henderson: Southern Nevada existing home sales trend up in December - 01/11/10 02:01 PM
Las Vegas area - with communities like Henderson, Summerlin, Mesquite, Mountains Edge, Silverstone Ranch, Anthem and Spanish Trail - real estate market closed the door on 2009 on a cautiously positive note. Low mortgage rates continue to draw buyers' attention, as do rock-bottom prices. And the first-time home buyer tax credit extension, spiced with the inclusion of a similar move-up buyer credit, stirred the scene even more. Those incentives are hard to ignore even in this shaky economic environment.
As usual, GLVAR, or Greater Las Vegas Association of Realtors, is behind the stats that follow. Altogether real estate agents closed 3,472 … (11 comments)

henderson: Fannie Mae and Freddie Mac to get further Treasury support - mortgage borrowers in Las Vegas to benefit? - 01/05/10 02:57 PM
The giant GSEs - or Government-sponsored Enterprises - have been mandated to provide liquidity to the mortgage marketplace and over the years they have fulfilled that role very successfully. They grew to dominate the conventional conforming home loan segment. But when the world-famous housing bubble began gathering steam Fannie Mae and Freddie Mac somehow got caught in its frenzy, were thoroughly ill-treated when it burst and eventually ended up being put into a government conservatorship. Their total failure was not an option.
These mortgage companies are still reeling, absorbing heavy blows as the battered real estate market spawns more foreclosures.
The … (4 comments)

henderson: Las Vegas new home prices slide more - 01/01/10 09:11 AM
Southern Nevada resale housing market - covering subdivisions in Summerlin, Henderson, Southern Highlands, Anthem, Silverstone Ranch, Rhodes Ranch and Green Valley - has proved in the past several months that it does have a pulse. Motivated by affordable mortgage money, shamelessly low prices and eye-catching tax incentives people - mostly first-time buyers and real estate investors that is - have waltzed into the market to stir the pot. Homes are moving rather well specifically in the lower end of it, pricewise from roughly the $200,000 mark on down.
Las Vegas new home segment, however, has been nonchalantly elbowed to the sideline … (8 comments)

henderson: Home ownership sliding according to New York Fed report - Las Vegas housing taking flak - 12/27/09 01:29 PM
The mortgage and real estate markets are in the midst of a major overhaul on the heels of the current housing embarrassment. The home loan sector has already seen major regulatory changes, some needed and some of dubious value. And in this climate of political gamesmanship and Wall Street lobbying more is conceivably on the way to favor large financial institutions. Mortgage lenders have also tightened considerably underwriting standards to align their operations to better handle the new market realities.
The economically significant housing sector is absorbing changes unimagined just a few years ago. One of them is the fact that … (12 comments)

henderson: Real estate jam helps cure marital troubles - 12/21/09 03:06 PM
The housing market is a mess. The home loan industry is limping along. The economy is on an IV drip. Bernanke makes Time magazine's Man of the Year. Tiger, well, nuff said.
But there are also some goods news sprinkled in somewhere there. Here's one.
The real estate meltdown is now credited with bringing down the U.S. divorce rate. That's right. The National Marriage Project just reported that last year this important statistic dropped 4%. See, couples on the ropes in the past used to quarrel over who gets to stay in the house and how to split the accumulated equity. … (13 comments)

henderson: Mortgage overload attracts new remedy - Las Vegas homeowners take notice - 12/17/09 04:01 PM
The home loan mess is a tough customer to bring under control. Everyone agrees with that. The government and the private sector have tried all sorts of cures to change its course, with very little so far to show for their labors. Mortgage foreclosures are going to continue by some reliable estimates at least at the current pace well into the new year.
There is, however, a new creative initiative afoot to help restore the tattered mortgage market to health.
Behind the effort is a man called Lewie Ranieri, who is largely credited with crafting the mortgage-backed securities in the 1980s.These … (3 comments)

