green valley: Effective homeownership rate in Las Vegas perilously low, according to Fed study - 06/08/10 11:02 PM
Southern Nevada homeowners were dealt a hand in the real estate and mortgage tragedy for the ages that had very little chance of keeping them in the game for long. Severe price erosion has yanked tens of thousands way underwater – a suddenly everyday term in Sin City where the mortgage balance is higher than property value – that has pushed them to reconsider the merits of continuing to honor the original home loan agreement. Making payments on a, say, $400,000 mortgage when the house is only worth $200,000 is bothering increasingly many as something they probably should not be doing. … (8 comments)
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green valley: Southern Nevada resale statistics all over the map in April - 05/11/10 08:32 PM
If the median price of a single-family house is used as a sole indicator for the health of a real estate market, then Sin City would be hailed as being on the mend. According to GLVAR, or Greater Las Vegas Association of Realtors, Las Vegas median price grew to $142,000 in April, a strong 4.4% improvement from March. Not only that, it also is 0.2% higher from the same month last year, for the first time the year-over-year number is positive since 2007. Single-family house prices peaked in Las Vegas in February of 2007 at $310,000. The slide without a doubt … (6 comments)
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green valley: High housing inventory could further delay expected market turnaround - 04/26/10 07:20 PM
The residential real estate market is on a turbo-charged roller coaster ride. One day the news is encouraging in the form of increased existing home sales over previous months. Or that housing prices are beginning to stabilize across the country. Pieces like that will get mortgage and housing industry observers and homeowners from Las Vegas to Miami all perked up and dreaming of a brighter tomorrow. And then out of nowhere all that good feeling and improved adrenalin flow is coldly shattered by another report saying that it's not over until it's over. And it may get worse before getting better.
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green valley: Home loan modifications turn creative - Las Vegas mortgage borrowers could benefit - 11/05/09 08:22 PM
Mortgage lenders and servicers have generally been going at a snail's pace, or slower, in modifying homeowners' loans. Many applications to do so have been actually declined for a variety of reasons. Some borrowers have just plain given up on the process due to all the hoops they have to jump through and still not get anything meaningful done. And all the well-meaning government programs introduced so far have produced at best mixed results.
A major mortgage provider, Wells Fargo, is doing something different now. It is taking the lead in home loan mods by taking in the so called Pick-A-Pay … (10 comments)
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green valley: Subprime home loans are back - Las Vegas mortgage borrowers go FHA - 10/29/09 06:23 PM
Mortgage loans that were labeled subprime just a few years ago were partly responsible for the notorious real estate bubble. When it burst and let all the air out, the subprime product quickly disappeared from the bloodied scene. Many housing observers warmed up their fingers over keyboards and wrote all these tearful obituaries, believing it would be gone for good. But guess what? It's now back.
This much-criticized mortgage segment has adopted a new backer, however. Subprime used to be pretty much exclusively conventional lenders' territory, until the recent thermonuclear event. With their exit a new player emerged to fill the … (10 comments)
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green valley: Las Vegas real estate values rise thanks to Washington - 10/26/09 07:00 PM
Housing prices have been in a free fall in most sectors of the nation for a long while, much longer than any real estate expert had predicted. When mortgage financing is hard to come by and supply far outpaces demand that's usually what will follow. The weak economy is also a major contributor to this. Lately, though, prices have begun to stabilize across the colorful map.
Southern Nevada - Las Vegas, Henderson, Green Valley, Summerlin, Southern Highlands, Pahrump, Mountains Edge and Mesquite among its communities - is a good example of that. The lower end of the marketplace is rather busy here as … (11 comments)
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green valley: Las Vegas short sales can sting homeowners later on - 10/15/09 04:02 PM
Mortgage banks have been pushed between the rock and the hard place in today's reeling real estate market. They are trying to make the right moves to keep their bleeding books from totally blowing up during this perfect storm as more and more home loans go bad. To deal with that, they generally look at three basic options; a mortgage loan modification, a short sale or then the foreclosure, the infamous word that has been in the media a lot lately.
