[ddrhazy]

Originally Posted by lvoc

In a lot of ways this is reasonably ironic. Guess who started the whole BPO thing so they would not have to pay the appraisers?

Properly run a short sale system can easily avoid all this stuff. That the lenders don't do so speaks to the lenders priorities.

As I said in the early days I twice had to raise our offer to get it accepted.

Short sales and REOs have always functioned on a reasonably absurd principle - That they are worth substantially less money than a non-distressed sale. You can nail that one to the lenders as well. At the moment REOs have come up a ways relative to non-distressed - but shorts still trail...

I rather deal with a REO than short sale. Forget about the fact of the length of a short sale. It's just a clumsy system with an extra party that should not be involved.

You can blame the legislation for that though, they're the ones that tied the hands of the banks. The banks are just working within the system.

[von949]

I didn't get the memo either... I guess we need to make room for the new folks?

Report shows Las Vegas housing stock continues to dwindle | Las Vegas Review-Journal

But locals never got the memo reminding them to sell now. So Las Vegas, which has struggled since early 2011 with low housing supply, took another step back in the first half of 2013. Area listings plummeted 55.2 percent year over year in early June, a big deterioration measured against January’s 33.4 percent falloff. That means local listings lost 21.8 percentage points of ground, even as the nation’s supply crunch eased. Housing stock retreated the most — 64.3 percent — in the middle tier of homes, priced from $106,950 to $194,250.

“People are trying to move here, and they can’t buy property. That can’t be good for our economy,” he said.

[VegasVicsezhowdy]

The Foreclosure Problem Just Got Worse In Nevada And Florida - Yahoo! Finance

"Foreclosure starts were up 81% year over year in Nevada to a 20-year high, and up 19% on the month. Foreclosure activity was up 18% month over month and 1% from a year ago."

"The employment situation isn't promising either. A report from Reno Gazette Journal shows that when we take into account underemployment and those that have been discouraged from looking for jobs, the unemployment picture is quite a bit worse than the headline number suggests:
"Shadow unemployment numbers are especially staggering in Nevada, which consistently posted the highest jobless rate in the nation since the recession.
"In the first quarter, Nevada’s annual unemployment rate was 10.8 percent, which equates to more than 140,000 people. Labor statistics, however, peg shadow unemployment at 19.6 percent — more than a quarter-million Nevadans."

[okaythen01]

hi guys what do you think about this when you want to buy a property for investment purpose? "Don't buy in the areas where it's up and coming, economy is still not good and they don't have money for schools, hospitals and other infrastructure" I guess it's pretty true? but depends on location, maybe some area it's rich and they don't have this problem?

[Kaiminani]

Originally Posted by VegasVicsezhowdy

The Foreclosure Problem Just Got Worse In Nevada And Florida - Yahoo! Finance

"Foreclosure starts were up 81% year over year in Nevada to a 20-year high, and up 19% on the month. Foreclosure activity was up 18% month over month and 1% from a year ago."

That article is ambiguous about the severity, in one place it says '20-year high' and in another place it says '20-month high.'

[VegasVicsezhowdy]

The proclivity of negative equity is not equal throughout the Las Vegas valley. Pockets of exceptionally high rates of underwater homes exist along the 15 corridor from downtown up through North Las Vegas to the Nellis Air Force base as well as the northernmost portions of Centennial Hills. As many as 74% of all homes are underwater in those areas. Rates are significantly better in other parts of the valley, most notably Anthem, Henderson, Green Valley and areas near Summerlin, with rates as low as 29% in Summerlin proper.

[lvoc]

Originally Posted by VegasVicsezhowdy

The proclivity of negative equity is not equal throughout the Las Vegas valley. Pockets of exceptionally high rates of underwater homes exist along the 15 corridor from downtown up through North Las Vegas to the Nellis Air Force base as well as the northernmost portions of Centennial Hills. As many as 74% of all homes are underwater in those areas. Rates are significantly better in other parts of the valley, most notably Anthem, Henderson, Green Valley and areas near Summerlin, with rates as low as 29% in Summerlin proper.

That chart is pretty well meaningless unless you have all the details behind it...and then it is likely meaningless.

The percentages listed is, I presume, the percentage of those with mortgages under water. But what percentage of the houses have mortgages...particularly in the areas with high cash action.

Who set the house price? I know of no good way to do that. 100 X the taxes? Zillow?

Need the data source for that to make any sense.

[VegasVicsezhowdy]

Mortgage Resolution Partners Estimates

Dechert's OnPoint: Underwater Mortgages Deserve More than Eminent Domain | Dechert LLP - JDSupra

"MRP estimates that there are a total of 5,052 private-label securitized mortgage loans in North Las Vegas and, of those, 4,763 are underwater. In Clark County (the county in which North Las Vegas, Las Vegas, Boulder City and a few other cities sit), it is estimated that 63,000 homeowners with loans valued at $15.5 billion could be helped and more than 84% of them are underwater."

[lvoc]

Originally Posted by VegasVicsezhowdy

Mortgage Resolution Partners Estimates

Dechert's OnPoint: Underwater Mortgages Deserve More than Eminent Domain | Dechert LLP - JDSupra

"MRP estimates that there are a total of 5,052 private-label securitized mortgage loans in North Las Vegas and, of those, 4,763 are underwater. In Clark County (the county in which North Las Vegas, Las Vegas, Boulder City and a few other cities sit), it is estimated that 63,000 homeowners with loans valued at $15.5 billion could be helped and more than 84% of them are underwater."

Caught an anti eminent domain ad on the radio this week. Pure balderdash and a yard wide. I wonder if that means some of the lenders are getting concerned that it may actually get a try?

it would be interesting to see someone actually try it.

[lvoc]

In house discussion of using accelerating price clause just popped up. Last seen in 2004.

These are offers with the price tied to the next highest offer...ie $500 more than any other offer to a maximum of $115,000.

Real Estate Division says they are bad real estate but can't figure out why. Really a wonderful bureaucratic opinion. Management has not taken a position so use at your own risk.