Las Vegas Real Estate Blog

There has been a lot of talk recently about the New FHA Loan Seasoning Guidelines for 2010. For all of those that don’t know what property seasoning is, let me explain. If a 90 day seasoning period is required, it means that the property can’t be bought and sold within 90 days. For example, if buyer #1 purchases a property on January 1st they can’t sell it to a second buyer until it has “seasoned” for 90 days or until April 1st.

FHA (Federal Housing Administration) loans had a 90 day property seasoning duration last year and it looked like that would continue into 2010 as well. This made it hard for Short Sale investors to perform A-B-C transactions. The A-B-C transaction is usually used by investors because it makes negotiations with the lenders much easier and more efficient. Let me explain an A-B-C transaction. The “A” party would be the distressed home owner that is currently in pre-foreclosure, the “B” party would be the real estate investor and the “C” party would be the end buyer. A real estate investor goes in and works with the distressed home owner’s lender to negotiate a payoff approval. The investor has more leverage with the lender by offering a cash purchase. Subsequent to the payoff authorization the investor will start looking for an end buyer. As you can see, the investor performed an imperative service to the distressed homeowner, the original lender and the end buyer. Let’s take a look at how the short sale investor provides a valuable service.

1. Distressed Home Owner – They are behind on their payments, usually in pre-foreclosure. They are in position to lose their home to foreclosure, destroy their credit and continue along a bad path in a difficult time in their life. The short sale investor helps them out of their foreclosure problems with much less affect to their credit and pocket book. Also, the investor will have access to additional resources and sometimes can help the distressed home owner find a new place to live.

2. Foreclosing Lender – The bank doesn’t want to take back the property because they are in the business to lend money, not own real estate. If they go through with the foreclosure process there is a risk that the property will not be purchased at auction. That means it will go back to the bank and become an REO property. This means additional holding costs, selling costs, repair costs, lending restrictions due to the additional liability and not to mention problems for the lender. Once they finally get rid of the property, they are getting rid of it for a discount. By accepting a discount with the investor during the short sale process they save a lot of additional costs and headache.

3. End Buyer – The end buyer will typically have a chance to purchase the property at a discount as well. Investors are looking to sell the properties quickly and to do so, they offer price cut values. A new home owner will not only get a great property but they will also get instant equity in their new home.

Last year, Short Sale Investors had to find end buyers that could qualify outside of the FHA loan program due to enforcement of a 90 day seasoning period. Starting February 1, 2010 the 90 day seasoning period for FHA Loans will be waived until February of 2011. To read more about the change check out the following HUD article.

http://embracevision.com/HUD_New_FHA_Guidlines_2010

This was great news for the investors and end buyers alike! Here are a few more articles about FHA Loans for you to check out…

http://embracevision.com/FHA_Loan_Pros&Cons

http://embracevision.com/FHA_Website

Fetch realistic advice about the topic of luxury vacation home – make sure to read the webpage. The time has come when proper information is truly within one click, use this possibility.

Are you tired of hearing about foreclosures and the housing market and not understanding what it all means? I think I have the solution for you!

We hold free foreclosure workshops that will help enlighten you about real estate and motivate you to get off the sidelines. I am confident that through this experience you will be awakened to financial opportunities that are little known, but powerful and profitable to those who employ them. We are excited to inform you about strategies in real estate that will make you money today and in the future. Come and let local real estate millionaires share their trade secrets about Real Estate Investing.

You will learn how to make money now, in the current market with the 4 hot money making strategies at our FREE workshop.

