NEW YORK (CNNMoney.com) -- Mortgage delinquencies will continue to rise over the next six to 12 months as home prices decline and economic conditions remain difficult, according to one forecast released Monday.

The Core Mortgage Risk Monitor (CMRM), an index of foreclosure risk compiled by real estate data analyzer First American CoreLogic, increased 16% compared with the same period last year.

CoreLogic analyzes house price trends, foreclosure rates, economic health factors and fraud propensity to predict the chances that future mortgage delinquencies will occur.

The index, which has increased over the last four quarterly reporting periods, is now 47% higher than it was in the first quarter of 2002 when the last recession was winding down.

Nationwide, the markets with highest levels of delinquency risk also had double-digit declines in home prices and weakening labor markets.

"House price depreciation factors are now outweighing economic stress factors," said Mark Fleming, CoreLogic's chief economist.

Rough months ahead for mortgage delinquencies translates into a longer loom in the Foreclosure market. As we continue to feel the crunch of Mortgage Lending Guidelines, more people are going into Foreclosure and less people are able to qualify for home loans.

Reports have shown our National Home Inventory has crept up in recent months. We were hoping for an inventory decline to help market corrections. Less inventory usually means more Buyers are competing for less homes in a given market. Average homeowners cannot compete with Foreclosure and Shortsale pricing. The backlash from the market conditions are battering the refinance sector.

Las Vegas is seeing an inventory decline in entry level housing, more specifically in areas hardest hit by Foreclosures.

By Hubble Smith-Review Journal- While sales of both new and existing homes in Las Vegas trail last year's numbers, they're picking up momentum, a local housing analyst said Tuesday.

New-home sales increased for the third straight month to 1,146 in March, though the first-quarter total of 2,296 is down 44.1 percent from the same period a year ago, Dennis Smith of Home Builders Research reported.

The total includes 188 high-rise condo units, led by 102 closings at Palms Place at an average price of $668,130.

Median price for all types of new homes sold in March was $278,630, a 9 percent decline from a year ago.

The resale segment continues to improve with 1,899 recorded closings, the fourth straight monthly increase. For the first three months of the year, existing home sales are off 34.4 percent at 4,916.

Nationally, the National Association of Realtors reported Tuesday that sales of existing single-family homes and condominiums dropped by 2 percent in March to a seasonally adjusted annual rate of 4.93 million units.

The median price of a home sold last month in the U.S. was $200,700, a decline of 7.7 percent from a year ago and the seventh consecutive year-over-year price drop. It was also the second biggest decline following a record 8.4 percent drop in February. These records go back to 1999.

"Like I've been saying, it looks like we're close to the bottom," Smith said. "I'm talking about sales. The price is not a reflection of whether the market is turning around. It's a lagging indicator. You have to have better demand."

Resale prices are being dragged down by foreclosures and short sales, he said. The $230,000 median in March is down 19.3 percent from a year ago.

"Even if more than half of the resale total are foreclosures or short sales, so what? The most important thing is to get rid of the excess inventory and that is what's happening, although the lenders could step things up a little bit," Smith said.

"We know of instances where short sales are taking months to get responses from the selling banks. Are they holding offers while waiting for higher offers? Are they understaffed? Whatever the reason, they need to speed up the process."

David Vaughn of Las Vegas said he made an offer for the full amount of $229,900 on a foreclosure home advertised in the Review-Journal by Countrywide Home Mortgage. That was 12 weeks ago.

"I called Countrywide," he said. "All the financing is in place. I can't get them to even talk to me."

"All Systems GO" seems to be the theme for the Las Vegas Real Estate Market. We are experiencing an increase in home sales and a decline in home prices. Inventory is a key player in the home price decline, along with the record number of short sales and bank owned properties.

The hot topic of previous blogs has been the signs of market turn-around Las Vegas has been exhibiting. We have touched the multiple offer issues we are seeing in foreclosure properties and in the short sale market. Delays in the foreclosure and short sale markets have been attributed to the overwhelming amount of defaulting homeowners Clark County has seen over the last 12-18 months. Banks are not able to keep pace with the demand of many Buyers whom are just waiting for an answer so they can cash in on the hot foreclosure market.

