[007 license to sell]

This pretty much covers what is going on with the foreclosure lawsuit. It's going to take 3 yrs and who knows really what it's going to do for inventory or prices. Banks will continue to control the flow of inventory and in turn controls the prices. And anyone that has a Fannie Mae or Freddie Mac loan is exepmt from this. Most of the loans here were GSE loans.

Critics call foreclosure settlement ‘a slap in face’

[Tek_Freek]

There was a story about that here in Iowa last night. $1 billion for Iowa. The largest slice of the pie? It goes to the state.

[MomMom]

In case anyone doesn't know this, for those looking to see what these sale prices buy here in Las Vegas, here is a listing of homes sold a couple of weeks ago.

Resale Homes Report: Existing homes sold: Jan. 25-31 - Real Estate - ReviewJournal.com



Note the parcel number then go the Assessor's website and select from the menu on the left "Property Records"

Record Search

Choose search by parcel number, enter it and then the description, ownership and particulars about the property will display. You can select "aerial" view on there as well and get a good idea of where the house is located in the valley. Go even further and note the address, then Google Earth it.

Great tools to use in your search!

[las vegas drunk]

Here is a good article that come out today:

"For Nevada, things aren’t going well. Its already dismal economy and housing situation are still getting worse. Nevada didn’t experience a glut of foreclosures last year because the state has a particularly lengthy foreclosure process."

States with the most homes in foreclosure - Yahoo! Real Estate

[007 license to sell]

I wanted to share this youtube video regarding the new law that passed that could cause many problems for not only banks but also buyers and future sellers.


Is it Safe to buy a home in Las Vegas in 2012? - YouTube

[MomMom]

Originally Posted by las vegas drunk

Here is a good article that come out today:

"For Nevada, things aren’t going well. Its already dismal economy and housing situation are still getting worse. Nevada didn’t experience a glut of foreclosures last year because the state has a particularly lengthy foreclosure process."

States with the most homes in foreclosure - Yahoo! Real Estate

A gal pal of mine has a neighbor on her street (Providence Master Plan) who decided to foreclose on their property, the wife and her hubby split up and they are way underwater on their home. She moved out, rented a small house nearby and he's been living in the house two years now this March, only paying utilities, sewer and HOA dues.

Has not been told by BofA (their mortgage holder) to evict at all.

He is putting the money he would have paid his mortgage with away in savings and when he does have to evict, he'll have a nice down payment on another home is what he told my friend he's doing. So yeah, I can agree with this article. How many others in foreclosure are still in their homes without any threat of having to vacate?

[las vegas drunk]

Originally Posted by MomMom

A gal pal of mine has a neighbor on her street (Providence Master Plan) who decided to foreclose on their property, the wife and her hubby split up and they are way underwater on their home. She moved out, rented a small house nearby and he's been living in the house two years now this March, only paying utilities, sewer and HOA dues.

Has not been told by BofA (their mortgage holder) to evict at all.

He is putting the money he would have paid his mortgage with away in savings and when he does have to evict, he'll have a nice down payment on another home is what he told my friend he's doing. So yeah, I can agree with this article. How many others in foreclosure are still in their homes without any threat of having to vacate?

At my former job, my coworker also told me of her neighbors who also are living in their houses rent free and have for years. I guess people figure why pay the mortgage if you do not have to.

[007 license to sell]

Here is the latest on what is happened with home values in Las Vegas 2011.

Anyone purchasing in this market needs to purchase with the mind set they are in for the long haul. If a buyer isn't capable to do that financially then that buyer shouldn't be looking at purchasing at all. Until the Vegas economy does a big turnaround Vegas real-estate and the surrounding area's is going to be a bumpy ride.

Las Vegas home values dip for second straight year

[007 license to sell]

Even if your not in the market for a new home this article address's how resale homes are putting downward pricing for Vegas new homes due to the glut of resale's that are sitting in the shadows waiting to be released as well as what is released for sale.

I am seeing more primary home owners purchase new over resale due to all the problems with the resale homes as well as difficulty dealing with sellers. Investors usually won't look at new however I am seeing some of them looking at new over resale as well. Especially the investor that wants only one or two properties to rent out v/s the investor that purchase many properties.

Las Vegas new-home sales report gloomy

[von949]

^^^
Comment from one of the articles above.

only city in the history of the world to lead in unemployment and population growth

I wonder how true this is.