-Foreclosures
-Short Sales
-REO’s
-Auctions

Here is a little background about our company. We are a group of seasoned businessman and women, real estate investors, entrepreneurs and multiple franchise owners that specialize in foreclosures, short-sales, property acquisition, bank negotiations, pre-foreclosures, wholesales, deed transfers, etc. A lot of times we work with homeowners who are in jeopardy of losing their home, find investors for the properties or other buyers, short the amount owed and walk away with the difference. We are not Realtors…WE ARE REAL ESTATE INVESTORS. In this time of recession we are expanding rapidly and are looking for sharp, ambitious, money motivated individuals that want to create massive success. Our team buys and sells real estate with over 22,000 investors nationwide. We will teach and mentor the right candidate, provide you with deals, and assist you in creating a cash flow producing business through investing. My team has the ability to personally train those who are SERIOUS to achieve a substantial monthly income. We have a powerful, wealth creation system taught by multi-millionaires, that will show you step by step, how to create wealth.

We are looking for positive, creative and entrepreneurial minded associates able to bring new ideas to the table. You don’t need experience because full mentoring can be provided. See personally how we make your yearly salary in just a few deals. I am excited for you as I believe that you will have tremendous conviction and respect for what it is that we do. I’m sure you will see the opportunity for yourself as an investor and a business owner to be extremely lucrative. The compensation completely depends on YOUR output and ability to grasp the concepts. This is not a W-2 type opportunity, we give you knowledge to go out and make money for yourself!

Our workshops are open to everyone and are held nationwide. Please contact me for more information regarding opportunities in your area.

I look forward to hearing from you!

Aaron Clendenning
Los Angeles, CA
aaron@embracevision.com
310-662-1784

Find out practical info in the sphere of luxury vacation home – make sure to study the web site. The times have come when proper info is truly within one click, use this opportunity.

Selling a home is a methodical, deliberate process in any market. For sellers, the challenges of the current economic situation, the driver seat feeling of buyer’s, and the vast amount of inventory available can make the process seem that much more frustrating to the average homeowner. The good news is that it does not have to be that way. With a little work and creativity, any home can eventually be sold. Take it from a leader in south jersey real estate.

The first task at hand once you have decided to sell your home is to prepare it for showing to the general public. The age old adage of curb appeal still stands as one of the most important factors that get potential buyers to even consider looking at your humble dwelling. If the property looks run down or untidy, buyers will automatically assume the inside is in similar condition. Let me be very clear when I tell you that stacking trash cans neatly on the side of the house and removing the trash from your property is not where the process ends. The true value of curb appeal comes from the landscaping. If you don’t have a green thumb, hire a professional. The focus should be on removing dead plants and trees, weeding the flower beds, making sure the grass is full and green, trimming or changing out over grown bushes and shrubs, putting down fresh mulch, and planting bright colored flowers. Once you have your lawn and garden looking in tip top condition, focus on the sidewalks. Have broken or unleveled blocks replaced. Bring new life to old siding, roofing, walkways, and porches with the help of a good power-washing. Finally be sure to sand and paint railings, window trim, overhangs, sheds, and anything else that just needs a little freshening up.

Now that the outside is prepared, it is time to move inside. For a sure fire way to get the interior up to par, hire a professional staging company. They will make a list of things for you to do specific to your home and in some cases will do the staging process for you. If you would rather save the money and handle it yourself, keep in mind the goal of staging is to highlight the positive aspects of the home and tone down the effects of the negative aspects. You will need to focus on the following tasks:

1. De-clutter: Start the packing process early. Pack all personal effects. Empty tightly stuffed closets. Remove furniture that obstructs the usefulness of a room. You want to have all rooms as open and clear as possible so that potential buyers have room to imagine their own possessions utilizing the space.

2. Paint: If you haven’t painted the walls and trim in the last 6-12 months, this is a must. Though it takes time, the effects of fresh paint are hard to achieve otherwise. It leaves rooms feeling clean and well kept. Of course, this is also your opportunity to change any outlandish colors to neutral colors that brighten a room.

3. Clean: Clean everything including windows, sills, blinds, ceiling fans, cabinets, countertops, etc. Vacuum rugs and polish hardwood floors. Consider removing, shampooing, or even refinishing hardwood floors underneath worn-out rugs.

