Northeast 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% [?]
Short Sale purchases becoming a viable option over foreclosures
November 25, 2009 by Alma Gomez · 2 Comments
http://www.lvrj.com/business/short-sales-on-the-rise-70779802.html
From the Las Vegas Review Journal dated 11/22/2009. Short sales are definitely on the rise here in Las Vegas. With the ridiculous bidding wars we are experiencing in Las Vegas over the foreclosure or REO inventory, offering to purchase on a short sale is not so bad. One of the downfalls many feel(including myself at one point in time) is short sales don’t close, they take so long and its just a waste of time. Believe it or not I have had 3 successful short sale closings in the past 3 months. That’s pretty darn good.
Many banks are now working with the sellers to settle their debt and accept a short sale instead of letting the home go to foreclosure. What is a short sale you ask? click the link and get a quick overview http://homebuying.about.com/od/4closureshortsales/a/shortsalebasics.htm
Also with companies now negotiating the short sale, like Complete Short Sale Processors, it makes Realtor’s lives so much easier as we do not have to sit on the phone and want to yank our hair out trying to get a hold of someone, anyone at the bank (the one who owns the mortgage).
If you would like more information on how to offer on a short sale, email me at alma@lasvegaswebofhomes.com and I would love to answer your questions.
Alma Gomez
Realtor
702-875-1756
Popularity: 46% [?]
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% [?]
