las vegas foreclosures: FANNIE MAE BRINGING DOWN THE HAMMER ON STRATEGIC DEFAULTS
- 06/23/10 12:06 PM
Who knows how they will decide who has the ability to pay or not. This is an interesting twist to events!
Comments Disabled: Please go to Harry D'Elia's blog to comment:
FANNIE MAE BRINGING DOWN THE HAMMER ON STRATEGIC DEFAULTS
Fannie Mae announced today that they will make people who can make their payments and who do a strategic default will make them wait seven years before they are eligible for a Fannie Mae loan. It is estimated that there are 11 million homes acros America who are under water. That means the home owner owes more on the … (0 comments)
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las vegas foreclosures: FBI Operation Stolen Dreams in Nevada
- 06/18/10 12:17 PM
One Hundred Twenty Three (123) individuals have been charged, convicted or sentenced since March 1 (according to the Las Vegas Review Journal) from the FBI's Operation Stolen Dreams.
Names or details have not been released. It is being insinuated that the fraud is from straw buyer activity and many of the 123 targeted from the probe are real estate related professionals. I am wondering if any activity is from short sale fraud and what I call "flip flops".
There are some comments annoying me on LVRJ's website. This is the reason why I don't like commenting on LVRJ's website nor do … (11 comments)
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las vegas foreclosures: Las Vegas NV Area May 2010 REO Inventory Update
- 06/16/10 03:15 AM
Las Vegas Area REO Inventory has RISEN since last report (+367 units), Under Contracts have RISEN (+38) units Closing data has FALLEN (-162) units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 42% of all Las Vegas Area Valley resale closings in May 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 (6/15/2010):2146 Under Contract (6/15/2010): 2787 Sold May 2010: 1464 View Last Month's Report Here
… (7 comments)
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las vegas foreclosures: How to Report Real Estate Fraud in Las Vegas NV Area?
- 06/13/10 08:46 AM
Here is topic number 2 for the day found in my google analytics for my outside blog:
How to Report Real Estate Fraud in Las Vegas NV:
Las Vegas FBI: Southern Nevada Mortgage Fraud Task Force 702-584-5555
Nevada Real Estate Division: File a complaint if it is against a real estate salesperson/broker licensee.
Nevada's Fight Fraud State Website: Covers all grounds of real estate professionals including appraisers and title
Nevada's Mortgage Division: If it is against a mortgage loan officer/broker
Nevada's Foreclosure Fraud
Hope these all help and if you need any real estate lawyer recommendations, please drop me a … (0 comments)
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las vegas foreclosures: Las Vegas Area Short Sale Closings Trending Upwards Taking a Larger Chunk of Market Share!
- 06/03/10 05:51 AM
Las Vegas Area Short Sale Closings are beginning to take a larger slice of the pie and we have seen a dramatic shift over the last year!
Here is last year's graph:
Here is this year's graph:
As you can see short sales became a popular alternative after recycled REO inventory is getting gobbled up by very high buyer demand. Las Vegas Area Short Sale Closings only owned around 9% of the market share last year vs 28% today.
Short sale closings in May of 2009 recorded at only 301 closes where in April 2009 there were 968 units … (6 comments)
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las vegas foreclosures: Las Vegas, NV Area April 2010 Short Sale Inventory Update
- 06/01/10 08:32 AM
The absorption rate for Las Vegas Valley Area Short Sales is finally seeing movement. Inventory has DECREASED by -200 units. Under Contract has increased by +546 units. Solds have DECREASED by -2 units.
There are many reasons for the lack of closings in this market and it is outlined in this post.
Short Sale Synopsis:
Listings 5/15/2010: 4123 Pending 5/15/2010: 11640 Closed April 2010: 968 Short Sales Currently Account for:
43% of All Las Vegas Valley Listings 27% of All Las Vegas Valley Sales Read here for the most current Las Vegas Area Short Sale Report.