When it comes to preparing your home for sale, less is not more. The more you do the better the results you will have. These tips come from some of the best south jersey realtors.

The next step in your journey is to find a camden county realtors you can put your confidence and trust into. The Realtor plays a few key roles. They should make sure that anyone your home meets the needs of knows that your home is for sale, the property is priced correctly, and the contract, once it is established, comes to a close. Your relationship with your Realtor should not end with the sign in the lawn. This should only be the beginning.

Be sure your home is getting the appropriate amount of internet and newspaper print advertising, as well as open houses, broker tours, etc. There is no such thing as over exposing a house for sale. Most buyers begin their search on the internet, so there should be a primary focus on this type of advertising.

Secondly, the Realtor will help you price your home. Price in this market sells. Many sellers have this belief that if they list the home higher then the market value, they will receive low offers anyway. Unfortunately this is just not true. If you price yourself out of the market, you will eliminate buyers that will not even bother to look at your home. The key to selling a house is to find the right buyer that will pay almost anything for it. If you eliminate the majority of the traffic by overpricing, you may miss your one buyer. The best plan of action is to price the home at the correct value suggested by your real estate professional and make adjustments every two to four weeks as needed. Inevitably you will receive a lowball offer here and there, but there is nothing saying you have to accept it or deal with that buyer.

To firmly rap your mind around the importance of pricing, imagine you were shopping for a car. The blue book value of the car is $8000.00, but a dealer has it listed for $12,000. Not only would you not pay $12,000 for an $8,000 car, you may take your business else where all together. You have more negotiating power as a seller if your home is priced correctly and at the least, you have more opportunities to negotiate.

Being creative is another great tool to help get your home sold quickly and for a fair price. Offering the buyer incentives such as money towards closing costs, or buying down their mortgage interest rate is a great way to stimulate interest. First time buyers in 2009 are already eligible for an up to $8000 tax credit thanks to the President’s stimulus plan. Why not sweeten the deal and help out with some of the upfront costs? Look to your agent for some other great ideas depending on your current situation.

If you follow this advice and keep a positive attitude throughout the process, you will inevitably sell your home for a fair price. We are always happy to help when it comes to camden county real estate.

Gain useful info about dedicated hosting – dig into hyperlinked webpage.

Boston MLS.With home prices rising to higher and higher levels, more and more homeowners have been wondering if the time is right to take the appreciation in their current homes and get out before the market begins to cool off. While there is no way to tell when the housing market is at its top, the housing mania we have seen does have some troubling similarities to the dot.com boom that typified the late nineties.

No doubt the housing boom has some viability to it, and unlike a stock a house represents a real item, of real value. In addition, the boom in housing has been fueled by record low interest rates, and by many new mortgage products, including interest only mortgages and negative amortization loans.

These new mortgage products are part of what many people perceive as the inherent danger of the current housing market. In many hot parts of the country, like California, so-called interest only mortgages in which homebuyers pay only the interest due on the loans for a number of years, represent up to half of all new mortgage loans. The downside of these loans happens, of course, after the initial interest only period has ended. For many such loans, that day of reckoning is fast approaching, and it remains to be seen what kind of effect this will have on the market.

Over the past few years, there has not really been a bad time to sell a house. The overall trend has been, and continues to be, up. What seems to be changing is the rate of price appreciation. While up until recently waiting only a couple of months could mean getting an extra 10% or 20% for the home, the rate of appreciation seems to have slowed for some of the hotter markets around the country.

Housing marketing is cooling gradually

At the beginning of the year, the National Association of Realtors issued a forecast predicting that the market will normalize during 2006. While in 2005 the average appreciation rate for existing homes came in at 13%, with large segments of the market seeing far greater gains, that trend is not expected to continue. While the National Association of Realtors expects the market for new and existing homes to remain strong, it also foresees a price appreciation of a more modest 5%.

