las vegas foreclosures: Las Vegas Valley Dips BELOW 10,000 Active Resale Units For Sale: The Heat is ON!
- 03/13/10 02:41 AM
AS OF MARCH 13, 2010, 8:05 AM:
In the twilight of the time where I traditionally pull statistics (which is the 15th of every month), I am very excited to report (for sellers) that we have ONLY 9981 Active Units available. Most of which are short sales! We have flirted with going under the 10K mark for months and months and months now and finally made it!
CAN SPRING BRING US 16000 CONTINGENT/PENDING CONTRACTED UNITS?
Contingent and Pending Contract numbers are up to 14853. We have gone over 15K pendings before (late summer/early fall 2009) so this is no where as … (36 comments)
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las vegas foreclosures: OH The Job Hazards of Selling Las Vegas Real Estate.........
- 03/08/10 12:25 AM
Bet you think this is going to be a negative post............think again.
When I look at homes (and I see a lot!) I tend to compartmentalize and not think of *me*. It isn't about me, it is about the buyer, the seller, the renter or the almighty BPO.
How come I have successfully fallen in love and placed furniture in two homes this year? I am talking JANUARY of this year too. In the 4.5 years I have been licensed here I have NEVER done that.
I pulled up to a pre-list REO on Saturday. Gorgeous gated neighborhood with pool and … (15 comments)
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las vegas foreclosures: How Do I Report a Las Vegas Area Green Pool?
- 03/03/10 10:54 PM
Not only can a green pool be an "aesthetic" issue but it can cause health issues.
Stagnant water sources promote mosquito breeding grounds and disease.
If you live close to one of these "green pools" there are steps you can take where the green pool can be treated!
Contact the Southern Nevada Health District to report the green pool at: 702-759-1633 or fill in this form on this website.
Clark County will chemically treat the pool or use "mosquito fish" in the pool to help prevent the stagnating water source from becoming a mosquito breeding ground.
This problem has become … (15 comments)
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las vegas foreclosures: Economic Conditions for the Las Vegas Valley February 2010
- 03/03/10 04:14 AM
Economic Conditions for the Las Vegas Valley December 2009
Housing Conditions:
Foreclosure/Short Sale Listings (2/15/2010): Total Listings 10211; Short Sales: 4834, 47% of all listings; Bank Owned Listings: 1738, 17% of all listings. Short sale and REO listings consume 64% of total listings New Home Sales (Juanary 2010, units sold): 240 Year Change -15.5% (excl condo conversions, highrises) New Home Sales (January 2010, median price): $200,716 Year Change -14.6% (excl condo conversions, highrises) Existing Home Sales (January 2010, units sold): 3774 Year Change +22.7% Existing Home Sales (January 2010, median price): $125,000 Year Change: -19.4% New Home Permits … (7 comments)
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las vegas foreclosures: Las Vegas NV Area January 2010 Home Sales and Listings by Type
- 02/28/10 03:50 AM
Las Vegas Area February 14, 2010 Active Listings by Type
REO: 1738 (17%) Short Sale: 4834 (42%) All Other: 3639 (36%)
January 2010 Sales by Type:
REO: 1896 (60%) Short Sale: 685 (22%) Other: 567 (18%) 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 … (1 comments)
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las vegas foreclosures: How Much Does It Cost For a Lawyer to Negotiate Your Las Vegas Short Sale Home?
- 02/27/10 02:49 PM
Every once in a while I scan my google analytics for long tail searches to my blogs and see unanswered "questions" in the long tail searches that found me!
This time I found the question asked twice:
How Much Would it Cost to Have a Lawyer Negotiate Your Short Sale? It depends, it is anywhere from free (the lawyer charges your lienholders) to several thousand dollars (and it is paid through a payment plan!
Which leads to another question:
How Much Does the Initial Consultation Cost? Again that answer is FREE to a couple hundred dollars, depending on … (9 comments)
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las vegas foreclosures: What to Wear When Shopping For a Distressed Property!
