Summerlin
Real Estate Experts believe Nevada will survive next foreclosure wave – Could this be true?
March 13, 2010 by Alma Gomez · Leave a Comment
Just when we thought the housing market was starting to find stable ground, predictions that a new wave of foreclosures is coming shakes things up again.
Recently, Bank of America announced it plans to release 6,000 foreclosed properties in Nevada this year. Some analysts predict housing prices could go down as backlogs of distressed properties are released to the market.
More …………. http://www.mynews3.com/index.php
I am also one to believe we will survive the next wave of foreclosures. Banks may be releasing their inventory but just a trickle. They are not dumb, they are going to collect every dime they can and they will!! I do hope prices remain somewhat steady and affordable to help folks get into homes that are not investors. We need homes for first time homebuyers more than anything else. We have great down payment assistance programs in Las Vegas with up to $30,000 dollars in assistance in North Las Vegas.
If you are on the fence and “waiting” for the prices to drop again, don’t wait too long or you might fall off the fence and come up empty handed. If a good home is available now, you have to take it.
If you have any other questions, need to sell your property via a short sale, contact me. I will be more than happy to answer your questions.
Alma Gomez
Casa Latino Las Vegas Realty
702-888-2272
We’ve always heard analysts say the Las Vegas market is a different breed from the rest of the nation. That may stand true in this case.
Popularity: 1% [?]
Las Vegas Real Estate Market See’s Signs of Hope
February 21, 2010 by Alma Gomez · Leave a Comment
Real Estate Market Sees Signs of Hope
Posted: Feb 19, 2010 9:40 PM PST Updated: Feb 19, 2010 11:01 PM PST
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LAS VEGAS – Signs of hope are emerging in the country’s real estate market. For the first time in three years, the number of people who are behind on their house payments went down. That drop means the number of people losing their homes may start to fall.
The Greater Las Vegas Association of Realtors says a turnaround may already be underway in Southern Nevada. GLVAR reports Southern Nevada had, on average, about 8,500 foreclosures on the market in the first quarter of 2009. For the first quarter of this year, that number fell to about 1,800.
Bell says the reason is that investors are buying foreclosed properties in great numbers. “Beginning last March, we had an upsurge in the number of buyers for foreclosure properties. Many were investors paying cash,” he said. “The foreclosures, when coming on the market, typically get multiple offers. It’s very competitive.”
MORE: http://www.lasvegasnow.com/Global/story.asp?S=12015949
Could this be true? I don’t know yet but I will say something is definitely going on. Our inventory is running very very thin. There are definitely more buyers than homes right now. Our notice of default rate is still fairly high with a hundred to two hundred being filed daily. Are these homeowners strategically defaulting on their mortgages in order to apply for a loan modification? I suspect many are however we are still dealing with many folks that are out of work with mortgages resetting and having negative equity having no choice but to default on their mortgages.
And what about this “shadow inventory” that is floating out there. As much as 50,000 homes in Las Vegas who are somewhere in the process of being late on their payments to actually being foreclosed. It is still a mystery.
One thing is for certain, we are dealing with bidding wars and for folks to think purchasing a home is a snap are in for a surprise. It is best to associate with a Realtor who is familiar with the market and really analyze our advise. I recently had a person call me wanting to look at homes in Summerlin (our most popular suburb) and did not want to spend more than $80,000 on a 3 bedroom 2 bath home. I had to tell them, I am sorry but there are no homes in that area for that price. They did not believe me. The point is, we agents who are working this market, a good portion of us know what is available and isn’t. And when we suggest be prepared; bring your checkbook, proof of funds etc., we are not kidding. We say this to you because if you truly are serious about buying a home you must be ready.
Our inventory is shrinking, don’t pass up the opporutunity to buy now.
Alma Gomez
Owner/Realtor
Casa Latino Las Vegas Realty
702-875-1756 Direct
Popularity: 10% [?]
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% [?]
First Time Homebuyer Tax Credit Extended Into 2010! Plus…A New Tax Credit for Certain Existing Home Owners!
November 8, 2009 by Alma Gomez · 1 Comment
Our special guest blogger today is: ANDREW HOELZEL of Residential Capital Mortgage. If you have any mortgage questions, Andrew is your guy.
Andrew Hoelzel
Senior Mortgage Consultant & REO/Foreclosure Expert
Residential Capital Mortgage
Direct: (702) 279-1801
Fax: (702) 968-5172
ahoelzel@rcmclv.com
www.ResidentialCapitalMortgage.com/andrew
First Time Homebuyer Tax Credit Extended inot 2010!!!
It’s official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.
First-Time Homebuyer Tax Credit – Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.
What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.
What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.
Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.
Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.
Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.
Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
If you have any questions that fall outside the situations here, give me a call and if you do not have an accountant to speak with, I can refer you to one.
Popularity: 49% [?]
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% [?]
Summerlin
April 15, 2009 by Las Vegas Guide · 1 Comment
The upscale, sprawling master-planned community of Summerlin is the most popular new-home community in Las Vegas. In fact, Summerlin is the most popular master-planned community in America. And with its extensive landscaping, social clubs, and wide variety of community activities, it’s not hard to see why.
Summerlin has many amenities. Summerlin has something to offer for everyone, from its eight golf courses to its wellness classes to its social clubs. Summerlin has a wide variety of homes available, new and resale; homes range from compact condominiums to multi-million dollar mansions. But with so many homes — hundreds of models of new homes and thousands of resale homes — available, it’s best to have an experienced guide to help you in your search.
Popularity: 64% [?]
