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Old 12-02-2012, 05:35 AM
 
Location: North Las Vegas
1,631 posts, read 3,952,856 times
Reputation: 768

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There was an article in our local paper that address's how buyers that have had a foreclosure or a short sale are starting to look at buying again. Note in the article those buyers will have to have 20% down and their interest rate will be in the 6% range or higher depending on each individuals financial circumstances. Also there could be other fees depending on the lender.

Keep in mind not everyone is cut out to be a home owner keep in mind that there are other costs associated with owning home that a person doesn't have as a renter and if person doesn't know how stable their job is then maybe they should rent. So they will be more mobile if they have to move for a job.

Boomerang buyers who lost it all see life after foreclosure

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Old 12-02-2012, 10:36 AM
 
12,973 posts, read 15,809,783 times
Reputation: 5478
HUD appears to own 250 or so homes. There may be another 100 not yet moved to HUD ownership officially.

That is not going to change anything if they released them all at once. Won't even make a blip.

They may start foreclosing on more homes. But that does not show in the present statistics either. So the earliest any real impact would be spring or summer.

Looks highly unlikely to have any real impact.

I would think HUD would move the HUD escrows to Las Vegas if they really intend to close them here. Close one 90 days ago with escrow in Reno...
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Old 12-03-2012, 06:32 AM
 
Location: North Las Vegas
1,631 posts, read 3,952,856 times
Reputation: 768
Actually, when my broker went to the meeting for hud there are far more than 250 we're talking a 1000's this was told to my broker from a representantive of HUD. Also new rules when purchasing are also in effect as of Jan 2013 when it comes to purchasing a HUD property. All we can do is wait and see what really transpires. We keep getting different inventory numbers from all of the financial institutions that are holding distressed properties.
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Old 12-03-2012, 09:07 PM
 
12,973 posts, read 15,809,783 times
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Quote:
Originally Posted by 007 license to sell View Post
Actually, when my broker went to the meeting for hud there are far more than 250 we're talking a 1000's this was told to my broker from a representantive of HUD. Also new rules when purchasing are also in effect as of Jan 2013 when it comes to purchasing a HUD property. All we can do is wait and see what really transpires. We keep getting different inventory numbers from all of the financial institutions that are holding distressed properties.
They have to own the homes to sell them. They don't. You know how to look up a tax. Try it and see what is owned by the Secretary Housing and Urban Development.
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Old 12-03-2012, 09:09 PM
 
12,973 posts, read 15,809,783 times
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Default Now here is an interesting place for sale..check the garage.

A 2,000 SF house with a garage of a different size.

5065 N Fort Apache Rd, Las Vegas, NV 89149 - Zillow

Don't think they are gonna pull this one off...
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Old 12-04-2012, 03:50 PM
 
261 posts, read 423,150 times
Reputation: 137
Prices creep up and inventory stays low.
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Old 12-04-2012, 03:53 PM
 
727 posts, read 1,057,445 times
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Quote:
Originally Posted by tbill618 View Post
I am not sure that I would call 13.7% creeping up. That is a pretty significant increase.

Last edited by newopty; 12-04-2012 at 04:01 PM..
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Old 12-05-2012, 11:41 AM
 
261 posts, read 423,150 times
Reputation: 137
Quote:
Originally Posted by newopty View Post
I am not sure that I would call 13.7% creeping up. That is a pretty significant increase.
No, I think that is a good adjective. Prices are pretty much the same as 2011 so it remains to be seen if this increase will continue or if it is a result of low interest rates that result from quantitative easing. You'll notice that Phoenix did a lot better than LV.
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Old 12-05-2012, 01:32 PM
 
12,973 posts, read 15,809,783 times
Reputation: 5478
Quote:
Originally Posted by tbill618 View Post
No, I think that is a good adjective. Prices are pretty much the same as 2011 so it remains to be seen if this increase will continue or if it is a result of low interest rates that result from quantitative easing. You'll notice that Phoenix did a lot better than LV.
Prices on SFRs are up around 25% since February. They are about to go to levels last seen in early 2009.

And the trend continued in November. At this rate the investors are going to be out of the market by mid next year.

It is actually pretty insane.
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Old 12-05-2012, 02:07 PM
 
727 posts, read 1,057,445 times
Reputation: 703
Quote:
Originally Posted by lvoc View Post
Prices on SFRs are up around 25% since February. They are about to go to levels last seen in early 2009.

And the trend continued in November. At this rate the investors are going to be out of the market by mid next year.

It is actually pretty insane.
When you wrote:

"At this rate the investors are going to be out of the market by mid next year."

Did you mean that there will be no inventory left?
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