August 2010

There are 6 blog entries for August 2010.

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

Wednesday, August 25th, 2010 at 9:53am. 648 Views, 2 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

By P. Parameswaran (AFP) – 4 hours ago

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. 871 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:

Equity Title July Sales Chart for Las Vegas Homes

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. 749 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. 2310 Views, 2 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. 1025 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.

las_vegas_real_estate_sold_400Some 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. 1770 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.

"Among home sellers, Prudential ranks highest with a score of 760 and performs particularly well in the marketing and agent factors. Prudential is the only company to improve in home-seller satisfaction in 2010, compared with 2009." 

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…