As consumers grow more weary of the bleak economic outlook, opinions begin to form as to who is responsible for the Mortgage Meldown. Banks point the fingers at Mortgage Brokers, Mortgage Broker point the finger at their loan officers, then back at the banks. Consumers blame Lenders for not doing more to protect their interest in the sub-prime market. Perhaps a little blame falls on everyone from the Banks to the consumers alike. The end results are not going to change,whether we point fingers or not, something needs to be done. American Homeowners need a bailout and it is pretty clear many people do not want to pay for other peoples misfortune.

No matter who you ask about the housing market everyone probably has an opinion about how we went wrong and why. The article below seems to articulate some of the frustration the American Public has with the notion our government is going to bailout the housing sector. Whether you think it is fair or not, I'm sure everyone agrees that something has to be done to protect the economic prosperity of America.

NEW YORK (CNNMoney.com) -- Why should American taxpayers have to pay to bailout reckless lenders and borrowers?

The website Angryrenter.com, launched just last week, has a vitiation demanding that Congress not pass any bailout programs that reward risky borrowing and lending. To wit: "Let the free market sort it out!"

The petition is gathering 40 to 50 signatures per hour, according to spokesman Adam Brandon, who adds that the site is already getting 15,000 visitors a day.

"There's a huge segment of the country saying, 'We don't want our money used for a bailout,'" said Brandon.

AngryRenter.com is backed by FreedomWorks, the conservative, free-market Washington-based lobbying group run by former House majority leader Dick Armey.

"A third of the American public rents," Brandon pointed out. "They're saying 'I've been saving for a mortgage for years. I could have jumped in on a subprime loan too. Now I'm going to have to pay for a government bailout."

In closing, I invite you to share your thoughts on the housing market and what we should do about it. Send us your plans for battling back the troubled housing sector. Are you taking advantage of the great opportunities available in purchasing Foreclosure properties or are you waiting for things to blow over?

By HUBBLE SMITH REVIEW-JOURNAL:More than half of Las Vegas home sales in March were foreclosures or short sales, the president of Greater Las Vegas Association of Realtors said Monday.

The association reported 1,478 escrow closings for single-family homes during the month, a 34.6 percent increase from February. It was the third straight monthly increase. Sales are down 7.9 percent from the same month a year ago.

"What an increase we had in March," association President Patty Kelley said. "People are coming outside, the weather's getting warm and they've heard doom and gloom all winter long. There's some great deals out there, and they're not going to last forever."

She said foreclosure homes are getting multiple offers. It's taking longer for banks to approve sales and for buyers to close escrow.

"It's starting to become a feeding frenzy," Kelley said. "The banks, the title and escrow companies are backed up. They laid off all their people and now they don't have the staff to handle the volume. We could get foreclosures and short sales out of the inventory. We have buyers coming back, but the banks can't act fast enough."

What did the Realtor say upon being informed of an imminent nuclear holocaust?

"Now is the best time to buy!"

As a Realtor, I believe I have earned the right to poke fun at my profession in good light hearted humor. I have been around many a conversation where Realtors are being touted as always saying "It is a great time to buy Real Estate!" Lets face it, I have heard it all up to this point.

Your probably asking yourself "Why the joke to start off the blog entry?" Well the answer is very simple, what if that joke and other media rhetoric caused people to abstain from the market? Today most people are immune to the fact that this may very well be a great time to buy Real Estate. Everyday mainstream media spanks Real Estate with their flame thrower and everyday I find properties that have multiple offers on them. Coincidence? I think not. So I pose to you the question, "Why not buy a home for 250K that sold for 375K a year ago?"

In the past I have referred to this market transition as the "Real Estate Steals Era." As much as I would enjoy a pat on the shoulder about this ingenius marketing ploy, it is very simplistic in nature. If your looking to get a steal of a deal on a home, it appears now is the time to do it. Want to buy a million dollar home in Lake Las Vegas? How much do you want to pay? If your looking in the 600K to 750K range, they are out there for the taking.

