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Monday, June 24, 2013

New Housing Indicator in Town - and it's Different

The first Nevada Housing Stability Index was released on Thursday by the Nevada Department of Business & Industry. The report intends to take an in-depth look at multiple measures of residential vitality. Rather than simply focusing on rising home prices and sales that our market has recently seen, the stability index looks at other factors that give the state's general housing performance much lower marks.
Nevada earned a D+ for overall housing health in the first quarter. Nine of 12 indicators of the index (including percentage of homes under water, share of investors, foreclosure volume, delinquency rate, housing affordability, and availability) placed within the D or F range. On the other side of the spectrum, Nevada received high grades for its balance between supply and demand for new construction. The index also reported average marks for distressed home sales.
As stated by the article's author, "Thursday's [housing] index looked like the report card of a high schooler with a bad case of senioritis."

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