las vegas foreclosures: It is Now Criminal (misdemeanor) to Destroy your Las Vegas home in Foreclosure
- 10/02/11 02:04 PM
The Nevada Senate has made it criminal (misdemeanor) to do the following to your Las Vegas Home in Foreclosure:
Assembly Bill No. 373–Assemblyman Goicoechea CHAPTER.......... AN ACT relating to real property; prohibiting under certain circumstances the removal, concealing or destruction of real property that is subject to foreclosure with the intent to defraud; providing a penalty; and providing other matters properly relating thereto. Legislative Counsel’s Digest: This bill provides that a person in possession of real property who, under certain circumstances, removes, conceals or destroys any real property that is subject to foreclosure with the intent to defraud and who … (16 comments)
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las vegas foreclosures: Las Vegas Mortgage Assistance, Principal Reduction & Second Lien Relief Programs VIA Nevada Hardest Hit Funds
- 08/25/11 09:24 AM
Nevada has received money from the US Treasury to provide assistance and relief with the following programs via “Nevada Hardest Hit Funds” program:
Mortgage Assistance Program Principal Reduction Program Short Sale Program Second Lien Relief Program Several factors to qualify for this program: Owner Occupied Legal US Resident Loan Originated 1/1/2009 or earlier Documented financial hardship Within income limits Facing imminent default Only own 1 property Your servicing company must participate To see if you qualify for any of these programs or if your servicing company is a participant visit: www.NevadaHardestHitFunds.org … (6 comments)
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las vegas foreclosures: Las Vegas Short Sale or Foreclosure? Confused? Free Class by Local Attorney.
- 05/21/11 09:07 AM
Many Las Vegas area homeowners are faced with that question. The problem is, each homeowner’s circumstance is different. Short Sale is not necessarily a blanket solution to each homeowner’s problem. If you have questions concerning your financial future, I encourage you to attend the following free event by a local attorney:
Q & A with Michael M Later, esq.
May 24, 2011
10:00-11:30 AM
Must RSVP, See Flyer
… (8 comments)
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las vegas foreclosures: Short Sales, BPOs & Shenanigans, OH MY!
- 03/02/11 12:29 AM
Las Vegas Short Sale listing agents are sometimes paranoid and go a little too far to make sure their short sale listing has a BPO (Broker Price Opinion) or appraisal coming in at the right price. Sometimes they absolutely have a right to be paranoid because they did the right thing and had a bad BPO or appraisal come back. Sometimes they are not doing the right thing and they have priced the home too low and/or are taking “both sides” of the transaction. (Please note: representing both sides of a transaction – “dual agency” – is not wrong when it is done … (38 comments)
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las vegas foreclosures: Ca$h or Credit? Las Vegas NV Area REO Financing Profiles for December 2010 (includes Henderson & North Las Vegas)
- 02/15/11 06:23 AM
Cash is the obvious dominator with overall Las Vegas Area REO Purchases. Cash not only dominates but CRUSHES financed purchases under $75000. The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing.
Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)
Condo financing is currently a … (8 comments)
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las vegas foreclosures: Las Vegas NV Area Market Watch (includes Henderson & North Las Vegas)
- 02/10/11 01:52 AM
**ACTIVE Las Vegas Real Estate Inventory Sees a Rising Slowdown!**
Active Las Vegas Residental Resale MLS Inventory has risen for 7 straight months but experienced a slowdown in December. This is mainly due to first time buyers exhausting the market due to their tax credit expiring - this is not due to the shadow inventory fairy bringing us more inventory!
Read more about Las Vegas Real Estate Inventory Analysis here and consumers may comment on this post.
Las Vegas Area Real Estate Market Watch was created for informational purposes only.
This is for all the buyers wondering "where is the … (4 comments)
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las vegas foreclosures: Economic Conditions for the Las Vegas Valley (includes Henderson & North Las Vegas
- 02/07/11 02:19 AM
Last Month's Report on Las Vegas Valley Economic Conditions Housing Conditions:
Foreclosure/Short Sale Listings (1/15/2011): Total Listings 15409; Short Sales: 7724, 50% of all listings; Bank Owned Listings: 3368, 22% of all listings. Short sale and REO listings consume 72% of total listings New Home Sales (December 2010, units sold): 347 Year Change -27.3% (excl condo conversions, highrises) New Home Sales (December 2010, median price): $216,225 Year Change -0.3% (excl condo conversions, highrises) Existing Home Sales (December 2010, units sold): 3856 Year Change -11.8% Existing Home Sales (December 2010, median price): $119,000 Year Change: -3.3% New Home … (10 comments)
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las vegas foreclosures: What is Shadow Inventory?