What this means is that while the long predicted bursting of the housing bubble has not happened (and many experts believe it will not occur), there are definitely indications that the easy money has already been made.

Harder to sell now

Other sign that the optimum time to sell a home may be past is the fact that inventories of unsold homes are on the rise, with the fastest rise seen in some of the hottest real estate markets. For instance, the inventory of unsold homes in the suburbs of Boston has raised by more than 50% since January 2005, according to the MLS Property Information Network, Massachusetts.

In past few years, sellers of even marginal properties were often able to realize more than the asking price, due to the frequent bidding wars that often broke out in the hot market. These days buyers will have greater room to negotiate, and to ask sellers for concessions such as help with closing costs. While the market is in no way dead or even in serious decline, it does seem to be becoming more of a buyer’s market.

Moreover, many home owners may realize they can’t even afford to sell after they do the math. There are costs involved in selling a house, this including loan payoff, real estate commission, closing cost, property tax, attorney cost and all these costs add up. Nevertheless, the common reason that home owners can’t afford to sell is because they borrowed too much. (Find out what are the costs of selling a house here before you put your house on market!)

So, is this a good time to sell your home?

The run up in home prices over the past few years have left many homeowners, especially those living in hot markets, with tens of thousands, or even hundreds of thousands of dollars in potential profits. The idea to cash in the house and make a tidy profit while hoping the market to cool with the intention to find some bargains later is a high stakes bet. Unless you’re ‘ house flipping’, otherwise it probably makes more sense for current homeowner, who is benefiting from a low mortgage rate, to stay where they are.

Real estate market has a cyclical trend with ups and downs. To cash out now so you can buy again in twelve or eighteen months later is similar to stock day trading. It is not an excellent idea to speculate for most people as they’re not dealing with just money but with a real asset with real value. Most importantly, it is where the family is living in. And if home owner sells their house now, they just have to buy another house that’s just as equally expensive if not more!

However, the move to sell now and make a profit is perhaps less risky proposition for those homeowners who are seeking to downsize their lifestyle or who are near their retirement, to move to a less expensive area. For example from New York City, to a less pricey market, such as Atlanta.

The key challenge in a hot market, even for homeowners with substantial gains, is finding a suitable property at an affordable price. Many homeowners have found that buying a smaller home is a good way to lock in the gain on an appreciated home, as is moving to a less expensive housing market. There are plenty of affordable housing markets left around the country. And those people moving to these areas are often quite surprised at how far their housing dollars can go.

Furthermore, there is always the rental market. In most of the hottest housing markets around the country, rental price appreciation has not kept pace with the rise in housing prices, meaning that many former homeowners are opting to rent for a year or two while they wait for home prices to stabilize. This can certainly be a good strategy, and it can leave smart homeowners with a great deal more home for their money in the long run. Find more information about Colorado Springs MLS here.

Grab free points of view for luxury vacation home – welcome to your own knowledge pack.

In his Rich Dad book series, Robert Kiyosaki trumpets the benefits of investing, especially those of real estate investing. Those include tax benefits, and the ability to have your money go to work for you without your lifting a finger. It sounds wonderful, doesn’t it? The idea that you can turn a dollar into two just by placing it in what can seem like a magical realm can seem very enticing.

In order to actually turn a good idea into money in your bank account, however, you have to know a little something about how the magic works. It is a good idea, for instance, to take apart this term “real estate.” Just what is real estate, and what are the types of real estate investing that are open to you?

“Real estate” is a term that refers to a piece of land and everything that sits on it, usually meaning structures. In terms of investment, its value is affected by local market conditions more than global conditions. There are several different ways to invest in real estate.

Real Estate Investment Trusts (REITs) allow you to make money by investing in real estate, either by owning the properties themselves or by owning the mortgages on them, or to do a combination of both. The benefits of this type of investing are high yields and tax considerations. This is also a highly liquid type of investing, which means that it is easily converted to cash.

