[vegas2005]

Originally Posted by Swigchow

This previously worthwhile thread is now becoming trite (and seemingly worthless).

and your contribution is?

grow up, this is a forum. Do you really take everything so seriously on a forum of annoyomous people?

wow. people are that gullible.

[Swigchow]

Originally Posted by vegas2005

and your contribution is?

grow up, this is a forum. Do you really take everything so seriously on a forum of annoyomous people?

wow. people are that gullible.

Ok, I'm gullible and I need to grow up. My kids have been telling me that for years.

[vegas2005]

Originally Posted by Swigchow

Ok, I'm gullible and I need to grow up. My kids have been telling me that for years.

sorry if I was rude.

The market here is absolutely terrible, and anyone that tells you otherwise is full of it.

So many people are not paying their mortage, so things are much worse than the data shows.

I live in a good area, and things have gone down since I bought five years ago. The supermarkets (this is a good way to access an area, the quality of the supermarkets, right?) in my area, the managers are seeing more food stamps then ever, and the store looks like **** compared to a few years ago because they don't care to spend on keeping up the store.

Back to the prices: there are condos in LVCC that are going for under 40k. The association fees are about $300 a month, so that might be why they are not selling. Still, for 40k, you would think that is a steal, but there are several properties that have been on the market, in LVCC, for a lengthly time, as these are cash transactions. Many people here have money to gamble and are broke as a result, they don't have money saved up, that is for sure.

[olecapt]

Originally Posted by vegas2005

sorry if I was rude.

The market here is absolutely terrible, and anyone that tells you otherwise is full of it.

So many people are not paying their mortage, so things are much worse than the data shows.

I live in a good area, and things have gone down since I bought five years ago. The supermarkets (this is a good way to access an area, the quality of the supermarkets, right?) in my area, the managers are seeing more food stamps then ever, and the store looks like **** compared to a few years ago because they don't care to spend on keeping up the store.

Back to the prices: there are condos in LVCC that are going for under 40k. The association fees are about $300 a month, so that might be why they are not selling. Still, for 40k, you would think that is a steal, but there are several properties that have been on the market, in LVCC, for a lengthly time, as these are cash transactions. Many people here have money to gamble and are broke as a result, they don't have money saved up, that is for sure.

Those condos in LVCC are ancient apartments recently converted with very high HOAs. Mostly an accident waiting to happen.

There are lots of nice though older condos/townhouses in LVCC. But not for $40K.

[vegas2005]

Originally Posted by olecapt

Those condos in LVCC are ancient apartments recently converted with very high HOAs. Mostly an accident waiting to happen.

There are lots of nice though older condos/townhouses in LVCC. But not for $40K.

Thanks for the feedback. That make perfect sense. 1974, right?

What zips do you see value in? I have 89131 as the best value, although, it seems deserted a bit up that Northwest corner.

Any thoughts? Thanks.

[007 license to sell]

This article is important to read not only as a seller but a buyer.
For the buyer this article illustrates that if your trying to purchase a short sale how it can be sabotaged, by the bank stipulating in the verbiage that they will go after the seller for the deficiency up to 6 months on a principal and 6 yrs on a second loan. Also the bank may ask the seller to pay a portion of the deficiency before they will release the loan.

And for sellers of distressed properties this point out the problems they can encounter in trying to do a short sale. Granted one bank points out that they have done over $800,000 in modifications, it's just my opinion but I would guess most of those are done in states that homes aren't as upside down like they are in and around Las Vegas. Banks and investors are more apt to respond to a short sale that doesn't have such a loss on it and the reason could be the bank or investor will recoup more on the loan.

Homeowners say banks rebuffing attempts to modify mortgages

Source Las Vegas Review Journal.

[vegas2005]

Originally Posted by 007 license to sell

This article is important to read not only as a seller but a buyer.
For the buyer this article illustrates that if your trying to purchase a short sale how it can be sabotaged, by the bank stipulating in the verbiage that they will go after the seller for the deficiency up to 6 months on a principal and 6 yrs on a second loan. Also the bank may ask the seller to pay a portion of the deficiency before they will release the loan.

And for sellers of distressed properties this point out the problems they can encounter in trying to do a short sale. Granted one bank points out that they have done over $800,000 in modifications, it's just my opinion but I would guess most of those are done in states that homes aren't as upside down like they are in and around Las Vegas. Banks and investors are more apt to respond to a short sale that doesn't have such a loss on it and the reason could be the bank or investor will recoup more on the loan.

