CA and NV - Real Estate Blog by Olivia McClellan, Agent

Real Estate Prices CA vs NV

2012-02-20T09:33:00.000-08:00

Real Estate Prices CA vs NV

While Las Vegas prices stay about the same due to the influx of properties via REO places like San Francisco who also took a serious hit on pricing is bouncing back faster than most areas.

The fact that San Francisco real estate held its value better than smaller cities goes to show you the strength of a big city and it's ability to regain some of the lost equity. Other areas in CA like Sacramento and Bakersfield are not fairing so well.

More to come...

Judges accused of 'predetermining' foreclosure cases - News - ReviewJournal.com

2011-03-13T15:20:00.000-07:00

Judges accused of 'predetermining' foreclosure cases - News - ReviewJournal.com

A lawyer accuses District Judge Donald Mosley and other judges of "predetermining" the outcome in foreclosure disputes in favor of the lenders, according to an appeal filed with the Nevada Supreme Court.
In the process, they have made a "mockery" of a program designed to rescue distressed homeowners, attorney Jacob Hafter says in court papers filed Wednesday... Read More Above.

FHA Relaxes Anti-Flipping Rule

2010-02-07T19:54:00.000-08:00

FHA Relaxes Anti-Flipping Rule

Beginning Feb. 1, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.

The agency is changing what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA Commissioner David H. Stevens.

Waiving the 90-day rule will encourage private investors to buy vacant properties, fix them up, and quickly sell them to buyers who will be eligible to buy them using FHA financing.
FHA's change "is going to be absolutely terrific" for first-time home buyers hoping to take advantage of the tax credit, says Bobby Taylor, an associate with Coldwell Banker Mountain West Real Estate in Salem, Ore.

Source: Washington Post (01/30/2010)

HUD Waives 90 Day Seasoning for Purchasers.

2010-02-03T15:34:00.000-08:00

HUD Waives 90 Day Seasoning for Purchasers.

HUD has decided to waive the 90 day seasoning financing contingency for buyers.

Effective February 1st 2010, there will no longer be a requirement for a seller of a property to be on title for 90 days or more in order for approval of an FHA backed loan. This is incredible news, since the majority of buyers in today’s market are FHA buyers!

If you are planning on investing in foreclosures via short sales the time is now.

The 90 day seasoning issue has long been an issue for investors and agents when working with short sales. This is changing on Feb 1st.

Below is an excerpt from the HUD website: www.hud.gov

"In today’s market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time."

"The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities."

This will have such a positive impact on the housing market, investors, agents, buyers, sellers, and everyone else as a whole! It’s about time. We’ve been anticipating this, and it has arrived.

Ok, here are a few important key points. There a few simple stipulations that are part of this rule, which are actually quite simple to meet. Another – it’s only supposed to last for one year. I anticipate that this will change, once they realize the positive impact this has on the housing market and economy as a whole.

Here are a few more rules:

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

- All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

- In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.

- The time is now investors properties will be popping up on the market.

Thanks

Admin

REALTOR® Magazine-Daily News-Loan Modifications Hit Credit Scores

2010-01-02T12:49:00.000-08:00

REALTOR® Magazine-Daily News-Loan Modifications Hit Credit Scores

Applying for a mortgage modification and being in a months-long trial period can devastate a home owner’s credit score.

Under the government plan, troubled borrowers can have their mortgage payments reduced to 31 percent of their pre-tax income. They are first put in a trial modification for several months to test whether they can meet the requirements of the new mortgage.
Borrowers who were previously current on their mortgages will see their FICO scores fall about 100 points while they are in the trial period, according to the Treasury Department. Borrowers who were previously late or missed payments will see their scores fall more, the government says.

The longer a borrower is in the trial period, the greater the impact on their credit scores, Once the modification is approved, the borrowers’ mortgage credit status will be listed as current and that should improve their scores, the Mortgage Bankers Association explains.
Even so, the delinquency remains on credit reports for up to seven years and can make getting credit for something else like a car difficult and expensive, borrowers report.

Source: CNNMoney.com, Tami Luhby (12/28/2009)

Find Out if You servicer is participating in HAMP / HAFA

2009-12-27T13:49:00.000-08:00

Go here to see if your servicer is participating in the HAMP program: http://makinghomeaffordable.gov/contact_servicer.html

Meridian Condos Las Vegas - One Bedroon Unit Available Jan 2nd 2010

2009-12-19T13:36:00.000-08:00

Meridian Condos Las Vegas - One Bedroon Unit Available Jan 2nd 2010 - Furnished - Ask about utilities packages.