Greater Las Vegas Association of Realtors President Patty Kelly is optimistic about our Real Estate future here in Las Vegas. The numbers speak for themselves and they are indicating people are ready to buy in Las Vegas The fact of the matter is, if you could sum up this blog entry, "There's some great deals out there, and they're not going to last forever."(GLVAR President Patty Kelley)

Last week we wrote about how the Las Vegas Market may be hitting the bottom. Our blog entry titled "Has Las Vegas Real Estate Hit The Bottom? Analyst Dennis Smith Believes It Has" shared some real world experiences on the Real Estate battlefield. We took you behind "agent lines" to express what real world agents are going through in our market. These days we are seeing many multiple offer situations from everyday buyers and investors alike. Do they know something we do not know? Perhaps they undertand our market correction and want to capitalize on the shift to realistic housing prices.

The information is now in your hands and you have the task of deciphering whether or not this is indeed a great opportunity to buy or just another Realtor punchline. There are more Real Estate Buyers and Investors than there are comedians, so keep that in mind when you are considering the Las Vegas Real Estate Market.

World Market Center Las Vegas is an integrated home and hospitality contract furnishings showroom and trade complex in Las Vegas. When fully built, at 12 million square feet in 8 buildings, World Market Center will be the largest trade show complex in the world. The $3 billion, state-of-the-art campus will showcase furniture, decorative accessories, lighting, area rugs, home textile and related segments, as well as the Las Vegas Design Center (LVDC) open year-round to the trade. World Market Center produces the semi-annual Las Vegas Market, held every January and July, and is the fastest growing home furnishings trade show in the world. World Market Center is now leasing the third building to a broad cross-section of the home furnishings industry.

When completed in 2012, World Market Center will have more than 12 million square feet of state-of-the-art exhibit space in 8 buildings on 57 contiguous acres in downtown Las Vegas. All segments of the industry will be together on one mega-campus, making it the largest, most comprehensive, most accessible showroom and convention complex in the industry.

But the home furnishing industry doesn’t have to wait for completion in order to appreciate World Market Center’s many advantages. With the debut of Las Vegas Market in July of 2005, World Market Center gave the entire industry what they’d been asking for: a world-class Market with state-of-the-art facilities, exceptional market representation, ultra-convenience, easy access, cutting-edge technology and unprecedented amenities—all in a city with an unrivaled reputation for fun, excitement and hospitality. World Market Press Release

A few years ago I heard Mayor Oscar Goodman speak about making Las Vegas the center of the furniture universe. My first thought was "Whats wrong with being the entertainment capital of the universe?" We all know our recipe of fine dining, gambling and nightlife has paid off well over the last few decades. Mayor Goodman was a catalyst in the Las Vegas World Market Center and the Downtown Revitalization project.

Revitalization of Downtown has been a main priority for the self proclaimed "Happiest mayor in the universe." The World Market Center opportunity was seized, and has further developed the ailing downtown area which was in dire need of an image overhaul. When driving near downtown off of Interstate 15, you cannot ignore how the colossal nature of the project has impacted the Las Vegas landscape.

The World Market Center Las Vegas project has crossed the halfway marker and has been embraced by the World Furniture community.

ReviewJournal.com-There's been a lot of talk about the Las Vegas housing market reaching the bottom, backed by statistics showing an increase in February home sales and stabilized inventory.

Median existing-home prices have fallen to $237,000, below the $240,000 threshold that local housing analysts predicted would be the low point. Las Vegas made national headlines again this week with a 19 percent decline in the January Standard & Poor's/Case-Shiller home price index, tied with Miami for the biggest drop among 20 cities measured in the index.

New-home sales in Las Vegas are down 49 percent for the first two months of the year, existing-home sales are off 37 percent and home building permits have plunged 70 percent, housing analyst Dennis Smith said Wednesday at Las Vegas Housing Outlook 2008.

"Obviously we've got tight credit and qualifying requirements," the president of Home Builders Research said. "Those are factors, too. I could go on and on. I think we're close to the bottom, but it's going to be an extended bottom."

Any recovery won't be in the shape of a "V" but a flat-bottom "U," Smith told about 700 builders, developers, mortgage brokers and real estate agents at the Las Vegas Convention Center.

