{"id":1004070378,"date":"2013-04-11T06:40:42","date_gmt":"2013-04-11T14:40:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004070378"},"modified":"2022-12-06T04:27:21","modified_gmt":"2022-12-06T12:27:21","slug":"economy-watch-fed-mulls-fate-of-qe3-vegas-residential-market-normalizing-mortgage-delinquencies-down","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-fed-mulls-fate-of-qe3-vegas-residential-market-normalizing-mortgage-delinquencies-down\/","title":{"rendered":"Economy Watch: Fed Mulls Fate of QE3; Vegas Residential Market Normalizing; Mortgage Delinquencies Down"},"content":{"rendered":"

By Dees Stribling, Contributing Editor<\/em>\u00a0<\/span><\/p>\n

The Federal Reserve released the minutes of the Federal Open Market Committee meeting of March 19-20 on Wednesday, and while it didn\u2019t reveal any dramatic fractiousness within the Central Bank, it seems that some members of the committee brought up phasing out QE3 sooner rather than at no specific point in time. Or at least they\u2019re thinking about that possibility. But for now, QE3 abides.\u00a0<\/span><\/p>\n

\u201cThe staff provided presentations covering the efficacy of the Federal Reserve’s asset purchases, the effects of the purchases on security market functioning, the ways in which asset purchases might amplify or reduce risks to financial stability, and the fiscal implications of purchases,\u201d the minutes said. \u201cMeeting participants generally judged the macroeconomic benefits of the current purchase program to outweigh the likely costs and risks, but they agreed that an ongoing assessment of the benefits and costs was necessary.\u201d\u00a0<\/span><\/p>\n

Also in the minutes: \u201cMany participants emphasized that any decision to reduce the pace of purchases should reflect both an improvement in their overall outlook for labor market conditions \u2026 and their confidence in the sustainability of that improvement. A couple of these participants noted that if progress toward the Committee’s economic goals were not maintained, the pace of purchases might appropriately be increased.\u201d\u00a0<\/span><\/p>\n

A Semblance of Normalcy in the Vegas Residential Market\u00a0<\/span><\/strong><\/p>\n

The Greater Las Vegas Association of Realtors reported this week that for the first time in years, non-distressed sales accounted for more than half of all local home sales so far in 2013. Vegas is an important housing market to track, since it was the poster-child for how low the housing crash could go. Now homes prices are up in the market, and inventories are down.\u00a0<\/span><\/p>\n

In March, 33.3 percent of all existing local home sales in the market were short sales, down from 37.9 percent in February. Another 11.2 percent of all sales during the month were REO, up from 10.2 percent in February. The remaining 55.5 percent of all sales are the traditional type, according to GLVAR. In March 2012, 67.3 percent of total sales were distressed.<\/p>\n

Inventory has also dropped precipitously, especially since last year. At the end of March, GLVAR reported 2,839 single-family homes listed without any sort of offer. That\u2019s down 6.8 percent from February and a whopping 42.1 percent from one year ago.<\/p>\n

Mortgage Delinquencies Still Dropping<\/strong>\u00a0<\/span><\/p>\n

Lender Processing Services released its Mortgage Monitor for February on Wednesday, and delinquencies are still on a downward trend. According to LPS, 6.8 percent of U.S. mortgages were delinquent in February, a drop from 7.03 percent in January (more than 30 days late, but not in foreclosure yet). In February 2012, delinquency was 7.28 percent. Some 3.38 percent of mortgages were in the foreclosure process, down from 3.41 percent in January, and compared with 4.2 percent in February 2012.\u00a0<\/span><\/p>\n

Wall Street went on its merry way on Wednesday, perhaps happy that QE3 will continue for a time, but in any case hitting new highs. The Dow Jones Industrial Average gained 128.78 points, or 0.88 percent, while the S&P 500 and the Nasdaq were up 1.22 percent and 1.83 percent, respectively.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Some members of the Federal Reserve\u2019s Open Market Committee brought up during its March meeting phasing out QE3 sooner rather than at an unspecified date. The Greater Las Vegas Association of Realtors reported that for the first time in years, non-distressed sales have accounted for more than half of all local home sales so far in 2013. And mortgage delinquencies are still on a downward trend.<\/p>\n","protected":false},"author":952,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004070378","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nEconomy Watch: Fed Mulls Fate of QE3; Vegas Residential Market Normalizing; Mortgage Delinquencies Down - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-fed-mulls-fate-of-qe3-vegas-residential-market-normalizing-mortgage-delinquencies-down\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: Fed Mulls Fate of QE3; Vegas Residential Market Normalizing; Mortgage Delinquencies Down\" \/>\n<meta property=\"og:description\" content=\"Some members of the Federal Reserve\u2019s Open Market Committee brought up during its March meeting phasing out QE3 sooner rather than at an unspecified date. 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