las vegas foreclosures: It’s Still a Great Time to Buy A Las Vegas Home - 09/01/11 02:13 PM
Times are tough, especially in the housing market.  However, if you are in the market to buy a home or investment property, now is the time to take advantage of the low Las Vegas home prices and deals that you can get on foreclosures and short sales.
While foreclosure sales this spring accounted for one third of all homes sold, Nevada foreclosure sales accounted for a whopping two thirds of all real estate transactions – that’s two out of three houses in foreclosure.  These foreclosed homes sold for an average of 21 percent less than the prices that typical homes … (4 comments)

las vegas foreclosures: Undervalued Las Vegas Home Prices Mean Homeownership for You - 07/28/11 05:32 PM
If you are considering buying a Las Vegas home, you’ve heard the hype – prices are low – buyer’s market – but have you seen the numbers that support the claim? In 2006, the median Las Vegas home price was $285,000. Today, the median price is extremely undervalued at $106,000, which is at an unsustainable level.
"It collapsed so hard that it overcorrected," Mark Boud of Irvine, CA-based Real Estate Economics,  told about 60 real estate professionals at the Las Vegas Midyear Builder Symposium at Alexis Park. "You pay 11 cents on the dollar in mortgage costs, which is incredible and, … (3 comments)

las vegas foreclosures: Settling Las Vegas Property-Line Issues Without a Wild West Shootout - 04/23/11 05:26 AM
 
There's an old adage that goes something like this: You'll catch more flies with honey than vinegar. The gist of the saying applies to disputes with your fellow Las Vegas homeowners; if you think your neighbors are unfairly crossing your property line, you'll get much further with a smile than with a shotgun.
If you're involved in a property line dispute, remember that you're still going to be living next to the people with whom you're doing battle. Of course you'll need to take action; not doing so could have substantial repercussions later. But don't jump to conclusions...try to assume … (0 comments)

las vegas foreclosures: Foreclosure Rate Took a Dive at the End of the Year - 01/14/11 01:52 AM
 
Homeowners and investment property owners in Las Vegas can breathe a tentative sigh of relief, following the news that the pace of foreclosures in the US has dropped. The decline comes after revelations that thousands of foreclosure documents may have been improperly prepared.
 
RealtyTrac reported on Wednesday that in December, U.S. foreclosure filings were down 26% from December 2009. This drop was the biggest in at least five years. Lenders and mortgage servicers imposed delays on foreclosure processes in October, after reports in September that some servicers did not follow legal procedures in tens of thousands of foreclosures.
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las vegas foreclosures: Las Vegas Traditional Home Sales Outpace Distressed Sales - 03/11/10 01:40 AM
This month, SalesTraq (based in Las Vegas) announced that traditional home sales in the Las Vegas valley exceeded foreclosures in January for the first time since June 2008.  The majority of homes sales are "distressed," including short sales (homes sold for less than the mortgage balance), which will keep prices down, but overall it is good news for the market that existing sales are up.  From January 2009, existing home sales totaled 3,429, representing a 24/1% increase from a year previous.
According to the data, about 47% of existing sales were bank-owned homes, with a median price of $115,000. The remaining … (2 comments)

las vegas foreclosures: Prices Have Fallen and Real Estate in Las Vegas is Heating Up - 02/26/10 06:42 AM

From the most affluent suburbs to lower priced inner-city neighborhoods, no part of the Las Vegas housing market was left untouched by the dramatic drop in home values last year.  Over the 12 months in 2009, the median price for an existing home fell 38% to $128,108 according to Las Vegas-based SalesTraq.  While discouraging for homeowners who've seen their values drop since they purchased their home, today's lower prices are representing some great deals in our market - one that analysts are saying is undervalued.
In 2009, some areas suffered more than others, but everybody lost ground.  The smallest average … (0 comments)

