general real estate news: Next Decade to See Significant Housing Growth - 06/23/08 03:25 AM
CNN reviewed a Harvard report suggesting that the next decade will be very healthy with regards to housing. Changing demograhics and a continued population growth mean more households are needed. There will be a hesitation in growth because of current unsold homes, however, annual amounts will average considerable growth.
From 2010 to 2020, the number of households in the United States will grow by anaverage of more than 1.4 million per year, the study finds. In Las Vegas, we anticipate real estate growth based on major projects happening across the valley, including City Center among others. Las Vegas Realtors can explain … (0 comments)

general real estate news: Housing Starts Drop to 17-Year Low - 06/17/08 02:33 AM
Housing starts drop to new 17-year low across the nation. According to CNN privately owned housing starts dropped 3.3% for seasonally adjusted rates. The drops indicate a stagnant period.
Michael Larson, real estate analyst at Weiss Research, said...thinks the largest percentage declines in housing starts are "probably behind us." But he thinks the number of new homes under construction will remain at current levels until builders reduce "their inventory overhang." The market will likely remain in a valley for several months to come before improved sales begin.
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general real estate news: Home Equity Reported to Be Lowest Since WWII - 06/06/08 04:04 AM
MSNBC reported that owners home equity nation wide is at its lowest levels in decades. Many bought homes when the market was at a peak and now owe more than they can get for their home. Others took out home equity lines increasing the debt owed over what the home was worth. As the market cycles hopefully many have learned that a home can be a source of great appreciation and equity unless abused. It's important to stay on top of trends and plan well.
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general real estate news: Home Buyers Downsizing - 06/04/08 03:11 AM
As could be expected, the housing trend's rise and fall sparked similarities in the size of home people believed they could afford. During the boom it was the McMansion. Now, home builders are releasing smaller models and buyers are selecting them.In Las Vegas, clients are commonly looking for the best deal and just what they can afford. A Las Vegas Realtor is able to scout out those great deals in the MLS and other home finding tools.
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general real estate news: At Risk Home Owners Get Relief - 06/02/08 03:39 AM
CNN reports that some are being rescued from a sticky foreclosure situation. They have helped many keep their homes.
"Hope Now helped 183,000 at-risk borrowers stay in their homes during the month of April..." Many of the home owners were simply allowed to make up late payments. However, many loans were actually altered to lower the balance or interest rate to ease the payment amount.Sadly, many families are still losing their homes. No one benefits from a foreclosure unless you are on the investor side picking up the recently dumped properties. Some in Las Vegas are reaping the profits. Find out … (0 comments)

general real estate news: News Writers Convinced Housing Market Will Be Stalled for Some Time - 05/28/08 03:29 AM
Home buyer/seller sentiment often follows what is read in the news. An article in MSNBC suggest that the housing market won't be turning quickly. They give 4 reasons it will take some time:
More looming foreclosures to come The Mortgage lending system is broken Consumer confidence is in the toilet There is a larger underlying inventory than most people realize He concludes that we may have found a marginal bottom to the slide but it will take some time to begin to climb again.
To learn more specifically about the Nevada/Las Vegas real estate market (as mentioned in the article) contact … (0 comments)

general real estate news: Some Real Estate Good News? Housing Starts Up in April - 05/16/08 02:40 AM
The housing starts stats rose by around 8% in April. Apartment construction is adding new units pushing new housing numbers up. Single family housing is still weak but the optimism by contractors represents some recovery after a very slow March.However, before we see a large up turn in these overall numbers we'll need to see a decrease in standing inventory:
"economists believe that housing construction will remain under pressure until builders have more success in reducing a huge backlog of unsold homes." Specifically in Las Vegas, real estate new construction is still flat. Builders wait on the sidelines until inventories indicate … (0 comments)

general real estate news: Some Real Estate Markets Still Growing - 05/15/08 03:00 AM
Yahoo listed a group of housing markets that are expected to show growth in value this year, even with the recent market down turn. The top five are:
McAllen, Texas Rochester, NY Birmingham, Alabama Syracuse, NY Buffalo/Niagra Falls, NY For the rest of the list and details go here.
Regarding Las Vegas real estate, many real estate agents are expecting 2009 for real estate growth. That makes sales tough for those leaving homes behind. However, buyers are finding home values similar to values before the boom as though the market has corrected to previous trends.
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general real estate news: Home Remodeling Activity Down - 05/14/08 03:39 AM
Home remodeling activity expectedly down with market skeptisism and activity. Many sectors of the economy are affected. Retail goods, remodeling services, and other related areas. Now is actually a great time to negotiate top deals with a remodeler if your finances allow. There is a surplus of time and people who need the work. If you are looking to remodel in Las Vegas and need a guy you can trust contact a Las Vegas Realtor.
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general real estate news: Summertime: Homes with Pools - 05/09/08 03:12 AM
Las Vegas is known for its hot summer weather. Many home owners ease the heat by buying homes with pools. CNN showcased some great pool designs recently. They are some pretty cool home features.Many home buyers seeking pools wonder about the value between purchasing a home with a pool versus having one installed. Your Las Vegas real estate agent can help determine that value.If you are looking for a community with a pool or other similar features Vegas has many options. You can find simple or extravagant designs.
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general real estate news: Is Your Home Insurance High Enough? - 05/08/08 02:56 AM
The news commonly reminds us of unexpected disaster and loss of home. This Wall Street Journal article suggests we get our insurance in order. Many of our homes may not be insured properly for possible issues. We don't intend to scare home owners but want to point out that there are ways to verify if the home is properly insured or not.Las Vegas is known for its storms during the monsoon season. A community can be flooded quickly. There is a resource home owners can use to determine whether they live in a flood plain or not. It is a web … (0 comments)