In a real estate partnership, you are pairing with (who or what?) in order to make money from existing structures or to build new ones. You can even make money off the sheer appreciation of undeveloped land itself. This is a good bet because of high growth potential and tax benefits (shelter).

The rental of vacation property is pretty self-explanatory. Your vacation property is one that is used for recreational purposes and is not your primary residence. (Define primary residence.)

Rental property is another almost self-explanatory concept, as we have all done business with landlords at some point in our lives. However, there may be a difference between residential and business rental property.

You may also invest in raw, or undeveloped, land.

It is a good idea to learn about each type of real estate investment to determine which yields the greatest benefits, determined by your particular needs. Kiyosaki named tax benefits as a good reason to become a real estate investor. After all, money you keep in your pocket is just as good as money earned.

If you are particularly interested in pursuing real estate investment because of tax benefits, you may even wish to become a real estate professional, as the IRS allows people who spend at least 750 hours a year to have nearly unlimited tax deductions. If you are not considered a professional, and your salary is high, that can actually cost you deductions on your real estate. You must have the time to participate in your real estate activities yourself, even if you have hired another real estate professional, to qualify for all tax benefits.

Read more housing market and housing market

Grab free hints about vacation home – welcome to your individual guide.

Real estate investments are often termed as low risk investments that can potentially yield good returns. A lot of people think that real estate is an easy business where you don’t really need to do anything.

However, the truth is that real estate business does need you to put in some effort (if you really want to make profits out of it). The most important thing is to be able to uncover the real estate for sale that will yield profits.

So how do you go looking for real estate for sale?

Generally, a lot of people start looking for ‘real estate for sale’ through the internet. And why not, internet is after all the hub of all information. So, you could look for real estate for sale using the search engines on the internet.

You could also specify your requirements in search criteria on the real estate sites in order to get very specific results on real estate for sale. You can even view images and video of some of the properties thus reducing the need for personal visits for viewing. So, this is surely a good option for finding real estate for sale.

However, not everyone is tech-savvy and there are a lot of people who still take the approach of putting up an ad in the local newspapers. So look for real estate for sale in the local newspapers. In fact, there are some newspapers that are dedicated to just that i.e. real estate for sale. You could even go ahead and put up a ‘wanted’ ad in these newspapers.

Sometimes, looking up real estate for sale in old newspapers (like 1-2 months old) can help you get a good deal (in case the property owner has not been able to sale the property and has become a bit more ‘motivated’ to sell it).

MLS i.e. multiple listing service is often termed as one the best ways to look for real estate for sale. These are published by the real estate boards. If you can lay your hands on a MLS book as soon as it is out, you can really expect to get good deals. The key is to act fast.

Open houses are another good way of getting the best out of time. You can get to see dozens of ‘real estate for sale’ properties in a very short period of time. And you never know when you might come across a property that is real gold.

Investor groups are yet another rich source of real estate for sale information.

Of course, how can we forget the real estate brokers? Real estate brokers are one the most popular (and sometimes most effective) information resource for real estate for sale. Not only do they provide information about ‘real estate for sale’ but also assist in getting the deal finalized and closed.

Besides that, you can also get very good deals through public auctions, bank foreclosures, FHA and VA foreclosures and distress sales.

Read more housing market

Access expert ideas in the sphere of luxury vacation home – welcome to your personal knowledge pack.

Las Vegas, Nevada is a growing spot, not just for vacationers, but as well for individuals and families that are moving there as well. A common misunderstanding is that Las Vegas features only fancy hotels with grand casinos or resort areas for family travelers; though, a lot of people move to Las Vegas to enjoy other benefits. Las Vegas offers enlightening opportunities, tax breaks, employment opportunities, and much more. Hence, finding Las Vegas Nevada real estate is getting easier as the city continues to grow.