las vegas foreclosures: Las Vegas Home Sales Finish 2009 Strong - 01/14/10 08:33 AM
Welcome to the new year!  Here in Las Vegas, the housing market ended 2009 on a great note.  We finished with a trend of declining inventory and increasing sales, according to December statistics from the Greater Las Vegas Association of Realtors.
Single-family home sales in December 2009 were 36.9% higher than a year ago with 3,472 homes sold.  The inventory of homes on the market declined 11%, year-over-year, as well.  Both of these indicators suggest that 2010 will be more stable than last year in housing. 
The value of all single-family homes sold through the Multiple Listing Service in December rose … (0 comments)

las vegas foreclosures: Curious About las Vegas Short Sales and Foreclosures? Here's the Deal - 01/01/10 03:00 AM
The real estate industry is buzzing about the current economy, what it means for our housing market, and how things will turn around - especially in Las Vegas, where we've fallen farther and faster than just about everyone.  By virtue of that, however, we are also in a position to lead the nation in the recovery that all analysts agree will come (the debate continues as to precisely when).  As we're still assessing the damage and beginning to plan our exit strategies to a brighter economic future, many who are struggling may be asking what is the difference between short sales … (0 comments)

las vegas foreclosures: Looking To Buy A Home In Las Vegas? Be Ready For Some Competition - 12/16/09 11:59 PM

There are some great deals to be found here in Las Vegas, if you're looking to buy.  Real Estate prices have dropped over 50% since the peak in April 2006, and the large numbers of foreclosures and short sales are drawing investors and buyers into the market.  As the prices are falling (down 24.7% from a year ago, to a median home price of $140,000), so is the inventory, and the competition is creating a frustrating situation for many buyers.
It's often the case that when a buyer finds a home they like at the right price, they put in … (0 comments)

las vegas foreclosures: Las Vegas Foreclosures Being Bought Up By Investors, First Time Buyers - 12/08/09 02:22 PM

Las Vegas has recently been named the nation's leader in foreclosures, second to none.  While the economy and the housing market are proving to be tough challenges today, some good news was recently released by DataQuick - showing an uptick in home sales from this time last year.  This, and the reduced fear of a large wave of foreclosures hitting the market all at once, seems to be increasing the confidence of prospective home buyers, as well as investors. 
In October of this year, 5,068 single-family homes, condos, and new homes sold, which represents a 22% increase from October 2008 … (0 comments)

las vegas foreclosures: Las Vegas Valley Short Sales Rising - 11/25/09 03:35 PM
The tide is changing in Las Vegas, and so are the ways that homes are selling.  Recently, there has been a sharp increase in short sales, which may signal that banks are becoming more willing to work with homeowners in an effort to avoid foreclosure.  Previously, short sales (homes that sell for less than is owed to the bank) this year were relatively few and far between - about 8% in the first quarter of this year.  In October alone, short sales grew to 16% of all home sales.
This suggests that short sales are no longer a small corner of … (2 comments)

las vegas foreclosures: No Foreclosure Flood = Stabilized Las Vegas Prices - 11/20/09 01:39 PM

There is some controversy and speculation among real estate experts in our local Las Vegas market, where it is clear there are many more foreclosed homes that will eventually enter the market.  All you have to do is drive around town, and you'll see the dotting of empty homes with dead lawns, but no for sale signs. Some say that banks are choosing to release only a small amount of the existing REO homes to artificially sustain housing prices, and others argue that lenders simply don't have the staff to handle the sheer volume of foreclosures.  Whatever the reason, the … (2 comments)

las vegas foreclosures: Take Your Las Vegas Foreclosure Tour, Then Call a Professional - 11/07/09 02:44 AM

In today's real estate market, with around 2 million foreclosures expected in 2009, it is not uncommon to see a foreclosure tour bus loaded up with prospective homebuyers who are all hoping to find the best deal on a bank owned home in the Las Vegas Valley.  If you are interested in purchasing a foreclosure, here are a few things to keep in mind to make the best of your foreclosure tour. 
Sign up for tours run by buyers' agents, who approach the properties with the buyer's needs in mind, not the sellers'.  Be sure to find an agent who … (0 comments)