- 02/27/10 09:11 AM
I wear blue jeans and casual shoes that are made of cloth and can go in the washer. To some people, they may think I lack professionalism but if they could encounter what I encounter, as we never know what treasure we will find when we open a door, it will all be forgiven. Walk a mile in my shoes and learn what to wear (and what you will may encounter) while shopping what is termed "Distressed Property" (REO, Foreclosures, Short Sales.)
From tip toe-ing through pigeon turds & cockroach carcasses and breathing in mold in between (let's not forget … (102 comments)
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las vegas foreclosures: Las Vegas, NV Area January 2010 Pendings Report: Spring Season IS IN FULL SWING! Contracted Listings Up +845 in one month!
- 02/18/10 09:52 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 @ 3.2 months of 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 Vegas … (10 comments)
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las vegas foreclosures: Fannie Mae Giving Owner Occupied Buyers a Head Start!
- 02/16/10 10:25 AM
It seems that Fannie Mae is giving owner occupied buyers a 15 day head start from entry in the MLS prior to looking at investor offers!
This is exceptional news for many financed buyers that are losing out to the influx of all cash investors that are in our market.
Fannie Mae is also offering Closing Cost & Appliance Assistance to owner occupied buyers (investors excluded) that close before May 1, 2010.
It may be a good time to look at Fannie Mae properties and snag that tax credit too (if you are eligible!)
Start your home search HERE today!
… (11 comments)
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las vegas foreclosures: Las Vegas NV Area January 2010 REO Inventory Update
- 02/14/10 09:48 AM
Las Vegas Area REO Inventory has FALLEN since last report (-399 units), Under Contracts have RISEN (+42) units Closing data has FALLEN (-652) units. Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 60% of all Las Vegas Area Valley resale closings in January 2010. REO listings account for only 17% 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 (2/14/2010): 2137 Under Contract (2/14/2010): 3288 Sold January 2010: 2548 Absorption Rate: 0.9 Months (THATS LESS THAN ONE MONTH = VERY LITTLE … (5 comments)
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las vegas foreclosures: Is Your Friend Who is Giving You Legal/Strategic Default Advice a Lawyer?
- 02/12/10 01:56 AM
I didn't think so!
If you had cancer, would you allow the same friend to operate on you? Uh, probably not. People need friends to listen to them in times of peril. They need guidance but not necessarily advice.
I became a little disgruntled about some advise that we need to sue the filthy banks for all the evil they do yesterday here.
I am not a lawyer,
nor do I play one on AR! Do you understand what the consequences of words and advice can mean, no matter how well intentioned it is? Many people listened to their friends' … (7 comments)
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las vegas foreclosures: Las Vegas Market Trends: Listings for HUD Homes & Trustee Flips Appear to be on the Rise!
- 02/09/10 11:47 PM
HUD Home Listings Seem to be on the Rise HUD Home listings appear to be trending a rise. I think this is due to the lack of FHA lending between 2002-2006. FHA started to gain some steam when the conventional 100% stated income loan started it's demise in 2007. In the last several years we have cycled through refi's and purchases between 2002-2005. The defaults we are seeing now are newer defaults - ones that were bought or refinanced in 2007 or 2008.
Trustee Sale Flips
Infiltrating the Market
Trustee sale flips are slowly gaining their ground and have been … (13 comments)
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las vegas foreclosures: Economic Conditions For The Las Vegas Valley January 2010
- 02/03/10 11:10 AM
Economic Conditions for the Las Vegas Valley December 2009
Housing Conditions:
Foreclosure/Short Sale Listings (1/15/2010): Total Listings 10424; Short Sales: 4735, 45.4% of all listings; Bank Owned Listings: 2137, 20.1% of all listings. Short sale and REO listings consume 65% of total listings New Home Sales (December 2009, units sold): 477 Year Change -25.7% (excl condo conversions, highrises) New Home Sales (December 2009, median price): $216,854 Year Change -11.2% (excl condo conversions, highrises) Existing Home Sales (December 2009, units sold): 3774 Year Change +45.8% Existing Home Sales (December 2009, median price): $123,000 Year Change: -24.5% New Home Permits (December 2009): … (8 comments)
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las vegas foreclosures: Where is this Train Headed? My Answer is Plain & Simple: IDK!