For those of you that do not like to hear about statistics, lets look at a real story about housing. Today I met with a very enthusiastic client whom is ready to make a move on a new home. The excited client strolled into my office with a great grin as he was ready to put in an offer on a Bank Owned Foreclosure Home. He had every right to be excited, he was purchasing a home listed at $250K, which as recently as last year was selling for $75K+ more. We were creating a dynamite offer possibly at $225K to see if the bank would accept something in this price range, which quickly turned into a 245K offer. The home was listed 3 days ago and we were certain the property would be available to receive an offer like ours, which appeared to be in line with market conditions. What I'm about to tell you next will definitely explain whether or not we have hit the bottom in our Real Estate market, not based on numbers, but based on reality. (Even if we have not hit the bottom, we are on the right track as statistics show)

An innocent call to the listing agent to confirm our intent ends up turning into a scenario we did not anticipate. As we let the agent know we had an offer prepared, the agent conveyed the fact he already had 4 offers submitted to the bank. You heard correctly, 4 offers submitted to the bank.(Over the past few weeks I over heard "water cooler" talk about banks getting multiple offers) We were taken aback by the abrupt manner in which my clients home seemed out of reach. How can this be? How can a home that has been on the market for 3 days have 4 offers submitted to the bank in such a short amount of time? The answer can be as simple or as complex as you would like to make it. Was this home the perfect home? Yes it was great home and in mint condition.(A.k.a Cream Puff) Could it be a fluke that this home had 4 offers on it? On the surface, it could have been a fluke, however it seemed the agent mentioned he had a client interested in putting in an offer and they could not get to it fast enough.

We went back to the drawing board and pulled up 4 other model match properties (Properties that are fundamentally the same) for our client to view. Our client was familiar with the properties and conceded to write an offer on another home. We realized time was of the essence because there are atleast 3 other buyers looking for the same home in the same area that will be back at it once their offer is not accepted by the bank.

What do multiple offers mean?
Multiple offers are a healthy sign a real estate market has Buyers standing buy to purchase homes. In this case, it seems our market has Buyers standing buy to purchase specific homes at basement prices. We can also conclude our inventory may be shrinking in certain areas. Building permits are on the drop and Buyers cannot just show up on the door steps of builders expecting to be handed keys to their new home.

Buyers today are savvy and ready. They are armed with e-mail updates and have their agents on speed dial. At the risk of catching some heat, I would venture to say Buyers today are modern day 007's of the real estate market. Buyers are looking for the best deals in specific areas. The high rate of foreclosures and short sales in the Las Vegas and Henderson area allows them to pick the cream of the crop.

Consumer Note: Clark County FHA Limit has been raised to 400K. Buy a home ZERO MONEY DOWN** with a credit as low as 580!

**Certain restrictions and qualifications apply. Must qualify with an FHA Approved Lender.

CityCenter reflects an optimistic vision of the future, a vision that combines a healthy quality of life with a global commitment to sustainable design. Eight award-winning architects have engineered a “city within a city,” where residents and visitors can live, work, and play. This vibrant community will transform your expectations, providing a remarkable demonstration that a community can be both beautiful and sustainable.

We aspire to achieve LEED™ (Leadership in Energy and Environmental Design) certification from the U.S. Green Building Council, taking an innovative approach to site development, water savings, energy efficiency, materials selection and indoor environmental air quality.

Conserving Water:
CityCenter is located in a beautiful desert valley. Our architects and planners have integrated water conservation measures throughout the community. From beautiful, specially-designed low-flow bathroom fixtures to a highly efficient irrigation system, CityCenter’s design conserves water, a precious resource.

Preserving Indoor Environmental Quality:
Bold new construction strategies will ensure that the air you breathe at CityCenter is clean and fresh. Construction crews are implementing innovative new techniques to minimize pollutants in the air conditioning system. Materials utilized during facility construction have been chosen to minimize emissions of volatile organic compounds (VOCs). These strategies will ensure the health and comfort of our guests and visitors.

Conserving Energy:
CityCenter’s dramatic design and exciting amenities utilize natural light and innovative strategies to conserve power… and much of the power that is consumed at CityCenter will be generated on-site. CityCenter’s cogeneration solution will utilize the excess heat generated by the on-site power plant to heat water for use by guests. This reduces demand on the power grid and benefits the entire community.