Fully furnished corporate rental, Top (4th) floor, modern decor, leather couches, dining for 4, dark cabinets, stainless steel, granite & travertine - flat screen tvs, linenes and houseware. READY TO GO! Just bring your suitcase.

Local attorney files suit against Bank of America - Matthew Q. Callister

2009-12-17T20:48:00.000-08:00

You can view more info about this at the news 3 website.

How to Find out if you have toxic drywall

2009-12-11T20:31:00.001-08:00

News on Nevada Foreclosure Mediation Program

2009-12-03T17:05:00.000-08:00

News on Nevada Foreclosure Mediation Program

Take a Break and Chill Out at one of Vegas's Hottest Halloweeen Parties

2009-10-26T09:24:00.000-07:00

This week the Las Vegas Review Journal released the hotlist of where to go to dress up and party around Devils Night. Some clubs are early some are late...

http://www.reviewjournal.com/entertainment/events/halloween/ Check this link out it will help you choose the best bash in town.

Now back to your regular scheduled real estate postings about a hot market with falling prices.

Admin

Foreclosure Assistance at UNLV with classes for traning homeowners

2009-09-28T13:38:00.000-07:00

UNLV has weekly classes for homeowners facing a foreclosure mediation meeting with their lender. In this story by Fox 5 they will assist you with putting together a case so your bank will actually mediate will you instead of just showing up.

See the Video here: http://www.fox5vegas.com/video/20979533/

For all locals in vistors - NFL Bars List Released

2009-09-19T16:47:00.000-07:00

If you are in town and want to route for your NFL team with some familiar painted faces check out this link of what sports bars in town have adopted a NFL team. Some haven't changed in years and some are new on the list.

http://www.reviewjournal.com/media/interactive/footballbars.html

Just an FYI list not related to real estate.

Have fun. Admin

Juhl Opens and Starts Closing Units

2009-09-05T14:18:00.000-07:00

The much anticipated downtown project Juhl Opened in June and has closed about 20 units with five more in the pipe. The lending sector has drastically changed since these units were sold so most buyers who are getting a loan are having troubles. If you have cash in hand that is another story.

If you are interested in current pricing and availablity pleases do not hesitate to give us a call at 702-835-9298. If we do not answer we are on the phone with another client or with a client, please leave your name number and brieft message.

Thank you

Olivia

Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker/Property Manager
Triple8 Associates Inc.
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-948-5790
Olivia@Triple8Associates.com
Visit me online at www.Triple8Associates.com

Press Release: JASON MCCLELLAN Earns REAL ESTATE WEBOGRAPHER™ Certification.

2009-09-02T16:13:00.000-07:00

JASON MCCLELLAN Earns REAL ESTATE WEBOGRAPHER™ Certification.

For Immediate Release

Las Vegas, NV 2009 August 25 Jason McClellan has successfully completed the REAL ESTATE WEBOGRAPHER™ certification to join an elite group of real estate professionals who have earned the prestigious certification offered through the National Institute of Webographers, LLC (www.webographers.com).

Jason McClellan has successfully completed 12 short courses which include: Online Business Strategy, Agent Websites, Single-property Websites, Lead Generation and Management, Virtual Tours, CMA and AVM technology, Neighborhood Search, Online Transaction Management, Electronic Forms, Virtual Assistants, Mobile Technologies and Blogs.

The REAL ESTATE WEBOGRAPHER™ certification teaches real estate professionals how to develop and maintain an effective online business strategy in a web-based environment. Candidates learn how to establish an effective consumer-facing, all-inclusive web presence; while increasing their knowledge on real estate technologies and strategies clients expect. The program helps real estate agents and affiliates increase marketability by aiding them in determining where they should invest their resources to generate leads, acquire new clients, advertise and facilitate closings.

About Jason McClellan
Jason McClellan, a REAL ESTATE WEBOGRAPHER™ professional, knows how to win more listings, attract buyers by turning a listing process into a marketing process. For more information about the valuable services that Jason provides to clients and web-savvy consumers, please feel free to make contact with:

