[007 license to sell]

It's official Units in Veer towers begin selling today. Due to the high demand for highrise properties and current low inventory this is good news for buyers looking to purchase a condo on the strip. With the new lower prices in Veer this could be a great opportunity for buyers.
Veer Towers has 100 condominium units to sell

[tbill618]

Why Americans still feel poor

What is perhaps surprising is that areas that saw some of 2012's biggest jumps in home prices are also places with the biggest problems with distressed borrowers: Nevada had the highest percentage of underwater mortgages at 59.6% of all home loans, followed by Florida at 42.1%, Arizona at 38.6%, Georgia at 35.6% and Michigan 32%. Together, these states make up 24% of the total amount of negative equity nationwide, according to CoreLogic.

[tbill618]

Realtors report urges amending robo-signing law

There's still a lot of talk about the so-called "shadow inventory," which nobody has really defined, Searby said. Some people say the shadow inventory is coming from AB 284, the National Mortgage Settlement and banks not wanting to foreclose on delinquent borrowers.

"The data doesn't support that because you'd see delinquencies grow at a higher rate than foreclosures," Searby said.

I really don't follow the logic on the bolded statement. If AB 284 means the banks have slowed down on foreclosing then how would that cause more delinquencies? Maybe people see the effect of Ab 284 and stop paying their mortgage? AB 284 meant that mortgagees who were already delinquent could remain in their homes longer because foreclosures slowed.

It was an interesting article but the most interesting part was a comment by 'Mark Rowley.'

Guess nobody has read the National Mortgage Settlement agreement......Guess noboby really understood what our State of Nevada Supreme Court case, Edelstein vs. Bank of New York Mellon 7-0 decision in favor of the MERS system really means....Guess nobody has ever deeply researched the number of wrongful foreclosure cases here in our Great State of Nevada....I don't believe there are any...?.....Guess nobody really knows how to data base search residential Trustee's Deeds at the Clark County Recorders Office for "true" bank owned shadow inventory.....Guess nobody puts any faith in the Mortgage Bankers Association reports on aging delinquency reports of mortgages here in the State of Nevada.....Guess nobody ever separates the NOD's every month for what are for housing units and what are for HOA's.....Guess NVAR needs to reassess what is truely the amount of homes that are available for sale.....Guess it would be too dificult to assess the vacant home status through the utility companies......Guess Mr. Searby did not study the market affects of AB 284 and the drastic change in the proceedures of NRS 107.080-107.100...Would have been a good thing to at least look at.....Guess nobody knows that the CoreLogic report for the State of Nevada came out last week.....Guess nobody knows that Clark County according to this "one" company is $10.6BB upside down which equates into 249K mortgages in Clark County that are "underwater"....LET ME GO BACK AND READ THE REPORT AGAIN....I MUST BE MISSING SOMETHING......?

[logline]

Originally Posted by tbill618

Why Americans still feel poor

Wait. You mean over 40% of mortgages in this town are ABOVE water? I consider that a win!

[Tarara Boomdea]

Originally Posted by tbill618

Realtors report urges amending robo-signing law

correct link Realtors report urges amending robo-signing law - Business - ReviewJournal.com

Originally Posted by tbill618

Maybe people see the effect of Ab 284 and stop paying their mortgage?

Yup.

Originally Posted by tbill618

It was an interesting article but the most interesting part was a comment by 'Mark Rowley.'

That was really interesting. I think he's a realtor. The "untrusted comments" evaporate very quickly.


I saw another, very short, article on the Las Vegas Sun website (maybe it was complete in the paper, don't have it).

As Nevada housing brightens, some see storm coming
The Associated Press, Thursday, Jan. 24, 2013 | 2:25 p.m.
As Nevada housing brightens, some see storm coming - Las Vegas Sun News

Here's the full article, not edited:
As Nevada Housing Brightens, Some See Storm Coming - ABC News

[Cliph]

Are foreclosures any better deal for a buyer than short sales? Are they faster to close?