Moving to Las Vegas from another state can seem overwhelming. Not only do you need to find Las Vegas real estate, but you also have to become comfortable with Nevada state regulations for moving to that area. You can do all the research yourself or employ a reliable real estate agent to assist you in your search. Whether searching for Las Vegas condos for sale or Las Vegas homes for sale, choosing the right Las Vegas real estate agent will save you from scores of headaches.

How to Pick a Las Vegas Real Estate Agent

Be sure the agent you want is willing to go the extra mile for you. If you living far from Las Vegas, you’ll want an agent who can do the research for you in finding a new house. The last thing you need is to travel back and forward only to visit new homes that do not meet your criteria. The real estate agent might also be willing to assist you find Henderson real estate if you want to live on the outskirts of Las Vegas.

Choose a Las Vegas real estate agent who will carefully research each new home to be sure it fits perfectly with what you wish for. Be sure they offer online services also so you be able to view the potential homes online before taking a trip. This will save you much time and money.

Building a New Home in Las Vegas

Maybe you’d somewhat build a new home in Las Vegas. If so, choose a real estate agent who can help you find reasonable Las Vegas land in a good spot. The agent might also be able to help you find a reliable builder in the area.

Other Valuable Services

Other services your agent might provide that can benefit you when buying Las Vegas real estate contain providing connections with an affordable mortgage lender, skill in foreclosures, repossessions and estate homes, and experience in corporate rearrangement.

Where to Look

To get a reliable Las Vegas real estate agent, begin by searching online. The Web is a huge source where you can learn all about an agent before you ever meet them! This as well will save time and money.

Whether you’re planning on moving into a new home, a Las Vegas condo, or building a Las Vegas home, you’ll find that hiring a dependable Las Vegas real estate agent to be a excellent time-saver!

Read competent points of view about vacation home – your individual tips store.

Finding reliable and cooperative tenants for your rental property is not an easy task. That’s why it’s crucial for a landlord background check to be done . Find out how to run an effective background check on your new tenants today.

Before you hand over the keys of your precious rental property to a new tenant, it’s crucial that you find out as much as you can about him/her. So what are the cheap and easy ways of running a background check on your potential tenants?

Method 1: Have Potential Tenants Fill out Application Forms

Asking your potential renters to fill out a tenant application form should be the first choice for a landlord background check because it is both free and highly effective.

As long as your application form does not include irrelevant questions or invade your applicant’s privacy, don’t worry about it being too lengthy. If someone is serious in renting your property, he will definitely take the time to fill it out.

What’s more important is that your tenant application should ask the right questions. Crucial questions include their monthly income, job type, contacts of their previous landlord and their exact reason for moving away.

This application form is also very helpful in case you need to evict your tenants in the future. If your tenant lies in his application form, you will be able evict them from your rental property as long as the courts feel that you were misguided by the lies.

Method 2: Check Your Tenant’s Credit Report

While most landlords know that a credit report is valuable for checking if someone is likely to pay his rents on time, do you know that it also contains a wealth of information on your tenant’s criminal and eviction history?

If your tenant has been arrested or charged in court before, his credit report will probably contain his criminal records. It is important that you don’t have someone who is likely to commit crimes as your tenants. If they are caught commiting illegal activities on your rental property, you may even risk having it being seized by the local authorities.

Method 3: Question the Former Landlord and Employer

For those short listed tenants that pass your initial landlord background check, there is one last step you may want to take before signing your rental agreement with them.

You can contact your tenant’s previous landlord and ask them for their experience and opinion. This will also give you a chance to double check the information that your tenant has written on the application form. If you spot any blatant lies, then it’s a good idea to reject him.

Checking with the tenant’s employer will also give you a better idea of his character and sense of responsibility. You can expect someone with excellent work ethics and a pleasant personality to turn out as a better tenant.

Method 4: Run a background check using a people search website. For $19.95 you can find out virtually everything about anybody from birth records to criminal

Find competent tips in the sphere of buy vacation home – your own tips store.