- 01/22/11 07:07 AM
What Exactly is Shadow Inventory in the Las Vegas Real Estate Market?
Shadow Inventory has been a HUGE boogeyman in the Las Vegas Real Estate Market. Experts wring their hands and have been telling us for YEARS how we are just going to get a bunch of Las Vegas REOhomes for sale just dumped on us overnight.
I actually feel bad for those that parrot what they hear on the news and pretend that they know what they are talking about. Some people’s perception of REO shadow inventory is that banks just sit there and hold on to properties that have already been through the foreclosure process. This could be … (76 comments)
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las vegas foreclosures: Las Vegas NV Area REO Inventory Report for December 2010 (includes Henderson & North Las Vegas)
- 01/18/11 08:36 AM
Las Vegas Area REO Inventory has FALLEN since last report (-41 units), Under Contracts have FALLEN (-334) units Closing data has RISEN (+453) units. Low interest rates have spurred a flurry of buyer interest & activity and it continues.
REO sales accounted for 53% of all Las Vegas Area Valley resale closings in December 2010. REO listings account for only 22% of total resale listings.
Current Listed Bank Owned Statistics:
Listings (1/15/2011): 3368 Under Contract (1/15/2011): 2560 Sold December 2010: 2025 View Last Month's Report Here
For Most Current Las Vegas REO Inventory Market Report.
What Areas Do You Cover for your Las … (6 comments)
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las vegas foreclosures: Ca$h or Credit? Las Vegas NV Area REO Financing Profiles for November 2010 (includes Henderson & North Las Vegas)
- 01/16/11 04:27 AM
Cash is the obvious dominator with overall Las Vegas Area REO Purchases. Cash not only dominates but CRUSHES financed purchases under $75000. The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing.
Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)
Condo financing is currently a … (11 comments)
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las vegas foreclosures: Economic Conditions for the Las Vegas Valley (includes Henderson & North Las Vegas)
- 01/09/11 07:52 AM
Last Month's Report on Las Vegas Valley Economic Conditions Housing Conditions:
Foreclosure/Short Sale Listings (12/15/2010): Total Listings 15666; Short Sales: 7817, 50% of all listings; Bank Owned Listings: 3409, 22% of all listings. Short sale and REO listings consume 72% of total listings New Home Sales (October 2010, units sold): 305 Year Change -30.8% (excl condo conversions, highrises) New Home Sales (October 2010, median price): $208,000 Year Change +1.5% (excl condo conversions, highrises) Existing Home Sales (October 2010, units sold): 3266 Year Change -23.2% Existing Home Sales (October 2010, median price): $119,000 Year Change: -4.8% New Home … (8 comments)
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las vegas foreclosures: Cash or Credit? Las Vegas Area REO Financing Profiles for October 2010 (includes Henderson & North Las Vegas)
- 12/13/10 01:22 AM
Cash is the obvious dominator with overall Las Vegas Area REO Purchases. Cash not only dominates but CRUSHES financed purchases under $75000. The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing.
Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)
Condo financing is currently a … (11 comments)
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las vegas foreclosures: Las Vegas Realty News: Changing Your Marital Status During a Financed Escrow!
- 12/11/10 05:48 AM
This is part of my series: “Things That Can Make Your Las Vegas Financed Home Purchase *Blow Up* in the Middle of a Transaction.”
My ultimate goal in this series is to make Las Vegas Home Buyers aware of the challenges of a specific home’s eligibility for financing.
Congratulations! Your lender just approved you to purchase a Las Vegas area home by looking at your check stubs, debt to income ratio and you are now approved to purchase a Las Vegas area home!
Hold the phone here, *you* may be eligible to purchase a home but is the house eligible for financing? This series is … (37 comments)
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las vegas foreclosures: Freddie Wants MORE $$$ but I Think Freddie Doesn't DESERVE More Money!
- 11/03/10 06:19 AM
The Associated Press is reporting that Freddie Mac reported a $4.1B 3rd quarter loss and is asking the government for an additional $100 Million.
