Lenders Could Prevent Many Foreclosures by Allowing More Short Sales

A short sale is when a bank will allow a home seller to sell for less than they owe the bank. Sellers often need to move and buyers often want to buy but the current home value is less than the mortgage amount. Banks are all that stand in the way. Ironically, they end up losing more money by foreclosing, relisting the property, and managing the assets. According to CNN:

"Lenders are taking much longer than necessary to approve short sales, according
to Duane LeGate, of House Buyers Network, a short sale specialist."

If you have more questions about short sales or foreclosures let your Las Vegas Realtor know.

HOAs Cannot Restrict Certain "Green" Technologies

The Green Movement is strong and will get stronger. Many are out to improve and conserve our environment. On the Las Vegas RJ a reader asked about an HOAs role in natural energy restrictions. The interesting response is that no governing body can regulate systems used for solar or wind energy. The NRS provided an answer:

"NRS 278.0208 is entitled "Restrictions on Use of System for Obtaining Solar or Wind Energy Prohibited." It states that a governing body shall not adopt any regulation or take action that prohibits or unreasonably restricts the owner of real property from using a system for obtaining solar or wind energy on his or her property..."

For more on the policy read here or for more on Las Vegas real estate contact a professional.

News Writers Convinced Housing Market Will Be Stalled for Some Time

Home buyer/seller sentiment often follows what is read in the news. An article in MSNBC suggest that the housing market won't be turning quickly. They give 4 reasons it will take some time:

1. More looming foreclosures to come
2. The Mortgage lending system is broken
3. Consumer confidence is in the toilet
4. There is a larger underlying inventory than most people realize

He concludes that we may have found a marginal bottom to the slide but it will take some time to begin to climb again.

To learn more specifically about the Nevada/Las Vegas real estate market (as mentioned in the article) contact your Las Vegas real estate agent.

National Realtor Web Adds New Service

National Realtor web site realtor.com has added a new service to their offering. They have integrated with MicroSoft Virtual Earth to provide a home valuation option. A service like this is important when trying to get a ballpark on homes within a market.

In Las Vegas, those interested in real estate may use the local MLS search to find properties for sale. For specific property values and comparables use a Las Vegas Realtor to accurately determine the right move.

Real Estate Interest Remains Amid Tough News

Even in the midst of so much negative housing news, Internet leads keep on rolling in. Las Vegas real estate agent web sites continue to receive a steady flow of interest from buyers, sellers, and renters. Clients tend to be reluctant to act quickly but they are interested. Investors are nosing around. New city residents want to know how the market is. People are anxious to buy or sell properties but they are holding out until the news shifts. Oddly enough, economy and mortgage pressures are not detouring many. There remains a steady desire to engage and own. There is likely a damming effect that will burst open once the circumstances change some.

Las Vegas Home Prices

Homes in Las Vegas that were selling for $320,000 are considerably lower priced today. Our team just put a home under contract for $120,000. Granted, it was a foreclosure property that the bank wants to dump but the numbers are staggering. Oddly enough, you can't build that home today for that price. We have seen several properties with a huge bank discount come through our group. If you want to see other properties like these you need a Las Vegas real estate agent to get you connected.

Other parts of the country are also seeing considerable price changes. CNN illustrated some of these factors.

Mortgage Loan Counseling - Should It Be a Real Estate Requirement?

A lot of emotion gets tied up in a home purchase. Lenders and other professionals are considering mandatory mortgage counseling prior to making a home purchase. Recent housing woes have many searching for methods to avoid future fall out.

Las Vegas real estate has been in the forefront with high foreclosure numbers and struggling home owners. Until courses become mandatory it is important to find a quality Las Vegas real estate agent who has financial resources for helping valued clients understand their position.

Las Vegas Weather to Hit Records for the Season

The Las Vegas sun will beat down this week as temperatures rise to a new record for this period of the year. Las Vegas weather is usually quite predictable and the newmen claim higher than normal marks. Surprisingly the days to follow may drop off considerably and produce rain. There was talk of a string of above normal "hot days" to set a new string of days but we will get relief.

Las Vegas Sun City Aliante to Close Out

Sun City aliante, the seniors community in the north end of Las Vegas, is closing out soon. Aliante as a whole has been popular and offers up great options for housing in the newer part of North Las Vegas. Sun City specifically offers seniors housing in a quieter, calmer atmosphere. At the same time there are many activities to do. Club houses, golf courses, and community centers make the Del Webb properties perfect for many retirees and seniors.

A Las Vegas Realtor can explain the benefits of senior living in Las Vegas.

Some Real Estate Good News? Housing Starts Up in April

The housing starts stats rose by around 8% in April. Apartment construction is adding new units pushing new housing numbers up. Single family housing is still weak but the optimism by contractors represents some recovery after a very slow March.

However, before we see a large up turn in these overall numbers we'll need to see a decrease in standing inventory:

"economists believe that housing construction will remain under pressure until builders have more success in reducing a huge backlog of unsold homes."

Specifically in Las Vegas, real estate new construction is still flat. Builders wait on the sidelines until inventories indicate a need for strong builds. There are communities that have been popular and new homes are still being built. Las Vegas Realtors are the professionals to ask when looking for a new home.

Some Real Estate Markets Still Growing

Yahoo listed a group of housing markets that are expected to show growth in value this year, even with the recent market down turn. The top five are:

1. McAllen, Texas
2. Rochester, NY
3. Birmingham, Alabama
4. Syracuse, NY
5. Buffalo/Niagra Falls, NY

For the rest of the list and details go here.

