Las Vegas Home Sales Did NOT sink 27% in July!

Wednesday, August 25th, 2010 at 9:53am. 50 Views, 0 Comments.

National Association of Realtors reports 27% drop in Resale Homes

Nationwide... this is not for Las Vegas Home Sales. BIG Difference....

Here is the national news being echoed on every business channel there is:

Housing Slump Clouds U.S. Recovery

WASHINGTON — US home sales are plunging despite rock-bottom mortgage rates as high unemployment prevents people from buying houses and threatens to curtail economic recovery.

Existing-home sales plunged for the third straight month by a whopping 27.2 percent in July to levels unseen in more than a decade, an industry group said Tuesday.

Sales of single-family homes, townhomes and condominiums dropped to 3.83 million units from 5.26 million units in June, said the National…

Las Vegas Home Sales Chart shows the impact of the Homebuyers Tax Credit

Wednesday, August 18th, 2010 at 11:13am. 91 Views, 0 Comments.

Las Vegas Home Sales Chart

Equity Title of Nevada just shot over their "July" Hotspot report to me with the number of Single Family home sales by Las Vegas zip code, the average sales price, the Number of Notices of Default Filed and the number of the Notices of Trustee Sales filed per zip code for Las Vegas Home Sales in July of 2010.

These are always pretty interesting and if you want the full report, just go to my Contact Form, put "Request Equity Title July Sales Report" in the Subject Line and I'll shoot it over to you so you can see what is going on in your Las Vegas zip code. (Or others.)

From the Report is the Following Chart that I found interesting:

As you can see, the Homebuyers tax credit obviously had an impact on Las Vegas real estate sales. The…

FHA About to Get Tougher for Las Vegas Home Buyers

Sunday, August 15th, 2010 at 12:26pm. 115 Views, 1 Comments.

FHA Gets Tougher on Mortgages

New Changes for FHA loans are expected to be taking place soon that includes requiring higher credit scores, reducing seller contributions allowed and increasing the monthly premium. In Las Vegas, Buyers using FHA Loans accounted for approximately 27% of all single family residential closings in the Las Vegas Homes July Sales Report.

Of interest will be the impact new down payment requirements will have. The New proposals would include requiring borrowers to have at least a 580 FICO score to qualify for the 3.5% down payment. Borrowers with FICO scores below 580 will have to put down 10%. Still very affordable with today's Las Vegas home prices and in many cases, cheaper then paying rent.

From the Wall Street Journal:

FHA Gets…

Nevada Short Sale Strategy

Tuesday, August 10th, 2010 at 2:31am. 208 Views, 0 Comments.

A Nevada Short Sale Strategy worth Trying

Over the years of doing Las Vegas short sales, I've come across quite a bit of strategies through multiple educational classes, real estate short sale forums, networking with other True Short Sale agents and sitting down with my client's Attorneys. Honestly, I pretty much read at least one case about short sales a day to stay on top of all the changes that are constantly going on. Some of the strategies are completely ridiculous and a waste of time... more often then not strategies that would never fly with Nevada laws or just downright Mortgage Fraud, while some have been worth trying. But nothing really consistent that Any Nevada Home seller upside down on their mortgage can use with any lender.

I've pretty much…

Las Vegas Real Estate Report - July Closings

Wednesday, August 4th, 2010 at 5:02pm. 218 Views, 3 Comments.

July Real Estate Closings for Las Vegas actually Look Solid

Months following the April 30th Contract deadline of the First Time Homebuyers Tax Credit critical to see if a base and interest in Las Vegas real estate is sustainable.

Some of these July closings were originated in April but as the months pass, more and more of these sales will not be due to Government subsidies enticing buyers. Obviously there has been a lot of concern from Real Estate experts across the country what would happen if the tax credit expired. As expected, some markets not allowed to correct before the tax credit program are seeing pain with multiple price reductions and increased inventory which has been dominating the news as of late. According to many of the reports I've seen, Las…

Prudential Real Estate Ranked #1 for Home Sellers by JD Power and Associates 2010

Sunday, August 1st, 2010 at 7:55am. 192 Views, 0 Comments.