Jason McClellan
jason@triple8associates.com

About National Institute of Webographers, LLC
Since 2004, The National Institute of Webographers, LLC has specialized in the education, training, assessment and certification of web-based technologies for the Real Estate industry. REAL ESTATE WEBOGRAPHER™ certification teaches agents, brokers and assistants how to best utilize today’s most popular web-based technologies - the solutions for an all inclusive, consumer-centric web presence. Certification, online modules for REALTORS® and Assistants include Agent Websites, Single-property Websites, Lead Generation and Management, Virtual Tours, CMA and AVM technology, Neighborhood Search, Online Transaction Management, Electronic Forms, Blogs, Mobile Technologies, Virtual Assistants, and the Learning Laboratory™, where Certificants can access an array of showcased technologies for hands on learning. Available 24/7/365, these courses provide the opportunity for Real Estate professionals to learn at their own pace while enhancing the skill sets necessary to compete and excel with today’s web savvy consumers. REW™ professionals provide consumers with a positive and profitable Real Estate experience. For more information regarding The National Institute of Webographers, please visit www.webographers.com or contact Scott Lau at ScottLau@Webographers.com.

Good Article Calling out the Banks about where did the money go?

2009-08-17T10:28:00.000-07:00

The Obama Administration slated billions to assist banks in hope for homeowners plan and did little to nothing depending on the bank to assist homeowners. The article posted in yesterdays Sunday RJ explains how some banks modified only 15% and most of the them ZERO that is right ZERO.

Read PDF article here

If you are not tweaked after reading this something is very wrong.

PennyMac brings back subprime memories - MarketWatch

2009-08-06T21:38:00.001-07:00

PennyMac brings back subprime memories - MarketWatch

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Must Read - Bad loans still make money - Jul 30, 2009 12:06 PM — Scott Jagow

2009-08-06T08:38:00.000-07:00

Bad loans still make money - Jul 30, 2009 12:06 PM — Scott Jagow

A group of former Countrywide people launched an IPO today with their new company, PennyMac. Take one guess at what they’re doing. And while we’re at it, let’s talk about why the government’s loan modification program isn’t working.

PennyMac is based in Calabasas, California (sound familiar?), and it plans to make money by buying up failing home mortgages from failed banks and then restructuring the loans. From Forbes/Reuters:

PennyMac’s chief executive is Stanford Kurland, a former president and chief operating officer of Countrywide. At least 10 other top PennyMac officials are alumni of Countrywide, which was also based in Calabasas.

Countrywide was once the largest U.S. mortgage lender, but its aggressive lending practices are widely considered to be a major cause of the nation’s housing crisis.

PennyMac’s business has drawn the attention of critics who have accused Kurland and other Countrywide alumni of trying to profit from a housing crisis they helped create.

Do investors have faith in the crew the second time around? Well, in May, PennyMac predicted its IPO would raise $750 million. It netted $320 million. But the company has raised hundreds of millions from private investors as well, so some people believe PennyMac will find a way to profit.

And why not? What’s left of the mortgage business seems to be doing just fine. The New York Times reports that one reason the government’s loan mod program isn’t going very well is that mortgage companies collect tons of fees on delinquent mortgages:

“It frustrates me when I see the government looking to the servicer for the solution, because it will never ever happen,” said Margery Golant, a Florida lawyer who defends homeowners against foreclosure and who worked in the law department of a major mortgage company, Ocwen Financial. “I don’t think they’re motivated to do modifications at all. They keep hitting the loan all the way through for junk fees. It’s a license to do whatever they want.”

More from the article:

“If they do a loan modification, they get a few shekels from the government,” said David Dickey, who led a mortgage sales team at Countrywide and Bank of America, leaving in March to start his own mortgage advisory firm, National Home Loan Advocates. By contrast, he said, the road to foreclosure is lined with fees, especially if it is prolonged. “There’s all sorts of things behind the scenes,” he said…

“For many subprime servicers, late fees alone constitute a significant fraction of their total income and profit,” said Diane E. Thompson, a lawyer for the National Consumer Law Center, in testimony to the Senate Banking Committee this month. “Servicers thus have an incentive to push homeowners into late payments and keep them there: if the loan pays late, the servicer is more likely to profit.”

One more note on a semi-related subject. The Wall Street Journal reports that the Senate has subpoenaed Goldman Sachs, Deutsche and other banks to inquire about possible fraud in the mortgage market:

The congressional investigation appears to focus on whether internal communications, such as email, show bankers had private doubts about whether mortgage-related securities they were putting together were as financially sound as their public pronouncements suggested. Collapsing values for many of those securities played a big role in precipitating last year’s financial crisis.

If they can’t prove fraud, how about absolute and utter negligence?