Southern Nevada - with communities like Henderson, Boulder City, Summerlin, Mountains Edge, Southern Highlands, North Las Vegas and Green Valley … (8 comments)
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green valley: Las Vegas claims top spot in an upbeat housing study - 10/01/09 01:31 PM
Southern Nevada - including Henderson, Summerlin, Southern Highlands, Green Valley, Mountains Edge, Anthem and North Las Vegas - has graced the pages of many publications in recent years regarding the improbable real estate meltdown and subsequent mortgage foreclosure rampage here. It usually ended up topping many of the national statistics that measured how deeply these negative housing market conditions have affected the area. That has not been fun reading for the locals. Going from a boom town to a bust town so quickly can be rather deflating.
Las Vegas real estate news have got cautiously better, though, in recent months. And … (8 comments)
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green valley: Las Vegas real estate prices slow to recover? - 09/21/09 07:11 PM
Moody's Economy.com analyst believes housing values will take a long while to regain the levels they reached around 2006, the peak year of this recent ultra expansion. Prices went up at a rather steep curve and then hit the breaks and plunged at a breath-taking velocity. With that a lot of other economic fundamentals were thrown out the window, too, and there apparently are the seeds to the sluggish real estate recovery.
Housing values will take 20 years to reach the earlier high point in California and Florida, the Moody's Economy.com forecast says. That's possible knowing what those states have gone … (8 comments)
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green valley: Southern Nevada existing housing stats down a bit in August - 09/10/09 06:13 PM
Las Vegas valley - with communities of Green Valley, Summerlin, Henderson, North Las Vegas and Sunrise Manor - real estate market eased up some as the summer progressed, actually to no surprise. July was already somewhat weaker than the several previous months that had been increasingly strong. Mortgage rates remain very favorable, as do home prices, but even these factors weren't enough to prevent a slight downward movement.
Greater Las Vegas Association of Realtors, or GLVAR, relates this time that 3,229 single-family houses were closed in August, a 14% drop from July. That's one thing, the other is that in August … (4 comments)
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green valley: Las Vegas real estate among most affordable again - 08/27/09 01:12 PM
Southern Nevada - like Green Valley, Summerlin, Henderson, Spring Valley and Eldorado - was rapidly pricing itself out of the housing market a few years ago. The recent unforgettable boom pushed home values way past the average household income, forcing many to buy property with flexible mortgages that they really couldn't afford, or leaving others out of the market altogether.
That was the flavor of the Las Vegas real estate scene then. Things, fortunately, have changed drastically from those days.
BusinessWeek.com and a research shop Reis made some advanced calculations to rank the top 20 cheapest housing markets in the whole … (12 comments)
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green valley: Home buyers beware, walkable neighborhoods command higher prices - 08/24/09 06:11 PM
Real estate, they say, is all about location, location, location, and that is in a certain way backed up by a recent study commissioned by CEOs for Cities. It's a nationwide cross-sector group of urban movers and shakers from academic, business, civic and philanthropic fields committed to building and sustaining the next generation of strong American cities. They if anyone ought to have a finger on the pulse on this topic.
"Walking the Walk: How Walkability Raises Housing Values in U.S. Cities" is the report's title, prepared by Joseph Cortright from Impresa, a Portland consulting operation. Basically what was measured was … (10 comments)
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green valley: New joint venture to buy distressed residential real estate - 08/20/09 02:04 PM
The co-founders of $1.5 billion fund have long resumes highlighted with mortgage, FHA, Wall Street and financial regulation experience in executive positions. Richard Stewart Jr., CEO of Heritage Capital Resources and Peter Monroe, CEO of National Real Estate Ventures, have carefully assessed the turbulent state of the national housing market and decided to pool their talents to buy and sell distressed real estate. In doing so the plan is to "help return foreclosed homes to productive use, prevent many foreclosures and also allow us to work with banks, servicers and federal agencies to reduce evictions."
Their forward-looking joint venture has also … (4 comments)
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green valley: Las Vegas resale real estate numbers remain steady in July - 08/11/09 01:21 PM
The housing market in Southern Nevada had several strong months late in the spring and going into the summer, largely because of low mortgage rates and increasingly affordable prices. Those two conditions have that something extra to attract buyers, in this day and age mostly first-timers and investors, to make a play for it.
GLVAR, or the Greater Las Vegas Association of Realtors, reports that for July the stats are still rather strong, although some slowdown from previous months is evident. The single-family home inventory slipped lower by 0.9%, from 20,613 in June to 20,423. It is slowly coming down. Many … (6 comments)
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