[Californiapch]

Originally Posted by Cliph

Are foreclosures any better deal for a buyer than short sales? Are they faster to close?

I guess they are suppose to be faster to close. they have gone through the process and are ready to liquidate so they have less steps to happen.

Pricing - I would let someone else answer that as I hardly seen any when I was hunting for a condo.


Brian

[WestieJeff]

They close quickly, just like a traditional sale. They are much quicker than short sales.

Price wise, in the past they've been higher than short sales and lower than traditional sales. I'm not sure the stats, but just watching listings it seems the price of everything (shorts, foreclosures, etc.) is moving towards being in line with traditional sales.

Originally Posted by Cliph

Are foreclosures any better deal for a buyer than short sales? Are they faster to close?

[MSchu]

Nevada leads U.S. in spiking home prices



WASHINGTON - U.S. home prices jumped by the most in 6½ years in December, with double-digit price growth in Nevada and the West leading the way.
Home prices nationwide rose 8.3 percent in December compared with a year earlier, according to a Tuesday report from CoreLogic, a real estate data provider. That is the biggest annual gain since May 2006.
Nevada ranked No. 2 in home price appreciation, at 15.3 percent. That was second only to Arizona's 20.2 percent. In California, an important feeder market for local tourists and relocating new residents, prices jumped 12.6 percent, the nation's fourth-best performance.



Nevada leads U.S. in spiking home prices - Business - ReviewJournal.com

[djslakor]

Las Vegas home prices jump 27 percent in January - Business - ReviewJournal.com

Home prices in Las Vegas jumped 27.1 percent in January, picking up where they left off last year as the inventory of homes available for sale remains tight, the Greater Las Vegas Association of Realtors reported today.

The median price for 2,284 single-family homes sold in January was $150,000, up from $118,000 in the same month a year ago.

Sales decreased 22.1 percent from a year ago because of limited choices on the market, said Dave Tina, president of the Realtors association. That's helped bolster new-home sales, he said.

"Everybody wants pretty," Tina said. "It could be a $50,000 condo or a $100,000 house. Everyone wants a beautiful floor, granite counters. Why are flippers doing so well? It has new granite and new paint and it's pretty. The ones that aren't selling in this market aren't pretty. They're dogs."

The Multiple Listing Service shows 14,433 homes for sale, but only 3,334 are available without pending or contingent offers.

Assembly Bill 284, the robo-signing law that took effect in October 2011, continues to delay the foreclosure process and keep inventory at low levels. Realtors anticipate the law will be amended at the Nevada Legislature that began this week. Of particular concern is the "personal knowledge" requirement for who owns the original promissory note.

Notice of default filings began increasing slightly toward the end of last year, indicating that real estate-owned properties may be coming to market in the near future, Tim Kelly Kiernan of ReMax Extreme said.

"Here is a crazy statistic," he said. "We have over 13,000 total properties in pending status, and 10,000 of them are short sales."

Kiernan counted 993 short sales in January, or lender-approved sales for less than the principal mortgage balance.

Realtors posted 2,838 new listings in January at a median asking price of $160,963, up nearly 24 percent from a year ago.

Some listing agents are raising prices the next week on homes that haven't sold, which doesn't make sense, Tina said.

"My belief is that some sellers seeing this heavy appreciation are going too high," he said. "They've got to get back to reality."

First-time home buyers are losing out to investors because Fannie Mae is getting an $80,000 appraisal on a home and kicking it up to $120,000, Tina said.

"People don't want to talk about it because Fannie says Realtors are undervaluing homes and flippers are making a profit," he said.

The Realtors association reported 537 condo and townhome sales in January at a median price of $75,000, up 36.4 percent from a year ago.

Realtors statistics are based on transactions from the MLS, and do not necessarily include homes sold by builders, for-sale by owner and other transactions not involving a Realtor.