“Throughout its 100-year history, Las Vegas has been transformed repeatedly by a series of significant developments reflecting the creative energies of its visionary builders and entrepreneurs. CityCenter represents what we feel is a significant new direction for our city and our company. With this world-class development, Las Vegas is on the fast track to becoming a major urban center in the western United States.”
--Terry Lanni, Chairman and CEO, MGM MIRAGE

A joint venture between MGM MIRAGE and Dubai World, CityCenter is an unprecedented architectural paradigm for the ideal modern city that has the potential to redefine contemporary urban design throughout the world. The more than $8 billion mixed-use development, built on 76 acres along the Las Vegas Strip between the Bellagio and Monte Carlo resorts, confirms a cultural and lifestyle revival of city living. The groundbreaking design introduces a dazzling vertical city in the heart of Las Vegas’ sprawling horizontal grid. As envisioned, CityCenter represents the most significant privately financed project in the United States.

When completed in 2009, CityCenter will be one of the great urban places of the world, a reflection of the best of the life that we’re living today and tomorrow. It will be a place of continual evolution, richness and diversity—a place people from around the world will desire to visit and experience.

Across the country and throughout the world, people are rediscovering the excitement of the city. The city is where the people are, where the action is, and where all that’s thrilling and new comes together—whoever you are. Las Vegas will soon have its own urban core— a 76-acre city-within-a-city that’s destined to redefine the skyline. It will be an urban setting unlike any other in the United States. Or, really, anywhere. CityCenter.

CityCenter could only exist in Las Vegas— and only MGM MIRAGE, the world’s premier developer of destination resorts, could build it. No other developer has the vision to realize such a forward-thinking project with the same care and attention—or the experience to offer hotels, retail and amenities that will exceed the high expectations for which MGM MIRAGE is known throughout the world.

Sin City's less flashy neighbor, Henderson, is becoming a destination for entrepreneurs who want to be close to, but not live in, Las Vegas. One of the state's fastest-growing cities, Henderson and its active business organizations are working hard to recruit and foster the growth of small and mid-sized companies: The city's economic development manager visits a different local business each week to talk to its owner about his or her needs and concerns.

Small business owners can take advantage of a city-funded business coaching series, connect with mentors through the economic development division, or take up residence in the Henderson Business Resource Center small-business incubator. Nevada's business-friendly tax structure - no corporate, franchise, inventory or personal income taxes - and fast-growing southern population makes this region a desirable landscape for entrepreneurial ventures.(As Provided in CNNMoney.com)

Henderson, the city overshadowed by "What Happens in Vegas Stays in Vegas." As millions of visitors flock to Las Vegas in search of good times and big jackpots; sister city Henderson quietly receives national recognition for being a great city next to one of the most exciting cities on earth.

Although it seemed to be a disappointment to see Las Vegas snubbed from the "Top 100 Places to Live and Launch a Business," Henderson deserves credit where credit is due. Henderson derives much of its fortune from the robust ecomony Las Vegas has provided Southern Nevada for many years.

WASHINGTON, - The U.S. Department of Housing and Urban Development today published new FHA and conforming loan limits, based on median home prices as mandated by the Economic Stimulus Act signed by President Bush in February. New loan limits for FHA and Fannie Mae and Freddie Mac are now calculated at 125 percent of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750. NAR expects the impact on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.

NAR research points out that increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of home ownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the housing finance market, which continues to be severely stressed, by providing an immediate infusion of much needed liquidity to the nation’s mortgage market.

An economic impact study conducted by NAR in January 2008 estimated that increasing conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points. (Used by Permission from the National Association of Realtors)

The rapid appreciation Real Estate Markets across the country have seen, has undoubtedly forced many to give up the dream of homeownership. As the sub-prime market dried up and guidelines shifted, borrowers were left stranded to come up with impossible down payments.

Keeping the dream alive seems to be a priority for many buyers that have been priced out of their markets. The new loan limit increase will provide a new opportunity to 138,000 Americans.