Prudential Real Estate Ranks #1 for Home Sellers

07/28/2010 - JD Power & Associates 2010 Home Buyer/Seller Survey ranks Prudential #1 in Customer Satisfaction for Home Sellers.

Let's face it.. there is no shortage of Real Estate Companies saying they are #1 but there is only one JD Power & Associates Customer satisfaction survey and according to their 2010 survey, Prudential Real Estate ranked #1 in what is probably the most challenging segment of the Real Estate Industry right now. This is the second time out of the past 3…

Foreclosures Climb in 75% of Metro Areas

Saturday, July 31st, 2010 at 9:57am. 107 Views, 0 Comments.

Real Estate Hangover

Interesting Article in CNNMoney.com going over the latest results from RealtyTrac.com tracking foreclosures Nationwide:

Foreclosures Climb in 75% of Metro Areas Via CnnMoney.com

By Les Christie, staff writerJuly 29, 2010: 3:32 AM ET

NEW YORK (CNNMoney.com) -- Foreclosure filings climbed in 75% of the nation's metro areas during the first half of 2010, according to a report issued Thursday.

RealtyTrac, an online marketer of foreclosed homes, said that California, Florida, Arizona and Nevada continue to lead the nation in the rate of foreclosures. Las Vegas was the worst-hit city.

Pay Attention to the Interview with Meredith Whitney Predicting a Double Dip in Housing:

Key Phrases:

• Unemployment driving today's foreclosures. 
• Banks Releasing…

Rhodes Ranch Real Estate - Rhodes Ranch in Southwest Las Vegas

Friday, July 30th, 2010 at 6:24am. 103 Views, 0 Comments.

Rhodes Ranch Homes Sales Report

PLEASE NOTE: This report is for Rhodes Ranch Homes located within the Guard Gated Golf Course Community of Rhodes Ranch. I personally do not consider subdivisions surrounding Rhodes Ranch and outside of the Guard Gates as part of "Rhodes Ranch" since they have their own associations and do not fall under a main association.

My reasoning for this is that True Master Planned Communities in Las Vegas, Henderson and North Las Vegas will fall under a "Master" association. (Summerlin, Green Valley Ranch, Seven Hills, Lake Las Vegas and Aliante are excellent examples of this.) All subdivisions outside of the guard gates of Rhodes Ranch have their own Homeowner Associations managed by different companies and different covenants,…

Las Vegas Area Bank Owned Homes and Bank Owned Condominiums For Sale Trending Up

Thursday, July 29th, 2010 at 12:30pm. 146 Views, 2 Comments.

Las Vegas Area Bank Owned Properties Inventory Going Back Up

July 29 Inventory Report for Bank Owned Properties Shows Increase in Availability

Now that the First Time Homebuyers Tax Credit has expired and some certain Loan Servicers have gotten serious about Foreclosing on Las Vegas Home Owners, it appears that the inventory of Las Vegas Bank Owned Homes is trending back up in comparison to an Las Vegas REO Inventory Report Provided on April 14th, 2010.

Currently Listed as Bank Owned Homes available on the Las Vegas Multiple Listing Service:

07/29/2010 - 2,741 Las Vegas Bank Owned Homes for Sale. Includes Henderson Nevada Bank Owned Homes and North Las Vegas REO properties. Broken down by Property Type:

• 1,976 Single Family Homes
• 450 Condominiums
• 203 Townhomes
• 74…

Las Vegas Homeowners Who Strategically Default About to See Stiff Penalties

Wednesday, July 28th, 2010 at 7:12am. 124 Views, 0 Comments.

Las Vegas Home Owners who Strategically Default about to see Stiff Penalties

Fannie Mae, the largest Guarantor of Home Loans in the Country, recently announced some new changes for homeowners eligibility to receive a home loan beginning on 10/01/2010 that you can read here:

Fannie Mae Increases Penalties for Homeowners who Walk Away