Today Case Shiller housing data confirmed that there is a double-dip in home prices nationwide. The National Index hit all new lows and is down 5.1% from last year. In March 2011, Las Vegas was amongst 12 cities (Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, Minneapolis, New York, Phoenix, Portland, Ore., and Tampa) that fell to their lowest levels in the current housing cycle. The intervening though slight rebound that occurred in 2009 and 2010 has been attributed to the first-home buyer tax credit. Experts say excluding the tax credit phase, there has been no recovery or stabilization in the residential market. As residential values are projected to continue to decline, lenders may be more motivated to short sale at today’s values or perhaps, just perhaps, offer principal modifications.
Tisha Black Chernine, Esq.