henderson: Home loan defaults caused largely by negative equity - mortgages in Las Vegas in the forefront - 12/14/09 03:04 PM
Mortgage and real estate market aficionados continue to debate how to fix this bone-chilling mess. While the back and forth is going on the government has taken a leading role in actually doing something. It had to act because the private sector - let's call it Wall Street - ran itself to ground, effectively scuttling the chance it could be of any help. Despite plenty of initiatives to stem mortgage foreclosures Washington has had limited success, however, in turning things around.
It seems that identifying the real problem has been botched, to put it bluntly.
So argues a seasoned MBS, or … (5 comments)

henderson: Las Vegas real estate report mixed for November - 12/10/09 07:17 AM
Southern Nevada - with communities like Mountains Edge, Rhodes Ranch, Summerlin, Henderson, North Las Vegas, Anthem and Green Valley - housing market has now assumed kind of a wait and see attitude. Las Vegas mortgage borrowers are still enjoying low interest rates that keep them at least tuned in while waiting for the right property to come along. Considering that normally the winter months are a little slower the vital statistics weren't too bad. Let's get right to them, then.
There were 3,117 existing single-family home sales in November, amounting to an almost 12% drop from October, reports GLVAR, or Greater … (4 comments)

henderson: Homeowners face another foreclosure hurdle - Las Vegas mortgage receivers potentially on the hook - 12/07/09 02:30 PM
Second mortgages are now starting to make their way into the ever-shifting foreclosure battlefield. As the housing market fell famously to pieces and took real estate values down with it, pushing scores of homeowners underwater, first mortgage holders were left holding the bag. That is if they had the only loan on the property. During the bubble that just visited the housing market home buyers often used a second mortgage to keep the down payment to a minimum, or nothing at all, and avoid paying PMI, or private mortgage insurance. 100% financing became quite popular those days.
When a foreclosure hits … (12 comments)

henderson: Southern Highlands, Las Vegas, mortgage borrowers could get a break via FDIC proposal - 12/05/09 02:18 PM
The agonizing mortgage and housing downturn has brought FDIC to the forefront of efforts to keep the financial system from being sucked into a dark, unpleasant place. The Federal Deposit Insurance Corp. takes over failed banks and then allows other healthier financial institutions to acquire the wrecks. So far this year it has shuttered 124 banks, absorbing losses in the billions.
Mortgage portfolios have played a large role in the total assets FDIC then offers up for acquisition. Typically when a bank purchases assets it also signs a loss-sharing contract with FDIC. In this current recession they generally have agreed to … (6 comments)

henderson: Las Vegas real estate appeals to investors - 12/03/09 03:46 PM
Southern Nevada - including communities like Anthem, Henderson, North Las Vegas, Mountains Edge, Summerlin, Southern Highlands, Green Valley and Rhodes Ranch - housing market has become one of the favorite playing grounds for scores of investors. And for a good reason. Las Vegas property values have nose-dived to roughly the levels seen here about ten years ago, a time when they were deservedly called affordable. Now, as was the case then, a nice single-family, 3-bedroom house in a solid neighborhood can be bought for under $150,000.
This Las Vegas housing drift has definitely drawn the attention of real estate investors from … (6 comments)

henderson: FHA seeks operational change - Las Vegas mortgage applicants could benefit - 12/01/09 08:43 AM
The current housing market turmoil has delivered the conventional home loan sector a hard uppercut on the chin, sending it reeling, which left a huge void in its wake. This gave FHA, rather dormant home loan insurer in recent years, an opening to regain some its past luster and it has steadily gained market share ever since. Its low down payment requirement and more lenient underwriting criteria have allowed many of today's mortgage borrowers achieve home ownership. Many well-meaning industry observers have also dubbed FHA the new subprime lender.
FHA has run into trouble of late, though, like who hasn't, due … (2 comments)

henderson: Las Vegas mortgage borrowers in distress to gain from Operation Stolen Hope - 11/27/09 05:26 AM
When the Southern Nevada - including Southern Highlands, Summerlin, Henderson, North Las Vegas, Anthem, Mountains Edge and Green Valley - housing market tripped into a free fall it was a foregone conclusion on many lips that scam artists would soon surface to try take advantage of the situation. And have they ever. What the local media has reported on the magnitude of the issue is undoubtedly only a tip of the iceberg. This, of course, isn't only a Las Vegas problem either, it covers the whole nation.
The scam artists generally employ a few basic practices that have all too often … (4 comments)

