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It’s Official- NAR names Lawrence Yun Chief Economist

By twist

I didn’t even know that it WASN’T official, but this just came out this evening from PRNewswire.

WASHINGTON, Nov. 2 /PRNewswire-USNewswire/ — The National Association of Realtors (R) today named Lawrence Yun chief economist and senior vice president of research. Yun has served at NAR since 2000, most recently as vice president and senior economist. If I had written the press release, it would have read a little differently….

"Lawrence is a talented economist and an outstanding forecaster who has contributed greatly to NAR’s growth and prestige as the leading advocate for the housing industry," said Dale Stinton, NAR executive vice president and chief executive officer. "We are proud to have a man of Lawrence’s integrity and honor.

"He is a no-nonsense and level-headed analyst of the housing market who calls the data as he sees it, and has guided NAR with skill as chief spokesman for the past several months in a competitive real estate market. We have great faith and trust that Lawrence’s tenure will be a stellar one that will enhance NAR’s reputation as the most reliable and credible source of real estate research."

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But They Aren’t Making Any More Land In Las Vegas….

By twist

A big thank you to "The Judge" for both the link and the headline. For those of us who know and love the Las Vegas real estate pundits, we know that they’ve assured us for years that the limited land in Las Vegas would keep prices headed up, up, up. Consequently, it’s hard for us bears not to gloat just a little when we read Hubble Smith’s headline in the Review Journal, "Little action at BLM auction: 31 parcels for bid; one sold":

Only one of 31 parcels offered at Thursday’s BLM auction was sold, an indication that Las Vegas land prices are still going through a downward correction, some observers said.

The Bureau of Land Management sold a 15-acre parcel at Welpman Avenue and Pollack Drive in Henderson for the minimum bid of $7.8 million, or $520,000 an acre. The land was bought by a San Francisco family with real estate holdings in Las Vegas.

"I told you it wouldn’t take long," auctioneer Mike McKee said after seven or eight parcels received no bids. The auction, held at Clark County Government Center, was over in about 45 minutes.

The appraised value for the total 168 acres for sale was $72 million, or $429,850 an acre.

Anna Wharton, supervisory realty specialist for the BLM, said the federal agency contracted with an appraiser in Las Vegas who sets the fair market value of the land based on comparable sales of similar-size properties in the area.

The parcels are nominated for auction by the city or county government in which the land is located, usually based on someone’s expressed interest in buying the land, she said.

"People who were interested, whether they’re still interested today, who knows," Wharton said. "The market does play a big role at the sale. We’re just going to have to wait and see what happens. The market is still correcting."

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Phoenix October Early Sales- Probably Up From September

By twist

As of yesterday evening [and remember, this number should increase slightly] 3457 properties sold in the Phoenix area. [Thanks to M and L for the data] Officially ARMLS reported 3421 sales in September. There were 5569 homes sold in October 2006, so sales year-over-year are probably down around 35%. As M indicated last month:

I believe the rush to close deals in August sucked a lot of sales from September.

If this is the case, then October’s increase is probably a bit of an anomoly, and I would not expect to see further increases until spring.

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Housing Doom Housing Bubble Blog

A nation that forgets its past is doomed to repeat it. - Churchill

It’s Official- NAR names Lawrence Yun Chief Economist

But They Aren’t Making Any More Land In Las Vegas….

Op-Ed Friday: Talking About Fire Sales

Phoenix October Early Sales- Probably Up From September