Over two years in, this decade has already brought a global pandemic, record-setting inflation, rising interest rates and a country more divided than ever before.

So why not a housing crash too?

Americans who lived through the 2008 crisis may be watching the red-hot market starting to cool and getting flashbacks. And for prospective homeowners, it might be appealing to put your plans on pause until the market bottoms out so you can snag a house at a great price.

But experts say there are good reasons to believe that however this shakes out, it won’t be a return to 2008 — which will no doubt be a relief to anyone whose apple bottom jeans and boots with the fur have been long put away in storage.

For those of you concerned about the water shortages and cuts on the Colrado River system please read this article from the Virgin Vally Water District. I have been preaching the benefits of NOT being on the Colorado River system for years. Here is some interesting info.

Water Availability Status

June 15, 2022

Virgin Valley Water District – Water Availability Status

The extreme drought conditions that are plaguing the southwestern United States have been
making headlines around the country. The Colorado River and its tributaries are running at
historically low flows due to the lack of snow pack from last winter in Wyoming, Colorado, and
Utah. The two major water storage facilities on the Colorado River, Lake Mead and Lake Powell
are at historic low water levels. Yes, things are in dire shape for many communities, large and
small, in the southwest.
So what about Mesquite and Bunkerville? Fortunately, the Virgin Valley Water District (District)
does not depend on the Colorado River or its tributaries for our culinary water supply. The
District does own some shares in the Mesquite and Bunkerville Irrigation Companies that are
currently leased to local farmers, golf courses, and Southern Nevada Water Authority. Those
irrigation shares are on the Virgin River, a tributary of the Colorado River. One day when
needed, the District will utilize those Virgin River shares for culinary water needs. That is
planned to be in the 2030 timeframe.
In the meantime, the District currently provides water for residents and businesses in Mesquite
and Bunkerville from wells drilled deep into the aquifer below. The District currently has nine
operational wells with two more that have been drilled, but not equipped yet. The water from
the wells supplies sufficient water for the residential and commercial bathing, drinking,
irrigating, and cooking needs in the area. And due to historical conservation measures
implemented early in the residential growth years (desert landscaping, low flow plumbing
fixtures, smaller sized homes and building lots, 100% treated wastewater reuse for irrigation,
etc.), the residential metered use of 0.34 acre-feet per equivalent residential dwelling unit is on
par with many of the leading water conservation communities in the Southwest.
While we as a community overall are doing well, we can always improve, and we should. Things
such as reducing unnecessary turf, replacing high water need foliage with more drought
tolerant plants, being more efficient in outdoor watering, and making adjustments to indoor
water use are starting points.
So how is the health of the aquifer? The District has many groundwater monitoring wells
throughout the valley to determine if the aquifer is being stressed. The District monitors the
wells on a monthly basis. Based on the current pumping rate (the District pumps about 7,000
acre-feet of water per year), the aquifer’s static water level has not appreciably changed over
the past several decades. In addition to the groundwater monitoring wells, the District has
multiple remote mountain peak precipitation gages to monitor precipitation levels. Ultimately,
the precipitation received in the surrounding mountains (snow or rain) becomes the water that
recharges our aquifer.
The District is in the process of performing a Perennial Yield Study of the aquifer to improve on
several older studies to determine what the safe yield of the aquifer is. The results of the study
won’t be available until late 2024. Some existing studies indicate that there may be additional

groundwater that could be allocated to the District in the future for additional growth
purposes.
Eventually the growth won’t be sustainable and will have to stop. Based on our Master Plan
(see Table 3-10 on page 3-10), the Virgin Valley’s population will eventually be between 50,000
– 70,000 residents. There are a variety of factors in play which is why there is such a large range
of low and high projections.
The bottom line is the Virgin Valley Water District is in great shape to deal with the drought,
climate change, and growth for the foreseeable future. The District will continue to be vigilant
in monitoring the aquifer levels and precipitation amounts, and when necessary, advise the
local planning authorities when the need to curtail growth should happen.

"Mesquite is the fastest-growing city in Nevada, so we hear. It is a small town with an old-Vegas vibe that is booming as retirees and second-home seekers are moving here in droves. Online articles say that people move to Mesquite for more than 300 days of sunshine, low crime rates, and the proximity to many great state and national parks.The biggest sign that we were meant to be here is the relaxing sense of calm we feel here. Perhaps it is from the surrounding mountain ranges, and the mountains I see from my back porch and living room windows that I can’t keep my eyes off. Whatever it is, I’m here for it and embracing this new, simpler lifestyle. It should be no surprise that it has already piqued the interest of several friends and family members." Call Goody for your personal tour and to get more information on this hidden gem of a town.

“We’re witnessing a housing recession in terms of declining home sales and homebuilding. However, it’s not a recession in home prices. Inventory remains tight and prices continue to rise nationally with nearly 40% of homes still commanding the full list price,” “It’s an exciting time to be a homebuyer. For the first time in years, we’re seeing sustained inventory gains and the slowing of home price appreciation,” Bailey said. “The market is rebalancing after favoring sellers for so long. There’s still ground to make up with new construction, but the change in recent months has brought some much needed relief to buyers.” There’s good news for sellers, too. “A calming market doesn’t mean a stoppage — and there are plenty of benefits to being on that side of the equation.”This means Nevada’s home prices are beginning to “stabilize,” It’s actually welcome news in a housing market that’s been battering homebuyers, “After two years of a frenzied market with multiple offers tens of thousands of dollars above asking price, Utah’s real estate market is approaching normalcy,” 

Click the below link for a quick video recap

https://vimeo.com/734759928/6fe5509a17

Click the blue link for the May Stats......../my_files/client_provided_files/sun_city_mesquite/mesquite%20Stats%20may%202022.jpg
 

We have a much different market than we had in 2008. Tremendous equities. Foreclosures are basically nill. Also of interest to you all might be the number of Notice of Default (NOD) and Notice of Sale filings for the entire month. In the zip codes in North East Clark County:
 

Zip Code	Community	NOD Filings	NOS Filings	REO Sales	Trust Deed Sales
89007	Bunkerville	1	0	0	0
89021	Logandale	0	0	0	0
89025	Moapa	0	0	0	0
89027	Mesquite	2	0	0	0
89034	Mesquite	0	0	0	0
89040	Overton	0	0	0	0

 
There are not very many properties going into foreclosure in our part of the county at this time.

Historically speaking, the ongoing housing boom is an anomaly. Over the past two years, U.S. home prices have soared 34.4%—including 19.8% over the past 12 months. For perspective, home prices have risen on average 4.6% per year since 1987.  On Monday, Zillow published a paper declaring that we are not inching toward a housing bubble or crash. They also argue that housing bubble fears are actually making matters worse and could drive home prices even higher.“The expectation of another [housing] crash could contribute to keeping homes so unaffordable. Builders have been firing on all cylinders, and with more homes under construction than any time since 1973, they understandably feel exposed in the event of a housing downturn. If they trim their construction plans out of caution, we will miss out on one of the best hopes we have for net new inventory on the market, and the inventory crunch that’s helped push prices up will persist for longer than expected,” write the Zillow researchers. Simply put: Zillow researchers think if homebuilders reduce production out of housing crash fears, it could keep inventory levels suppressed. Of course, the lack of inventory has been among the major drivers of the ongoing housing boom. The fact that home shoppers far outnumber homes for sale gives buyers little choice but to engage in bidding wars.