Housing Payments Jump For New Clark County Homeowners

LAS VEGAS -- A nationwide analysis from RealtyTrac found that Clark County residents who purchased a three-bedroom home in the final quarter of last year face monthly housing payments roughly 43 percent higher than the same period in 2012.

In a report released Wednesday night, the real estate analytics company from Irvine, Calif., said the increase in Clark County was one of the nation's highest among 325 counties surveyed. The average increase nationally was 21 percent.

RealtyTrac stated that the increase in monthly housing payments was due to an average 10 percent rise in median home prices coupled with a 33 percent hike in the average interest rate for a 30-year fixed rate mortgage as reported by Freddie Mac.

"A potent combination of rapidly rising home prices and the often-overlooked but significant uptick in interest rates in the second half of 2013 caused the monthly cost of owning a home using traditional financing to jump substantially in many markets over the last year," RealtyTrac vice president Daren Blomquist said.

"The monthly cost of owning a home is still less than renting in the majority of markets, but the cost of financed homeownership is becoming dangerously disconnected with still-stagnant median incomes, driven not by shoddy underwriting practices this time around but by investors and other cash buyers who are not tethered to the typical affordability constraints."

 


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