Read here for last month's report on Las … (8 comments)
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las vegas foreclosures: Las Vegas NV Area April 2010 REO Inventory Update (Marching Upwards...A LITTLE)
- 05/19/10 05:36 AM
Las Vegas Area REO Inventory has RISEN since last report (+431 units), Under Contracts have FALLEN (-64) units Closing data has FALLEN (-384) units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 45% of all Las Vegas Area Valley resale closings in April 2010. REO listings account for only 19% 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 (5/15/2010): 1779 Under Contract (5/15/2010): 2749 Sold April 2010: 1626 View Last Month's Report Here
… (5 comments)
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las vegas foreclosures: Las Vegas NV Area April 2010 Home Sale & Listings by Type
- 05/16/10 09:07 AM
Las Vegas Area May 15, 2010 Active Listings by Type
REO: 1348 (19%) Short Sale: 4323 (43%) All Other: 3709 (38%)
April 2010 Sales by Type:
REO: 2010 (45%) Short Sale: 970 (27%) Other: 853 (28%) This is just a guide for consumers to see what types of properties are closing vs what is listed. Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.
Click here to see last month's Listing and Sales Type Report
Click here to view the most recent stats (scroll … (11 comments)
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las vegas foreclosures: Las Vegas, NV Area Pendings April 2010 Real Estate Market Report: Homes For Sale, Under Contract & SOLD!
- 05/15/10 07:59 AM
The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for December 2009 is a seller's market with very little inventory. Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm!
We are FINALLY seeing a stabilization of inventory and a decrease with escrows (we should have seen that late spring/early summer!) Good news for buyers? Still remains to be seen. We need to get over 10000 active units on the market before it can be stabilized from a seller's market
Las … (6 comments)
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las vegas foreclosures: Will Las Vegas Cash Buyers Pull Us Out of the Weeds?
- 05/13/10 02:08 AM
While I don't think this is close to over, I do believe that we may quite possibly have seen the worst of days as we cycle through Las Vegas Area Foreclosures!
One trend that pushed me to an AHA (!) moment the other night as I comb through this market in a frustrating manner, is the ALL CASH TRANSACTION.
A majority of our defaults are strategic defaults. Let's not kid ourselves here. A majority of homeowners are not losing their homes due to hardship or economic circumstances but rather they are annoyed (to put it mildly) that their homes have lost … (14 comments)
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las vegas foreclosures: Las Vegas Strategic Defaults + 60 Minutes = A New Blog Post by Me
- 05/10/10 01:40 PM
I have never really stated my position on strategic defaults but I actually do have a strong position in regards toit. I just never talk about it. I guess that makes me chicken.
Bawk Bawk!
However, today I am coming out of the closet.
Kind of.
The problem with Las Vegas & Strategic Defaults is that is all around me. Friends, Former Clients, Strangers Down the Street. Here I go being chicken again.
Even with being surrounded by the cavalier attitude that was portrayed last night on 60 minutes I have not become immune or changed my position on … (7 comments)
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las vegas foreclosures: Economic Conditions for the Las Vegas Valley April 2010
- 05/02/10 06:12 AM
Economic Conditions for the Las Vegas Valley February 2010
Housing Conditions:
Foreclosure/Short Sale Listings (4/15/2010): Total Listings 9302; Short Sales: 4323, 46% of all listings; Bank Owned Listings: 1348, 15% of all listings. Short sale and REO listings consume 61% of total listings New Home Sales (March 2010, units sold): 427 Year Change -8.4% (excl condo conversions, highrises) New Home Sales (March 2010, median price): $211,028 Year Change -7.5% (excl condo conversions, highrises) Existing Home Sales (March 2010, units sold): 3833 Year Change +25.1% Existing Home Sales (March 2010, median price): $124,500 Year Change: -12.3% New Home … (0 comments)
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las vegas foreclosures: Las Vegas NV Area Pendings March 2010 Real Estate Market Report: Homes For Sale, Under Contract, Sold
- 04/26/10 11:49 AM
The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for December 2009 is a seller's market with very little inventory. Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm!
