,400 closings during the first quarter, which was the highest first quarter in 10 years.
MLB Action everyone….the Oakland A’s are making an improbable march towards the playoffs and with the second best record in the Majors since June, they have a legitimate chance to win the AL WEST “inexpensive real estate”?? It is coming from an old, but unlikely source. Per Bloomberg, Manufactured housing has been on the rise since 2009 and more and more manufactured homes are selling in the Las Vegas Valley as well as nationwide Little League Baseball….not sure if anyone has had a chance to watch some of these games as I have with my family, but they are fun and exciting, and currently from America we have the Mid Atlantic and West Teams undefeated.
According to Freddie Mac’s website: Mortgage rates remained mostly flat over the past week, which has been the dominant theme since late spring.
This stability in borrowing costs comes despite the highest core inflation rates since 2008 and turbulence in the currency markets. Unfortunately, this pause in rates is not leading to increasing home sales on a nationwide level.
Purchase mortgage applications trailed last years levels again last week, and it’s clear in some markets that the combination of ascending home prices, limited affordable inventory and this year’s higher rates are curtailing homebuyer demand.
The video studio will be on break for 3 weeks starting this Friday as the Videographer and editor will be on vacation. Please contact me to set up a time as we will be super busy in the video studio when he returns.
Until we see each other again, have fun, stay cool and be safe over the Labor Day weekend.