Buyers Backed Out at the 11th Hour Leaving Seller Twisting in the Wind

2009-07-14T09:06:00.000-07:00

Buyers Backed Out at the 11th Hour Leaving Seller Twisting in the Wind

7036 Delta Falls , Las Vegas NV 89149 Google Map

SHORT SALE WITH PREVIOUS APPROVAL CALL FOR DETAILS Former Model Home*NEVER LIVED IN* Spacious Eat-in Kitchen, Breakfast Bar, pendant lights, Corian, Oak Cabinets w/ pantry, 2 story ceilings in LR w/ 2 fans & FP, Driveway Pavers, Backyard fully landscaped w/ syngrass, Mt & Strip Views, Ceiling fans T/O, custom paint, updated 7/14/09 View Tour Here - Listed at $186,000 - Approval Letter Just Expired

7044 Delta Falls, Las Vegas NV 89149 Google Map

Model Home in*Spacious Kit,Island,Breakfast Bar, DR/Family rm, 20x20 tile, Separa LR, Granite, Upgraded Cabinets, WI pantry, stone backsplash, built-in desk,custom paint, Balcony/Covered patio,french doors, Driveway Pavers, Fully Landscaped, MT/Strip Views, surround sound, full house audio package, patio in front
View tour Here - Listed at $199,900 - Approval Letter Expires on 7/14/09

Call for Showing - 3rd Tier Bank Representative Involved in Closing these Deals.

Call Lising Broker at 702-372-2671

Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker, Property Manager
Triple8 Associates Inc.
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-948-5790
Olivia@Triple8Associates.com
Visit me online at www.Triple8Associates.com

REALTORÂ® Magazine-Daily News-Mortgage Rates Reach 7-Month High

2009-06-19T09:32:00.001-07:00

REALTORÂ® Magazine-Daily News-Mortgage Rates Reach 7-Month High

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10 Most Undervalued U.S. Cities as of June 2009

2009-06-12T11:28:00.000-07:00

10 Most Undervalued U.S. Cities

Housing research organization IHS Global Insight estimates that the average U.S. home is undervalued by 12.2 percent, and many previously pricey communities are undervalued by considerably more.

A recent study released by IHS used home prices, interest rates, area incomes, population density, and historic premiums and discounts to analyze housing values. It examined 330 markets and found homes are underpriced in 248 of them.

Despite the high percentage of undervalued areas, IHS says "it is too early to call a bottoming," as "job losses continue, housing inventories remain elevated, and consumers remain wary in light of economic uncertainty."

Here are the 10 most undervalued areas:

1. Vero Beach, Fla., -42.5 percent
2. Houma, La., -41.4 percent
3. Las Vegas, -40.9 percent
4. Merced, Calif., -40.1 percent
5. Cape Coral, Fla., -39.1 percent
6. Houston, -36.9 percent
7. Midland, Texas, -34.8 percent
8. Lafayette, La., -34.4 percent
9. Vallejo, Calif., -34.3 percent
10. Stockton, Calif., -34.3 percent

Source: CNNMoney.com, Les Christie (06/04/2009)

Trump Tower Renting as Apartments

2009-01-25T09:14:00.000-08:00

Trump Tower is starting a rental program to mix in with it's owner occupied units and condo hotel program. You will be able to rent out units on a one year lease for big bucks. Studios are starting at $1700 month, the shorter the lease the higher the premium which is standard for corporate furnished housing.

Yes, corporate offices everywhere will turn to this type of rental unit especially if they rotate personnel out and need them to be close to the strip. No need for a rental car, great location and they an write off the lease to the company while providing this super perk to their employees.

More details to come.

New Hope for Renters in Foreclosed Properties

2009-01-22T09:50:00.001-08:00

Fannie Mae annouced a new program allowing renters to stay in their homes that they rent that are in foreclosure which means no eviction process. We get calls weekly from renters who are shocked to find out that their landlord is not paying the mortgage and then the foreclosure process hits. Read more about this directly on Fannie Mae.

Manhattan West Project condos put on hold

2008-12-29T08:10:00.000-08:00

According to Channel 13 Action News

700 condos under construction in Southwest at the 215 and Russell are now on hold.

Funding has reportedly dried up for the $350 million Manhattan West Project.

Gemstone Development says its facing increased costs including charges to rework parts of the project that weren't built correctly.

It's uncertain when new funding can be secured and the sales center remains closed.

eep it tuned to Channel 13 Action News.

Let's Start Again - Mira Villa Condos in Summerlin

2008-12-06T11:59:00.000-08:00

The luxury condo complex Mira Villa is coming out of Bankruptcy with approval to complete 113 units. Mira Villa is located near the JW Marriott, Queensridge and the up and coming Tivoli Village near Boca Park. Great location. More details to come.