henderson: Las Vegas luxury condo market warming up for new day - mortgage money still scarce - 11/22/09 09:38 AM
Southern Nevada - with communities of Mountains Edge, Summerlin, Henderson, Southern Highlands, North Las Vegas, Anthem and Green Valley - condominium segment bubbled up a little later than the single-family side, but its slide became equally devastating once it hit the slope down. Mortgage financing dried suddenly up, oversupply was horrendous and the mauled global economy forced many would-be buyers to the sidelines. The usual menu that real estate disasters are made of.
Now, though, things are cautiously looking up for the Las Vegas high-rise condo market. Sales in the third quarter climbed a decent 7%, as was reported by SalesTraq, … (6 comments)

henderson: Expanded tax credit enticing - Henderson mortgage applicants be advised - 11/19/09 04:05 PM
The drama is over for Las Vegas valley's - including Summerlin, Southern Highlands, Green Valley, North Las Vegas, Anthem and Mountain's Edge - residents. The first-time home buyer tax credit has been extended because many considered it a strong demand booster for the ailing housing market and more of the same is needed at least for the time being. In fact, it was expanded to include the move-up buyer as well, a factor that should further power the demand side. Let's look at a few of the more appealing aspects a move-up buyer can enjoy with the up to $6,500 tax … (2 comments)

henderson: Mortgage lenders rated lower by loan applicants - 11/17/09 09:45 AM
The housing debacle in Las Vegas and throughout the country is testing consumers' patience in a major way. Real estate values have eroded without mercy in many areas, to the tune of double digit percentages. Some Southern Nevada - featuring Summerlin, Mountains Edge, Henderson, North Las Vegas, Pahrump, Southern Highlands and Anthem - communities have seen drops in the 50 to 60% range. Many homeowners here and elsewhere, as a result of that, find themselves underwater, meaning the underlying mortgage is higher than the property's value. The foreclosure epidemic hasn't let up yet, either. There really isn't much to write home … (4 comments)

henderson: Mortgage lender "walkaways" the latest scheme - Las Vegas mortgage borrowers take note - 11/12/09 02:59 PM
The real estate meltdown that continues to churn on has already seen some vein-popping scenarios concocted by many mortgage banks seeking to take advantage of homeowners facing foreclosure. And new ones keep surfacing. One of the latest creations could be called a home loan provider "walkaway", because that's what it really looks like.
When a mortgage lender executes a foreclosure the normal route is to take possession of the property in question and then decide what to do next. Now many of them have begun leaving the property in the former homeowner's name after the foreclosure, basically the exact opposite of … (6 comments)

henderson: Southern Nevada - Las Vegas, Henderson, Summerlin - housing stats on the mend in October - 11/10/09 08:47 AM
Las Vegas real estate has recently been the punching bag of many industry observers and for a good reason. Mortgage foreclosure rate here is still reaching for the moon, housing inventory remains high and the economic picture is painted in dark colors. True, mortgage rates are enticing and home prices have plunged and have together provided some hope, but a lot more needs to happen for it to reach the "normal".
What's encouraging is that the vital signs are slowly improving, with emphasis on the word slowly.
As was reported by GLVAR, or Greater Las Vegas Association of Realtors, 3,535 single-family houses … (10 comments)

henderson: Southern Highlands - Las Vegas NV - mortgage recipients have new foreclosure defense weapon - 11/07/09 02:25 PM
Southern Nevada - with communities of Henderson, Anthem, Summerlin, Green Valley, Silverado Ranch and Mountains Edge - is in the very eye of the tornado when it comes to real estate markets sucked into its furious spin. Home loan foreclosures here are now as commonly talked about as the weather. Many homeowners have given up on trying to hang on to their properties while some are tenaciously seeking solutions to stay on. The latter have several avenues to explore, either directly through their mortgage lenders or then with assistance from a legal counsel.
Now they have a new weapon to deploy. … (4 comments)

henderson: Home loan modifications turn creative - Las Vegas mortgage borrowers could benefit - 11/05/09 12:22 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)