We are FINALLY seeing a stabilization of inventory and a decrease with escrows (we should have seen that late spring/early summer!) Good news for buyers? Still remains to be seen. We need to get over 10000 active units on the market before it can be stabilized from a seller's market
Las … (9 comments)
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las vegas foreclosures: Las Vegas NV Area March 2010 Home Sales & Listings by Type
- 04/18/10 11:50 AM
Las Vegas Area April 15, 2010 Active Listings by Type
REO: 1348 (15%) Short Sale: 4323 (46%) All Other: 3709 (39%)
March 2010 Sales by Type:
REO: 2010 (53%) Short Sale: 970 (25%) Other: 853 (22%) This is just a guide for consumers to see what types of properties are closing vs what is listed. Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.
Click here to see last month's Listing and Sales Type Report
Click here to view the most recent stats (scroll … (5 comments)
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las vegas foreclosures: Las Vegas NV Area March 2010 REO Inventory Update
- 04/16/10 09:29 AM
Las Vegas Area REO Inventory has FALLEN since last report (-119 units), Under Contracts have FALLEN (-379) units Closing data has RISEN (+327) units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 53% of all Las Vegas Area Valley resale closings in March 2010. REO listings account for only 15% 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 (4/15/2010): 1348 Under Contract (4/15/2010): 2813 Sold March 2010:2010 Absorption Rate: 0.7 Months (THATS LESS THAN ONE … (7 comments)
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las vegas foreclosures: Cash or Credit? Financing Profiles for REO Sales in the Las Vegas Valley March 2010
- 04/15/10 01:00 AM
Cash or Credit for Your REO Purchase?
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 … (7 comments)
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las vegas foreclosures: Economic Conditions for the Las Vegas Valley March 2010
- 04/09/10 09:27 AM
Economic Conditions for the Las Vegas Valley February 2010
Housing Conditions:
Foreclosure/Short Sale Listings (3/15/2010): Total Listings 9979; Short Sales: 4803, 48% of all listings; Bank Owned Listings: 1467, 15% of all listings. Short sale and REO listings consume 63% of total listings New Home Sales (February 2010, units sold): 322 Year Change -6.9% (excl condo conversions, highrises) New Home Sales (February 2010, median price): $208,634 Year Change -4.3% (excl condo conversions, highrises) Existing Home Sales (February 2010, units sold): 2969 Year Change +14.5% Existing Home Sales (February 2010, median price): $124,000 Year Change: -14.5% New Home … (8 comments)
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las vegas foreclosures: Cash or Credit? Financing Profiles for REO Sales in the Las Vegas Valley February 2010
- 03/23/10 07:16 AM
Cash or Credit for Your REO Purchase?
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 … (10 comments)
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las vegas foreclosures: Las Vegas NV Area February 2010 REO Inventory Update
- 03/22/10 04:34 AM
Las Vegas Area REO Inventory has FALLEN since last report (-670 units), Under Contracts have FALLEN (-96) units Closing data has FALLEN (-867) units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 57% of all Las Vegas Area Valley resale closings in January 2010. REO listings account for only 15% 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 (3/15/2010): 1467 Under Contract (3/15/2010): 3192 Sold February 2010: 1683 Absorption Rate: 0.9 Months (THATS LESS THAN ONE MONTH … (7 comments)
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las vegas foreclosures: Las Vegas, NV Area Pendings Report: Homes For Sale, Under Contract, Sold
- 03/15/10 12:43 AM
The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year! Absorption for December 2009 is a seller's market with very little inventory. Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm!
We are FINALLY seeing a stabilization of inventory and a decrease with escrows (we should have seen that late spring/early summer!) Good news for buyers? Still remains to be seen. We need to get over 10000 active units on the market before it can be stabilized from a seller's market
Las … (9 comments)
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