[lvoc]

Originally Posted by VegasVicsezhowdy

The Housing Bubble Is Reflating, And It Will Crash Again

SCHIFF: The Great Reflation - Business Insider

"For the first quarter of 2013, the Federal Reserve reports a 10% delinquency rate for residential mortgages (those with payments that are at least 90 days past due). This is more than 6 times the rate in the first quarter of 2006."

Does not compute. Not unusual for Schiff...

"According to the First Look report for April to be released today by Lender Processing Services (LPS), the percent of loans delinquent decreased in April compared to March, and declined about 10% year-over-year. Also the percent of loans in the foreclosure process declined further in April and were down almost 25% over the last year.

LPS reported the U.S. mortgage delinquency rate (loans 30 or more days past due, but not in foreclosure) decreased to 6.21% from 6.59% in March. Note: the normal rate for delinquencies is around 4.5% to 5%."

[lvoc]

Originally Posted by lvnyc

5-27 Hanson…Per Zillow…>44% of US Homeowners are Zombified; Over 60% when including income/credit restrictions

Does not compute.

178K SFRs sold in the last 5 years. Few if any of those would be underwater. There are about 477K SFRs in Las Vegas. So there are 298K that have not sold recently. Something more than 25% of these have no mortgages. So we are left with 224K homes or 47% of the housing stock has a mortgage and has not recently sold. That would say the most "zombified" would be 47% and likely less than half that.

So again someone does not understand what they are doing.

[lvoc]

Originally Posted by lvnyc

So Who is the Dumb Money Ruining the Rental Housing Market? « naked capitalism

Mostly about Florida, but mentions a likely incorrect (too low) estimate of investor holdings here in Las Vegas and concern about what happens when they decide to cash in their chips.

Also mentions Las Vegas' softening rental market (referring to this article):
Testosterone Pit - Home - Housing Bubble II: Institutional Investors Instead Of First-Time*Buyers

Does not compute.

SFR rentals in 2Q2012 had a median of 1195 aqnd a mean of 1389. 5927 units

SFR rentals in 2Q2013 had a median of 1195 and a mean of 1439. on 6693 units.

So up 3%.

[VegasVicsezhowdy]

Originally Posted by lvoc

Does not compute.

Lost in Space?

What do you know about the Senate Bill that was passed that cancels the affidavit of "Arm's Length Transaction" requirement? I heard a LV attorney mention on the radio that beginning in October short sales between parties with a material relationship will be allowed.

[lvoc]

Originally Posted by VegasVicsezhowdy

Lost in Space?

What do you know about the Senate Bill that was passed that cancels the affidavit of "Arm's Length Transaction" requirement? I heard a LV attorney mention on the radio that beginning in October short sales between parties with a material relationship will be allowed.

300 AND 321 BOTH PASSED... I don't think the Governor has signed them yet but I don't think that an issue.

However I do not know what final amendments were made. Should be clear early in the week.

No knowledge on the arms length...though i am surprised that can be manipulated by state law.

[VegasVicsezhowdy]

Originally Posted by lvoc

300 AND 321 BOTH PASSED... I don't think the Governor has signed them yet but I don't think that an issue.

However I do not know what final amendments were made. Should be clear early in the week.

No knowledge on the arms length...though i am surprised that can be manipulated by state law.

I found it, it's an add on to SB 321 (Homeowner's Bill of Rights).

Lenders will no longer be obligated to require arm's length transaction.

[lvoc]

Originally Posted by VegasVicsezhowdy

I found it, it's an add on to SB 321 (Homeowner's Bill of Rights).

Lenders will no longer be obligated to require arm's length transaction.

What was it that obligated them to require arms length transactions?

I always thought it an abundance of caution...not law.

[NoMoreRJ]

Originally Posted by lvoc

What was it that obligated them to require arms length transactions?

I always thought it an abundance of caution...not law.

I think it was to prevent your dad from short selling the property to your uncle or cousin for example but now I guess they can't prevent that from happening. I didn't see a problem with that rule but I guess we needed another law to allow more shenanigans in LV RE market.

What they need to do is stop allowing HOA's to foreclose on home for BS infractions.

[lvoc]

Originally Posted by NoMoreRJ

I think it was to prevent your dad from short selling the property to your uncle or cousin for example but now I guess they can't prevent that from happening. I didn't see a problem with that rule but I guess we needed another law to allow more shenanigans in LV RE market.

What they need to do is stop allowing HOA's to foreclose on home for BS infractions.

Agreed. But this implies thaqt it was a state statute...which I am skeptical of...

This does not appear to say they must...but that they can if they want.

[ali74]

According to our RE agent SB-321 (home owner's bill of rights) will be effective from October of this year and AB-300 from July. So the banks will try to foreclose as many as possible from starting from July till October. Is that right?