When you’ve decided to move to Berkeley California, you need to decide whether you’re going to rent an apartment or house, or if you want to buy Berkeley real estate. There are so many great neighborhoods in Berkeley that no matter whether you buy or rent, you’re sure to love living in the gateway to the West. There are many elements of Berkeley real estate and home services that you need to consider when moving to the city. Beyond real estate, you’ll need to find information on relevant topics like:

-Pet Services
-Child Care
-Contractors
-Movers
-Interior Design
-Garden Information
-Dry Cleaners & Laundry Service
-Apartment Living

Especially when renting, you need to ensure that you are able to get a home or apartment that accepts pets, as well as finding out about dry cleaners and laundry services, because most rentals and apartments don’t offer in-home laundry facilities. If you’re purchasing a home, you’ll need to consider hiring moving services, which you can find plenty of in the Berkeley area, as well as contractors and interior design specialists in the event that there are any renovations or updates that need done to the home you’re buying. Berkeley real estate is mostly older construction, unless you move into a suburban development, and not every home was kept up the way it should have been.

While it may be charming, older Berkeley houses may also need minor repairs before you can fully enjoy your home. However, you need to make sure that you find the proper licensed contractors in Berkeley to help you with your renovating needs. That’s not a problem. You can search the Berkeley directory for all kinds of construction companies, contractors, and designers to help with all of your home projects once you purchase Berkeley real estate.

No matter whether you decide to buy a home in a historic neighborhood, or to rent an apartment on the riverfront, there are endless options for your Berkeley home buying and real estate needs. Plus, the city offers more than 500 real estate companies and realtors, so you’ll have no shortage of help in finding the perfect home for you and your family in Berkeley. And if you’ve already purchased a home and need services, you can find all kinds of options for child care, pet services, dry cleaning, and all those other daily tasks you need assistance with.

So whether you are in need of a long term family residence that will serve your needs for years to come or just a short term housing solution you can find the help you need through the many Berkeley real estate professionals in the area.

Read more about Berkeley homes and directory listing information.

Obtain helpful advice about vacation home – study hyperlinked webpage.

This week the Las Vegas Review Journal reported that foreclosure filings in Las Vegas had dropped from 6,565 in Sept. to 6,420 in October a reduction of 145 homes (down -.022%).  This doesn’t seem statistically significant.  What is statistically significant was the number of homes the Banks took back which were down from 3,563 in Sept. to 2,653 in October a reduction of 910 homes (down -25.5%).  This begs the question why such a small reduction in filings but a huge reduction in actual repossessions?  Could it have something to do with the banks not foreclosing? Could it be that they are finally desperately trying to find a way for people to stay in their homes?  I and every other Las Vegas real estate agent know of people that are up to 10 months past due on their loans and still haven’t been foreclosed on.

I have been saying for many months that between 12,000 and 15,000 R.E.O.’s (Bank owned homes) are not being offered on the Las Vegas real estate market.  This is an effort to artificially hold prices higher and stop the downward spiral of the median sales price of a home and thus additional foreclosures.

If the Las Vegas real estate market is stabilizing then why did the lenders raise interest rates from 5.78% on 11/2/08 to 6.13% on 11/9/08 ( 6.12% increase).  Of the 17 states that have the most mortgages written in the United States, Nevada was the only state in which mortgage rates increased. The other 16 states decreased their mortgage rates according to Marketwatch.com.  This is a clear visible sign by the banking industry that they know Las Vegas real estate is NOT stabilizing.

Basic banking strategy marks risk into rates. Just as people with poor credit must pay a higher interest rate so to must areas where repossessions are thought to be at higher risk in the future must pay higher rates. Las Vegas, Nevada is paying those higher rates than anywhere else in the country.

The bottom line is that repossessions in Las Vegas are not slowing down. With many employers cutting back workers hours and laying off others the repossession market here in Las Vegas will continue for the near future.

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.