general real estate news: Local Real Estate Markets May Get Involved in Housing, Literally Buying and Selling Homes - 05/06/08 04:03 AM
An article in CNN this morning was very intriguing and will likely spark some political skirmish. As mentioned in the article:
"Under the House plan, the Department of Housing and Urban Development would dole out the loans and grants based on the number of foreclosures and home prices in an area. Cities could use the money to buy foreclosed homes, renovate the homes to make them compliant with housing codes, and resell or rent them."The goal is to help keep neighborhoods and the city as a whole in good shape since there are so many vacant homes on the market. They tend … (0 comments)

general real estate news: Now's the Time to Buy for Some - 04/18/08 03:58 AM
For some, now is a great time to buy real estate, especially Las Vegas real estate. Home values are poised perfectly for an upswing in appreciation. There is a demographic of people who can really score in this market. According to Yahoo:
"Dual-income customers should definitely buy a home now," says George Kaiser, vice president of banking operations for Northbrook Bank and Trust and West America Mortgage Co., its sister company. "People with assets in reserve and a credit score of at least 680 should buy as well. Anyone with a credit score less than that will have to verify their income."For … (0 comments)

general real estate news: NAR Predicts Flat Existing Home Sales Before Recovery - 03/13/08 02:52 AM
The National Association of Realtors® foresees a flat sales market before a recovery during the second half of the year. Many locations have seen their correction but factors indicate they are in the trough of the trend.
"The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas..."Not all markets fit this trend exactly but many will see it soon and overall the national trend is improving, according the the NAR report.Specifically in Southern Nevada, Las Vegas Realtors have seen a … (0 comments)

general real estate news: Home Buyers Find Rising Mortgage Rates This Week - 02/27/08 02:29 AM
Inflation risks caused mortgage interest rates to rise. Home buyers may have witnessed a 41 basis point increase. Reportedly, the average on 30-yr rates rose to 6.37. Bernanke and crew are concerned about the economy and the effect inflation has. He is committed to helping out the economy as well as the housing sector.
"For now though, the No. 1 battle is shoring up the economy. And Bernanke pledged anew to slice a key interest rate to steady the wobbly economy, which many fear is on the verge of a recession - or possibly has already toppled into one." … (0 comments)

general real estate news: Home Refinancing Attempts Increase - 02/21/08 01:44 AM
Recent interest rates cuts have motivated many to attempt to refinance their property. However, many may be unable to do it successfully. Mortgage lenders are looking for considerable qualifications. The house must have equity, the borrower must have good credit and work history, and the house needs to appraise well in the real estate market they live in.Many have tried to lock in better rates and a better term for their home but are unable to because of the previous loan they acquired. To find out if you qualify contact your lender or your real estate agent who can refer you.
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general real estate news: Home Mortgage Applications Rise - 02/06/08 02:29 AM
The positive news some home owners have been awaiting was announced a couple of weeks ago. The Fed lowered interest rates considerably and mortgage rates have come down. Many who held out are either refinancing or moving into home purchases with improved home financing. It rose 3% during the week.
"Application volume increased as interest rates were mixed. The average interest rate for traditional, 30-year fixed-rate mortgages increased to 5.61 percent from 5.6 percent. The average interest rate for 15-year fixed-rate mortgages, an option popular for refinancing a home, increased to 5.09 percent from 5.04." - MSNBC … (0 comments)

general real estate news: Home Building Drops Almost 25% from Prior Year - 01/18/08 01:18 AM
Reportedly, national homebuilding has slowed considerably from previous years on account of several economic factors. Not all areas are affected so drastically. Las Vegas, for example, has slowed but considerable business developments in the valley over the next couple of years allows home builders to maintain a modest pace of building.Some areas of the country have been affected more greatly than others. It is important to contact a real estate agent in your prospective area to see how recent trends have affected the local market.
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general real estate news: Bank of America to Purchase Countrywide for $4B - 01/11/08 11:52 AM
A deal has come together for Bank of America to purchase Countrywide for $4 billion. The deal greatly expands the financial services empire of the nations largest consumer bank and will make it the largest home mortgage lender and servicer.The news comes at an interesting time in the mortgage industry. There is risk for the purchaser even with the discounted prices on existing loans.The products B of A has to offer is expanded with the purchase. However, lenders are tightening down considerably on home buying requirements. Many would-be home buyers are forced to consider alternate housing options. We have seen buyers … (1 comments)

general real estate news: Credit Score Formula is About to Change - 01/07/08 01:48 AM
Fair Isaac Corp., the company responsible for the popular FICO credit score is changing the way the score is calculated. It is anticipated that it will do a better job at calculating and predicting the likelihood of a borrower defaulting on a loan. In fact, it should help decrease default rates by 5-15%.The new score will be more lenient on occasional misses but more strict on repeat offenders.The latest version of the FICO score
will largely look and feel the same to consumers and lenders. Scores will still range from 300 to 850 -- the higher the better -- and the … (0 comments)

 

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