Regarding Las Vegas real estate, many real estate agents are expecting 2009 for real estate growth. That makes sales tough for those leaving homes behind. However, buyers are finding home values similar to values before the boom as though the market has corrected to previous trends.

Home Remodeling Activity Down

Home remodeling activity expectedly down with market skeptisism and activity. Many sectors of the economy are affected. Retail goods, remodeling services, and other related areas. Now is actually a great time to negotiate top deals with a remodeler if your finances allow. There is a surplus of time and people who need the work.

If you are looking to remodel in Las Vegas and need a guy you can trust contact a Las Vegas Realtor.

Foreclosure Wave May Be Losing Steam

Las Vegas has been at the top of the foreclosure list in several of recent months. However, analysts say that trend may slow soon. A recent article in the RJ addresses the issue by indicating that preforeclosure and foreclosure numbers are down from previous months.

"The sky isn't falling, and the bottom of the housing market is in sight," Foreclosures.com President Alexis McGee said. "The problem with foreclosures is they go up and they go down, so it takes two or three months to see where they're going, but for now, it looks like April is headed in the right direction."

Residents should contact a Las Vegas Realtor as soon as they realize they may have to sell. If a the process gets too far down the line then a sale is more difficult. If the sale begins soon enough, an agent can often make a big difference.

Foreclosures Leaving Green Pools

Las Vegas real estate agents have watched the foreclosures inventory pile up among banks. Many of these homes are vacant and many of those that are vacant have pools. These pools, left unkept, have begun to turn green.

Our next-door neighbor up and left his home. The pool has evaporated considerably and begun to change colors. What we're most nervous about is the potential for insect breeding. The kids love to play out back as the Las Vegas weather improves and we don't want an investation.

There are many Las Vegas homes for sale under great conditions. Others need some work and there are discounts for those situations. It really comes down to finding the opportunity and taking it.

Summertime: Homes with Pools

Las Vegas is known for its hot summer weather. Many home owners ease the heat by buying homes with pools. CNN showcased some great pool designs recently. They are some pretty cool home features.

Many home buyers seeking pools wonder about the value between purchasing a home with a pool versus having one installed. Your Las Vegas real estate agent can help determine that value.

If you are looking for a community with a pool or other similar features Vegas has many options. You can find simple or extravagant designs.

Is Your Home Insurance High Enough?

The news commonly reminds us of unexpected disaster and loss of home. This Wall Street Journal article suggests we get our insurance in order. Many of our homes may not be insured properly for possible issues. We don't intend to scare home owners but want to point out that there are ways to verify if the home is properly insured or not.

Las Vegas is known for its storms during the monsoon season. A community can be flooded quickly. There is a resource home owners can use to determine whether they live in a flood plain or not. It is a web site with all of the flood zones outlined. Las Vegas Realtors can provide you with that resource.

World's First Billion-Dollar Home

We see huge, expensive Las Vegas homes. However, none of them approach the worlds most expensive. Forbes reported the first billion-dollar home.

Supposedly, every floor in the 27-story residence is unique driving the price around $2 Billion. It has around 400,000 sqft of interior space. It will be located in Mumbai. It will cost more than other skyscrapers of its size due to the unique features of each floor.

In Las Vegas, there are huge homes and spreads. Some of the wealthiest of the world have homes here.

Local Real Estate Markets May Get Involved in Housing, Literally Buying and Selling Homes

An article in CNN this morning was very intriguing and will likely spark some political skirmish. As mentioned in the article:

"Under the House plan, the Department of Housing and Urban Development would dole out the loans and grants based on the number of foreclosures and home prices in an area. Cities could use the money to buy foreclosed homes, renovate the homes to make them compliant with housing codes, and resell or rent them."

The goal is to help keep neighborhoods and the city as a whole in good shape since there are so many vacant homes on the market. They tend to be run down.

In Las Vegas we're seeing a significant number of homes that are vacant. There has been issues with dilapitated homes and associated values. Some Las Vegas real estate agents are wrapped up in these properties and are able to get good deals on them. However, if buyers aren't available it takes some technique to sell these properties. We'll keep an eye out to see if the bill passes.

Las Vegas Aliante Community Offers Incentives

The Aliante community in North Las Vegas is offering considerable incentives to home buyers. They claim to be offering very competitive pricing and financing options.

Many Las Vegas communities are offering significant discounts and doing everything they can to attract qualified buyers. These builders have been competing with existing home prices and bank owned properties.

Las Vegas real estate agents are able to show a huge selection of both new and preowned properties. Buyers have been very selective and have chosen properties with great values.

Housing Mortgage Interest Rates Rise Slightly

Interest rates on mortgages have remained relatively low in recent months. They have risen slightly to 6.06% from around 5.5% in previous months. Bankers have concern for inflation and are adjusting accordingly.

What does that mean if you are purchasing Las Vegas real estate? It means there are still some great deals out there and if you are qualified housing can be very affordable. Investors have been calling, other home buyers are calling. They are looking for great deals because they know the market is at a great level. Your Las Vegas Realtor will help you get started and help you with any financing needs by referring the right professionals.

Home Buyers with Good Credit Can Protect That Reputation

Many home owners bought homes years ago with payments over their heads. Over time their inability to pay has threatened or damaged their credit. Many of those who had protected their credit the most misestimated their repayment potential and are now struggling to maintain a good credit reputation.

In Las Vegas knowing the right real estate agent can help. He can refer you to a credible, honest lender who will counsel and lend according to a realistic ability to handle the payments instead of closing whatever lone possible just to get a commission. Get ahold of your Las Vegas Realtor to learn more about lending options in the valley.