North Las Vegas
SHADOW INVENTORY- Real Estate Analysts predict more gloom for Vegas = Foreclosures
January 2, 2010 by Alma Gomez · Leave a Comment
Real estate analysts predict continued gloom for Las Vegas
A cloud of foreclosures will hang over Las Vegas for at least a couple more years and median prices will continue to fall in 2010, most likely by double digits, executives from two California-based real estate tracking firms said Tuesday.
About $2.5 trillion in mortgages are due to reset next year, a substantial amount of it in places already reeling from the foreclosure crisis, said Rick Sharga, senior vice president of Irvine, Calif.-based Realty Trac.
It’s difficult to pinpoint numbers market by market, Sharga said, but he’s estimating foreclosure filings could approach 4 million nationwide next year with about half of them coming primarily in four states – Florida, Nevada, California and Arizona.
“If you track states with the highest runup, you can draw a straight line where you had the most exotic loans,” the foreclosure analyst said during a conference call.
We are anticipating this new wave of inventory coming soon. We have yet to see it as of today. Many of these homes will not become foreclosures but instead be sold as short sales. With the HAFA program being rolled out and Fannie Mae/Freddie Mac rolling out the same type of program, this will help distressed homeowners tremendously. The HAFA program streamlines the process for short sales, help the homeowners in not having to lose the home to the foreclosure process and keep homes from becoming bank owned properties or REO’s as they are known.
However, there will still be a substantial amount of foreclosures that will hit the market. I do think banks have smartened up and are not throwing tons of inventory out at once driving prices down. Prices may come down but I don’t see it coming down too much more. I just previewed a property for $28,000 and it was not in bad shape. I don’t see how it can get any cheaper. Stranger things have happened. And now is the time to buy in Las Vegas.
All we can do is continue to ride the roller coaster.
Alma Gomez
702-875-1756 Direct
Realtor, Powerhouse Realty
Popularity: 39% [?]
Banks Start to Embrace Short Sales Instead of Foreclosures
December 4, 2009 by Alma Gomez · 4 Comments
ShareBanks Start to Embrace Short Sales
Even before the government put pressure on them to embrace short sales, more banks were starting to take their lumps, do the short-sale deals and move on.
Three years into the housing meltdown, short sales have tripled to 40,000 in the first six months of 2009, compared to the same time period a year ago, according to data from the Office of Thrift Supervision and the Office of the Comptroller of the Currency.
Wells Fargo, Bank of America Corp., and JPMorgan Chase & Co. this year have hired and trained more staff to handle short sales and also developed software for expediting them.
more: http://www.realtor.org/RMODaily.nsf/pages/News2009120401?OpenDocument
Expect to see more and more short sale transactions especially here in the Las Vegas market. Buying a short sale is a viable option and worth the wait. But remember, a short sale can take a long time to process and a buyer definitely needs to have patience with the transaction and there are no guarantees the bank will even except a short sale payoff. It is a better option for the bank and it helps the homeowners tremendously. A short sale payoff looks much better than a foreclosure on their credit.
Popularity: 47% [?]
Home prices on the rise including Foreclosures
September 3, 2009 by Alma Gomez · 1 Comment
http://www.dsnews.com/articles/clear-capital-reports-another-rise-in-home-prices-as-reo-inventories-shrink-2009-09-03
Could this be true? You betcha!! Homes coming on the market are priced to sell and are all too often being bid up in price. Just today I submitted an offer for a home that is $37 a sq. ft. WOW!! I’ll bet a dollar there will be a bidding war on the property. Even if the home sells for $50 a sq. ft. that is less than what it cost to build the home.
Inventory is moving super fast! Our office listed a property and the seller was worried it would take more than 3 months to sell. Was he wrong, there was a bonafide offer on the table in less than 24 hours and in escrow in 2 days.
If you are serious about buying in Las Vegas, now is the time!!
Popularity: 73% [?]
North Las Vegas
April 15, 2009 by Las Vegas Guide · Leave a Comment
North Las Vegas is experiencing incredible growth; this independent city has more than doubled in size in the past ten years. So many people are moving here because of the many highly affordable new homes–many priced below $140,000; North Las Vegas has as a result become a home for many families just starting out. The northeast area of the Valley is close to Nellis AFB and is home to many military families; both new and resale homes are available in the area.
Popularity: 73% [?]
