Las Vegas Real Estate Blog

The Mortgage Bankers Association reported this week that loan applications were up for the first time in four weeks.  The desire for many Americans to refinance their current adjustable mortgages is being cited as the reason for the spike.

An MBA official also pointed out that the spike in applications is typically seen prior to a Fed meeting.  Given the recent release of several economic indicators, expectations are that the Fed will raise rates again by a quarter-percentage point when it meets later this month.  Therefore, loan application rates will most likely rise again in the next week or so.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513

Popularity: 12%

After a few years of double-digit annual price increases, the second home market is beginning to cool. In fact, Realtors‘ chief economist, David Lereah, expects the volume of second-home sales to decline at least somewhat this year. And there’s every reason to think that some markets could be hit hard.

A main concern is who bought most second-home properties. It wasn’t serious vacationers looking for a place to take the kids on break, but investors. The fear is that if those investors start to panic, they could trigger a selling frenzy in second home sales. Thus, impacting several key markets.

Statistics compiled for Barron’s show just how big a stake investors hold. In Myrtle Beach, S.C., investors owned a full 58% of properties in 2004. Investors in Wilmington, N.C. hold 38%, Las Vegas is at 26%, and Honolulu is at 23%. The norm is considered closer to 14%.

Barron’s has written an indepth article on the subject. To read it in its entirety, click here.

Popularity: 11%

Local real estate research firm, SalesTraq reported that resale inventory rose 63 percent to 17,161 Homes in April 2006.  Additionally, approximately 7,000 converted condominiums sat on the market, and 4,000 new single-family homes and traditional condominiums were also for sale. That brings the total backlog of properties for sale in Southern Nevada, as of the end of April, to 31,000.

Some experts believe that the large backlog of homes is not a problem, as long as it peaks soon and begins to retreat.  As Lawrence Yun, a senior economist with the National Association of Realtors points out,  17,000 resale listings aren’t excessive in a market of 2 million.  Furthermore, the Las Vegas Valley adds up to 7,000 residents a month, and area employers created 47,000 jobs in the past 12 months.

Finally, the biggest potential barometer — prices — continues to rise. SalesTraq shows the median price for an existing home is up 5.2 percent from $268,050 in April 2005 to $282,000 in April 2006. That even though resales were down 25.7 percent year over year in April.

New-home sales in Las Vegas were down 9.1 percent in April year over year. Yet new-home prices are up substantially. The median cost jumped 18.1 percent, from $282,060 in April 2005 to $333,117 in April 2006.

Maybe a little optimism is warranted…

Popularity: 17%

The FHA has released new guidelines regarding the use of a FHA loan for real estate investors who practice flipping.  They are:

• Only owners of record — listed as such in the local court house real estate recordations — may sell properties that will be financed using FHA insured loans.
• Any resale of a property may not occur 90 or fewer days from the last sale to be eligible for FHA financing.
• For resales that occur between 91 and 180 days where the new sales price exceeds the previous sale price by 100 percent or more, FHA will require additional documentation of the property’s true value before insuring the mortgage.
• The agency may also require additional evidence of the accuracy of appraisals whenever properties are re-sold at high price gains within 12 months.

The FHA 90-day no-flip time restrictions will be waived when the sellers of properties to be financed are:

• HUD itself, disposing of its REO (real estate owned) acquired property portfolio.
• Sales of properties that were acquired by the sellers through an inheritance.
• Fannie Mae, Freddie Mac or other federally-chartered financial institutions disposing of REO.
• Local or state housing agencies.
• Nonprofit organizations that have previous approvals to purchase HUD REO properties at a discount.
• Properties located in a presidentially-declared disaster area, provided FHA has issued a formal announcement of eligibility for a specific disaster area.

Source:  Realty Times

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513

Popularity: 15%

There are increasing instances of alleged mortgage fraud being reported across the nation. No state is immune. The Mortgage Asset Research Institute (MARI) now ranks Nevada 7th when it comes to alleged mortgage fraud and material misrepresentation. Additionally, the FBI has reported that federally-regulated institutions reported more than $1 billion dollars in losses because of mortgage fraud in fiscal year 2005.

One of the latest problems in mortgage fraud complaints are problems with appraisals and valuations. Many people are finding themselves trapped in upside-down loans where the value of the mortgage is exceeding the value of the house. There have been numerous reported cases of appraisers being pressured by lenders to “come in” at a predetermined number, or risk being black-listed or by withholding payment.

Some within the industry are pushing for change to combat rising fraud. For instance, the Center for Responsible Appraisals and Valuations is encouraging lenders, appraisers, realtors and others in the housing industry to sign a “Code of Conduct” to ensure homebuyers and homeowners receive accurate and fair appraisals for their Homes.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513

Popularity: 5%

$15,000 Buyer incentive with CTX Mortgage

Now Selling 1st & 2nd Phases in StoneBrook from Centex Homes. Please contact MillionSaverHomes.com if you are interested in buying a new home in Las Vegas.
Office: 702-212-3513

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513

Popularity: 23%

The state agency which handles homeowner complaints as they relate to associations is experiencing a severe backlog.  A recent report showed there were 100 open cases in Clark County as of Feb. 28. Of that number, 76 had been pending for 120 days or more. In Northern Nevada, there were 36 open cases.  State Real Estate Administrator Gail J. Anderson plans to resolve the issue by proposing more funds to hire new staff to handle the increasing workload. 

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513

Popularity: 6%

Check the virtual tours of wedding chapels. The same technology which is often used on showing real estate listings can be used for other purposes. The virtual tour was done by our company EastBiz.com, Inc.. See the website for more information about virtual tours.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513

Popularity: 19%

The number of mortgage applications being filed decreased, as did applications for home refinancing. Mortgage applications are down for the third week in a row. Refinancing activity decreased to 34.2 percent of total applications from 34.9 percent the previous week. According to the Mortgage Bankers Association, other than a brief dip in December 2005, the refinance index is at its lowest level since April 2002.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513

Popularity: 13%

Blue Heron has completed the first phase of its $16 million, 23-home community at Buffalo Drive and Del Rey Avenue. The five-acre project, called Stone Canyon, is scheduled to finish in October.

Floor plans range from 3,409 to 3,884 square feet with one to six bedrooms and 1 1/2 to 4 1/2 baths. Additional features include rooftop decks, dual master suites, courtyard balconies, home theater and casita options, 20-foot ceilings and private back yards. Also featured are stainless steel appliances, granite counter tops and fireplaces. Prices start from the $600,000s.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513

Popularity: 13%