- 01/31/10 10:04 AM
Every once in a while when I don't know what to write about I go into my google analytics and see what keywords people used to find my blog. Since I shoot for people finding me "the long tail way" I can usually see questions in the keywords itself on a topic or two I have not yet covered.
Here is the question I saw today:
Hmmmmmm home price projection. I haven't given one of these in a long time. It's extremely hard to project where prices are heading. Too many variables: does the shadow inventory exist, where are interest … (10 comments)
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las vegas foreclosures: FHA Temporary Lift of Anti-Flipping Rules: More Government Regulation Helping Big Corps?
- 01/24/10 03:20 AM
FHA just relaxed the anti-flip underwriting guidelines for purchasing a home. You can read about it here (Nevin Williams) and here (Esko Kiuru).
This is not an "informational piece" on how FHA has relaxed the guidelines. This is in depth real estate chat for: "Why did they do this and why did they do it for only 1 year?"
Basically true REO were exempt from the rule before (when a house went "back to the bank") but third party or private party investors who purchased property at the trustee's sales were not exempt. Read about the flipper and trustee sales if you aren't following … (12 comments)
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las vegas foreclosures: Las Vegas NV Area December 2009 Home Sales and Listings by Type
- 01/23/10 11:23 AM
Las Vegas Area January 15, 2010 Active Listings by Type
REO: 2137 (21%) Short Sale: 4735 (45%) All Other: 3552 (34%)
December 2009 Sales by Type:
REO: 2548 (62%) Short Sale: 794 (19%) Other: 793 (19%) 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: *I* am Refusing to Believe in the "Shadow Inventory Fairy"
- 01/17/10 07:54 AM
Call me a cynic, but I am refusing in the belief of "Shadow Inventory". I don't believe there will be inventory "dumped" on the market, and if it does get dumped, we still need 14000 units to turn it into a stable market!
As you can see from the graph above, total inventory levels have remained quite stable in the last two years (when it is all added up!) Quite a bit of the inventory is swallowed up by the under contract (contingent or pending) category which has a lot to do with short sales clogging up the system! Now … (12 comments)
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las vegas foreclosures: Las Vegas NV Area December 2009 REO Inventory Update
- 01/17/10 03:07 AM
Las Vegas Area REO Inventory has FALLEN since last report (-116 units), Under Contracts have FALLEN (-623) units Closing data has RISEN (+170). Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.
REO sales accounted for 62% of all Las Vegas Area Valley resale closings in December 2009. 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 (1/15/2010): 2137 Under Contract (1/15/2010): 3288 Sold December 2009: 2548 Absorption Rate: 0.8 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY) View Last Month's … (4 comments)
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las vegas foreclosures: Las Vegas, NV Area December 2009 Pendings Report: Sales UP in December!
- 01/16/10 09:30 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 @ 2.5 months of 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
… (9 comments)
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las vegas foreclosures: Looking for a SOLID Las Vegas Area Lender in TURBULENT Times?? (Nevada VA, FHA, Conventional & Jumbo Loans!)
- 01/08/10 10:25 AM
I have worked with Rey Gallegos for a little over 2 years. His customer service skills are OUTSTANDING! He can pre-approve for VA, FHA, Conventional & Jumbo loans + can do Nevada Bond Down Payment Assistance (for qualifying first time buyers!)
Here is a little about Rey:
In this market, the ability to get a transaction closed in a timely manner is vital. I get asked at least 3 times a week; Can you close a transaction in 30 days? My answer is YES!
While I can not speak for other BOA branches or loan officers, the average turn time for my loans that closed in … (11 comments)
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AS OF MARCH 13, 2010, 8:05 AM:
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