Homeowners say banks rebuffing attempts to modify mortgages

Source Las Vegas Review Journal.

At what point do these people realize that the bank isn't going to help, and just walk?

When I hear stories of people dipping into their retirement accounts to save an underwater home, I cringe.

Worse part is that these prices will stay down for at least another 5 years, and closer to 10, as Harry Reid (LOL) has failed to create the JOBS he promised. thanks Harry!

[olecapt]

Originally Posted by 007 license to sell

This article is important to read not only as a seller but a buyer.
For the buyer this article illustrates that if your trying to purchase a short sale how it can be sabotaged, by the bank stipulating in the verbiage that they will go after the seller for the deficiency up to 6 months on a principal and 6 yrs on a second loan. Also the bank may ask the seller to pay a portion of the deficiency before they will release the loan.

And for sellers of distressed properties this point out the problems they can encounter in trying to do a short sale. Granted one bank points out that they have done over $800,000 in modifications, it's just my opinion but I would guess most of those are done in states that homes aren't as upside down like they are in and around Las Vegas. Banks and investors are more apt to respond to a short sale that doesn't have such a loss on it and the reason could be the bank or investor will recoup more on the loan.

Homeowners say banks rebuffing attempts to modify mortgages

Source Las Vegas Review Journal.

Nothing new here. Same as it has been for the last two or three years..

When you do a short you get relief on any seconds or you don't do it.

Generally the firsts will buy off the second at ten cents on the dollar. The second than release the debt as well as the lien.

If you can't get either lender to cooperate you go foreclosure and then bankrupt. You need to do both.

This has been the pattern throughout. It may well occur that if it gets bad enough the banks will actually make meaningful principal reductions. But so far no way.

[007 license to sell]

This article could be bad news for the home buyer that needs to have a loan to purchase.
Unfortunately the GSE's like Fanny Mae and Freddy Mac have huge problems due to poor under writing, for instance like giving loans to people that shouldn't have gotten them. However instead of making the underwriting more accountable and tightening the means test to get future loans they are talking about getting rid of them.

Whether you agree we should keep Fannie Mae or Freddy Mac they along with FHA and VA help would be home owners with lower down payments and 30 yrs to pay. Most home owners only stay from 2 to 5 yrs in a home, thus the loan under normal circumstances gets paid off.

Most would be buyer's can afford the payments, they just don't have the large down payment. If the loans gets shorten the payments will go up, and that buyer has been taken out of the market.

The banks don't like to write 30 yr notes and if they do it will be at a higher interest rate and will require more down. This will not only hurt the buyer but sellers as well.

Federal mortgage assistance going away?

The House of Representatives passed two bills to rescind federal funding for mortgage modification programs last week, the first steps toward getting the government out of the home lending business.
Source: Las Vegas Sun

[SportyandMisty]

Originally Posted by 007 license to sell

This article could be bad news for the home buyer that needs to have a loan to purchase.
Unfortunately the GSE's like Fanny Mae and Freddy Mac have huge problems due to poor under writing, for instance like giving loans to people that shouldn't have gotten them. However instead of making the underwriting more accountable and tightening the means test to get future loans they are talking about getting rid of them.

Whether you agree we should keep Fannie Mae or Freddy Mac they along with FHA and VA help would be home owners with lower down payments and 30 yrs to pay. Most home owners only stay from 2 to 5 yrs in a home, thus the loan under normal circumstances gets paid off.

Most would be buyer's can afford the payments, they just don't have the large down payment. If the loans gets shorten the payments will go up, and that buyer has been taken out of the market.

The banks don't like to write 30 yr notes and if they do it will be at a higher interest rate and will require more down. This will not only hurt the buyer but sellers as well.

Federal mortgage assistance going away?

The House of Representatives passed two bills to rescind federal funding for mortgage modification programs last week, the first steps toward getting the government out of the home lending business.
Source: Las Vegas Sun

Uh, I didn't think Fannie or Freddy actually originate mortgages. I thought they were liquidity entities - they bought the mortgages from mortgages originators and then sold them to investors, thereby supplying the banks with cash to issue new loans; the latter are the entities that, in retrospect, issued loans to people who should not have received them (although even that latter statement is controversial; Rep. Maxine Watters, D-CA to this day praises Fannie & Freddie for buying sub-prime loans because it helped improve the economic condition of her constituents in poor, mostly black SoCal congressional district).