las vegas foreclosures: Facing Foreclosure? A Game Plan for Selling Your Las Vegas Home Quickly - 07/23/09 12:19 AM
If you are at risk of foreclosure, you aren't in a hopeless situation, but no question about it, time is of the essence.  As soon as you realize you are headed for trouble, it's time to develop a game plan.  Your strategy will vary according to what you want to do and what you can do.  If you realize that you can't afford the home and the costs to maintain it, a quick sale of your Las Vegas home might be the best course of action. 
In these times, that may sound like a cosmic joke, but even now, sellers have … (0 comments)

las vegas foreclosures: Should Realtors® Encourage Las Vegas Homeowners to Pursue Desparate Measures in Desparate Times? - 07/05/09 11:15 PM
When we read the current blog by Brian Tutas on whether walking away from an underwater home was morally wrong or good financial sense, we couldn't help but reflect on the same research on this topic that he referenced.  Researchers from Northwestern and the University of Chicago studied housing in Massachusetts and came to the unsurprising result that the more a homeowner is drowning in an upside down mortgage, the more likely he is to default.
It seems that 15% is the magic number.  When the housing value is 15% less than the amount of the mortgage, people start walking.  Even … (1 comments)

las vegas foreclosures: Citizens of Las Vegas: Celebrate Your Economic Freedom - 07/04/09 03:09 AM
Today is July 4th, a great day in American history that marks the day some 233 year ago the U.S. broke free from England to become a separate country.  The original settlers and great waves of subsequent immigrants have come here in pursuit of economic, political, social, and religious freedom. This still remains true.  As we have noted in previous blogs about foreign investorswho pursue opportunities to buy homes in Las Vegas, California, Florida, Arizona, and other areas, the United States is regarded as politically stable and despite current economic turmoil, offers good long term investment potential.
Independence Day is a … (2 comments)

las vegas foreclosures: Bouncing Back from Las Vegas Housing Woes - 06/30/09 11:46 AM
"Life is what happens while you're making other plans." Richard Dreyfuss in Mr. Holland's Opus
No one moves into a home planning on foreclosure.  Even if 9 out of 10 people would have told you the big house in Las Vegas was too expensive for you or that you were making a bad decision when you bought it, you probably would have sided with number 10 and thought things would work out.  If your decision did prove unwise, you lost your job, you got sick, or your rich wife left you, you might have to resort to foreclosure or short sale.  … (5 comments)

las vegas foreclosures: When You Sell Your Las Vegas Home, Don't Steal the Parts - 06/27/09 02:39 AM
In the wacky world of short sales and REOs, finding the home trashed by former owners or vandals calls for new levels of salesmanship.  The foreclosure crisis has resulted in a rash of trashed, smashed, and stripped-bare homes for the next set of owners to deal with.  Many homeowners, strapped for cash, have ripped out counters, appliances, light fixtures, or cabinets to sell and may have intentionally damaged what's left, out of anger.  Vandals have often come into to finish the job of gutting the home of anything of value.  It takes a buyer with vision and sometimes deep pockets to overlook … (0 comments)

las vegas foreclosures: New Report Challenges Thinking About Las Vegas Foreclosures - 06/25/09 03:01 AM
Life goes on for Las Vegas residents.  Another month, another set of depressing foreclosure figures in the midst of some glimmers of hope in the housing market.  Though foreclosures decreased in the last months, Nevada has the nation's highest foreclosure rate.  This rate is up 111% since April, 2008.  Properties in Nevada, Florida, California, and Arizona, along with six more high foreclosure states, account for 75% of foreclosures in the country.  On a local level, Las Vegas has the highest foreclosure rate of any metropolitan area with a population over 200,000 - in 56 homes received a foreclosure filing in April.
… (1 comments)

las vegas foreclosures: Canadian Buyers Take a Chance on Las Vegas Housing - 06/20/09 03:17 PM
Continuous foreclosures may keep Realtors ' shelves stocked with houses in Las Vegas, but there are bidding wars on some homes and condos with foreign investors emerging victorious. 
When the dollar is weak in world market and homes in the U.S. are plentiful, it's not surprising that property in the United States is a hot commodity among foreigners.  Las Vegas and many other cities are seeing an influx of buyers from Canada, the UK, Spain, the Middle East, and the Far East. The buyers often come with cash (a good thing since they might have trouble being financed by many U.S. … (0 comments)