Wait one moment here! This is the same horribly inefficient Freddie that takes forever to make decisions on their assets for sale and once they do make that decision, they like to take up to a week just to get signatures when a cash buyer is more than capable of closing the property in that amount of time. This is just to execute a contract – the nightmares usually begin during the escrow period.
I would actually love … (24 comments)
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las vegas foreclosures: Combatting Las Vegas Valley Copper Theft!
- 08/21/10 06:53 AM
Yesterday while showing homes in two subdivisions side by side with high vacancy rates and boarded up homes, it appears there was another recent rash of A/C units stolen for the copper. The units were gutted and the copper was stripped all the way to the home. We meandered into neighboring vacant backyards to find many units stripped.
Has it come to legislating recycling??
I wish that we could get tougher recycling laws like Mississippi (how sad, I know) where recyclers would have to be registered and perhaps state where the materials came from and the source would need to be … (48 comments)
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las vegas foreclosures: North Las Vegas | Henderson | Las Vegas NV July 2010 REO Inventory Report
- 08/16/10 07:01 AM
Las Vegas Area REO Inventory has RISEN since last report (+262 units), Under Contracts have RISEN (+85) units Closing data has FALLEN (-35) units. Low interest rates have spurred a flurry of buyer interest & activity and it continues.
REO sales accounted for 44% of all Las Vegas Area Valley resale closings in July 2010. REO listings account for only 20% of total resale listings.
Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.
Current Listed Bank Owned Statistics:
Listings (8/15/2010): 2738 Under Contract (8/15/2010): 2675 Sold July 2010: 1590 View Last Month's Report Here
For … (9 comments)
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las vegas foreclosures: Economic Conditions for the Las Vegas Valley July 2010 (includes Henderson & North Las Vegas)
- 08/03/10 08:55 AM
Economic Conditions for the Las Vegas Valley June 2010
Housing Conditions:
Foreclosure/Short Sale Listings (7/15/2010): Total Listings 11716; Short Sales: 5231, 45% of all listings; Bank Owned Listings: 2476, 21% of all listings. Short sale and REO listings consume 63% of total listings New Home Sales (June 2010, units sold): 893 Year Change +99.3% (excl condo conversions, highrises) New Home Sales (June 2010, median price): $183,213 Year Change -10.6% (excl condo conversions, highrises) Existing Home Sales (June 2010, units sold): 4126 Year Change -5.0% Existing Home Sales (June 2010, median price): $126,000 Year Change: +0.8% New Home … (9 comments)
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las vegas foreclosures: Las Vegas NV Area June 2010 Short Sale Inventory Report: WOW! WOW! WOW! CLOSED UNITS JUMP
- 07/16/10 10:46 AM
The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement. Inventory has INCREASED by +672 units. Under Contract has DECREASED by -925 units. Sold units have INCREASED by +377 units.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
Listings 7/15/2010: 5231 Pending 7/15/2010: 10460 Closed June 2010: 1416 Short Sales Currently Account for:
45% of All Las Vegas Valley Listings 35% of All Las Vegas Valley Sales Read here for last month's report on Las Vegas Area Short Sales.
If you need to sell your … (4 comments)
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las vegas foreclosures: Las Vegas NV Area Sales by Type - History **New Report**
- 07/16/10 06:04 AM
Las Vegas Area Sales by Type - The History of the Last Year!
This report is a special request from a lender collegue. I am going to include it in my regular Las Vegas Area Listings & Sales by Type Monthly Report HOWEVER I think the first one deserves special attention and it's own post.
REO - Real Estate Owned and is commonly known as "Bank Owned" Property.
REO sales are down for a myriad of reasons and the main reason is due to the lack of inventory. It isn't because people don't want to buy them - in fact … (7 comments)
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las vegas foreclosures: LENDERS ARE GOING AFTER BORROWERS POST-SHORT SALE
- 07/01/10 06:35 AM
It is always a good idea to have a lawyer review your case and your short sale approval before, during and after the process.
Comments are disabled, please see Derik's post to comment:
LENDERS ARE GOING AFTER BORROWERS POST-SHORT SALE
July 1, 2010
By Derik N. Lewis, Esq.
Financially distressed borrowers may think that a foreclosure or a short sale means their mortgage troubles are over. That’s simply not the case.
The Washington Post reported last week that “over the past year, lenders have become much more aggressive in trying to recoup money lost in foreclosures and other distressed … (0 comments)
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