HOUSING AND LABOR MARKET TRENDS: NEVADA

HOUSING AND LABOR MARKET TRENDS: NEVADA January 2014 Community Development Research Federal Reserve Bank of San Francisco National Trends Composit...
Author: George Fox
1 downloads 1 Views 2MB Size
HOUSING AND LABOR MARKET TRENDS: NEVADA January 2014 Community Development Research Federal Reserve Bank of San Francisco

National Trends

Composition of distressed sales by geography Proportion of Distressed Property Transactions—October 2013 3 Month Moving Average

40%

Percent of Total Transactions

35% 30%

Short Sale 13%

25%

Move-In Ready REO

20% 15%

11%

12%

0%

4% 15%

6% 9%

11%

11%

11%

8% 4%

11%

3%

8%

10% 9%

10% 5%

Damaged REO

7%

12% 7%

11%

7%

5%

4%

5%

6%

6%

Source: Campbell/Inside Mortgage Finance HousingPulse Monthly Survey of Real Estate Market Conditions April 2013

7% 5% 4%

Neighborhood stabilization: concerns over investor purchases of distressed properties Who Is Buying Properties?─October 2013 U.S. 3 Month Moving Average 100%

Percent of Property Type

33%

80% 70%

12%

14%

90%

58%

34% 44%

60%

Investor First-Time Homebuyer

32%

50%

Current Homeowner

40% 30%

24% 43%

20% 10% 0%

54% 35%

17% Damaged REO

Move-In Ready REO

Short Sale

Non-Distressed

Source: Campbell/Inside Mortgage Finance HousingPulse Monthly Survey of Real Estate Market Conditions April 2013

Financing for home purchases Financing for Homebuyers─October 2013 U.S. 3 Month Moving Average

Percent of Buyer-Side Transactions

100% 90% 80% 70%

31%

5%

60% 50%

25% 7%

8% 2%

19%

Fannie/Freddie

23%

FHA Cash

16%

73% 39%

20% 10% 0%

All Other Financing VA

40% 30%

17%

26% 10% Current Homeowners

First-Time Homebuyers

Investors

Source: Campbell/Inside Mortgage Finance HousingPulse Monthly Survey of Real Estate Market Conditions April 2013

Nevada Trends

Unemployment rate in Nevada coming down, but still higher than U.S. 16

Nevada

Unemployment Rate

12

8

United States 4

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Recession Source: Bureau of Labor Statistics

Nevada house prices continue to trend up

210 Nevada 2000=100

FHFA House Price Index

250

FHFA House Price Index (formerly OFHEO) (2000 = 100, quarterly)

170 United States 130

90

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Source: Federal Housing Finance Agency (formerly OFHEO)

Carson City, Reno and Las Vegas home prices continue to trend up as well 240

FHFA House Price Index (formerly OFHEO) (2000 = 100, quarterly)

200 2000=100

FHFA House Price Index

220

180 160 Carson City

140 120 100 80

Las Vegas

Reno

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Source: Federal Housing Finance Agency (formerly OFHEO)

Mortgage delinquencies and number of loans in foreclosure continues to decline

Number of Mortgages

120,000

80,000

40,000

0

2005

2006 2007 2008 Loans in Foreclosure

2009

Source: Mortgage Bankers Association, National Delinquency Survey

2010 2011 2012 All Mortgages Past Due

2013

Nevada’s consumer debt delinquency rate is falling, but still well above national average Consumer Debt Delinquency Rate

20%

15%

Nevada

10% U.S.

5%

0%

2006

2007

2008

2009

2010

2011

2012

Note: Delinquency status of 90+ days past due or worse. Excludes first mortgage. Source: FRBNY Consumer Credit Panel

2013

Las Vegas rents up: $824 for Q3 2013, vacancy rate at 6.8% Asking Rent and Vacancy Rate in Las Vegas Quarterly Asking Rent Vacancy Rate

18%

$840

12%

$800

6%

$760

0%

2008

2009

2010

2011

2012

Source: Reis, Inc. Asking rent is calculated by first determining the average rent for each unit size, and then calculating a weighted average based on the number of units in each size category.

Vacancy Rate

Asking Rent

$880

Reno rents up: $867 for Q3 2013, vacancy rate down to 5.7% Asking Rent and Vacancy Rate in Reno Quarterly

$875

Asking Rent

12%

Vacancy Rate

$850 4%

$825

2008

2009

2010

2011

2012

Source: Reis, Inc. Asking rent is calculated by first determining the average rent for each unit size, and then calculating a weighted average based on the number of units in each size category.

0%

Vacancy Rate

Asking Rent

8%

Maps

Nevada Data Maps

Areas Affected by Concentrated Foreclosures October 2013

Source: Lender Processing Services Inc. Applied Analytics & FRBSF Calculations

Nevada Data Maps

Areas at Risk of Additional Foreclosures October 2013

Source: Lender Processing Services Inc. Applied Analytics & FRBSF Calculations

Las Vegas Data Maps

Areas Affected by Concentrated Foreclosures October 2013

Source: Lender Processing Services Inc. Applied Analytics & FRBSF Calculations

Las Vegas Data Maps

Areas at Risk of Additional Foreclosures October 2013

Source: Lender Processing Services Inc. Applied Analytics & FRBSF Calculations

Reno Data Maps

Areas Affected by Concentrated Foreclosures October 2013

Source: Lender Processing Services Inc. Applied Analytics & FRBSF Calculations

Reno Data Maps

Areas at Risk of Additional Foreclosures October 2013

Source: Lender Processing Services Inc. Applied Analytics & FRBSF Calculations

Conclusions

For More Information: FRBSF Community Development Website

www.frbsf.org/community 



All publications and presentations available on our website Conference materials also posted shortly after events