Las Vegas Real Estate Blog

A recent Bankrate.com survey reveals that many homeowners are clueless about the details of their mortgage obligations. In fact, 34% of those surveyed didn’t know what kind of mortgage they had and 28% worry how they will afford their payments.

Bankrate.com officials say the results of the survey points to the confusion and anxiety that many homeowners are experiencing today as a result of the issues being raised by the subprime market.

The poll also found that 36% of owners who now have an adjustable mortgage plan to refinance to a fixed-rate loan and that 57% of owners have a fixed-rate mortgage.

Popularity: 10%

Nationwide, foreclosures were down in February to a total of 130,786, according to RealtyTrac. That’s down 4% from January. Unfortunately, on a state level, things aren’t as good. For the second month in a row, Nevada had the highest foreclosure rate of any U.S. state, with one filing for every 278 households. That is more than three times the national average.

After Nevada, in foreclosure rankings were:

1. Colorado
2. Florida
3. Georgia
4. Michigan
5. Tennessee
6. Ohio
7. Texas
8. Arizona
9. Indiana.

Based upon the current trends seen in the first two months of this year, RealtyTrac expects 2007 foreclosure activity to be 33% higher than in 2006. They point to subprime and FHA loans default at higher-than-anticipated rates, and lenders tightening their underwriting standards as the primary reasons for the anticipated rise in foreclosures.

Popularity: 10%

Recently, Richmond American held model grand openings for two new additional neighborhoods: Glendale and Brentwood Grove.

Glendale, located at Decatur Boulevard and Grand Teton Drive, features four two-story floor plans, ranging from 1,850 to 2,400 square feet with three to five bedrooms and 2 1/2 to three baths. Prices start from the $320,000s.

The 55-home neighborhood of Brentwood features three floor plans: Willow, Birch and Empress. The two-story floor plans have up to five bedrooms and three baths in 2,350 square feet. Prices start from the $330,000s.

For more information on these floor plans or neighborhoods, contact MillionSaverHomes at 702.212.3513.

Popularity: 20%

Yale economist Bob Shiller was recently quoted in Barron’s as saying he still expects housing prices to decline an additional 20% to 30% over the next 5 to 10 years. That includes such historically well-performing cities like New York and San Francisco.

According to Shiller, the reason why is that home prices have risen far above construction costs. Shiller points out that past cycles have shown that people generally move to areas with lower housing costs when prices become elevated in hot areas. Then, home prices revert to construction-cost levels, even in the once-expensive market. He expects the same to again happen.

Popularity: 11%

The homes of Toll Brother’s guard-gated Traccia neighborhood in the Summerlin Community are ready for occupancy. Traccia offers three home collections ranging from 1,660 to 3,151 square feet. The Huntington, Newport and Balboa start from the mid-$400,000s and feature Spanish Colonial, Versailles or Tuscan exterior designs.

More than just a place to live, Traccia offers a friendly lifestyle reflecting a neighborhood style community. Traccia is a community of luxurious homes where you will enjoy gathering and relaxing with family and friends.

For more information, contact MillionSaverHomes at 702.212.3513.

Popularity: 11%

Pardee Home’s Sierra at Sunrise Highlands is a neighborhood that caters to family-style living. Enjoy 1- and 2-story homes in four distinct floor plans that offer great details such as a den or bonus room, depending on the plan selected.

Communiy amenities include a neighborhood recreation center and picnic facilities. Prices in the neighborhood start from $294,950.

For more information, contact MillionSaverHomes at 702.212.3513.

Popularity: 11%

Just ten minutes from the world famous Las Vegas Strip and McCarran International Airport, Promenada at Rainbow is a cutting edge community incorporating all aspects of upscale living, with world-class shopping within reach of your front door.

Promenada at Rainbow is a community with restricted access and secure parking to provide the ultimate in safety for all residents. As is the expectation with all Cabi Developers creations, this community generates a feeling of an ultra stylish urban setting, while maintaining the tranquil sense of resort style living.

Floor plans range from 828 to 1,478 square feet, in 10 designs offering one- and two-bedroom options. Each residence includes a balcony or courtyard. Stainless steel appliances, European-style custom cabinetry, double master bath sinks and washer and dryer are standard. Many floor plans offer split bedrooms and built-in computer desk. All residences include home automation and security system with optional audio and video components.

For more information, contact MillionSaverHomes at 702.212.3513.

Popularity: 11%

Interested in registering for pres-sale of new condo projects in downtown Las Vegas? Verge is a new condo project. Pre-registrations are now open.

Resort-style pool, spa and cabanas

Rooftop Lap Pool

Rooftop Restaurant

Pet Playground

Onsite grocery

10,000 sq. foot fitness

Two indoor racquteball courts

Digital theater

Saunas, steam rooms, and locker rooms

Owners lounge and game room

Please contact MillionSaverHomes.com. 702-212-3513, info@millionsaver.com

Popularity: 15%

Just a short drive from Interstate 215 near Red Rock is the KB Home development of Liberty at Huntington. The community features eight two-story floor plans ranging from 1,267 to 1,608 square feet. The homes offer two to four bedrooms, 1 1/2 to 2 1/2 baths and one-car garages.

Prices start in the low $200,000s.

For more information, contact MillionSaverHomes at 702.212.3513.

Popularity: 11%

Lennar’s gated-community of Bermuda Ranch is adding 18 homes on sites starting at one-third acre.  The community’s two-story residences measure from 4,440 to 4,933 square feet.

The interiors include 42-inch maple cabinetry with crown molding, black granite countertops and stainless steel kitchen appliances with double oven, cooktop, microwave, dishwasher and refrigerator. Master suites have private retreat, walk-in wardrobe closet, master bath and balcony.

For more information on the houses or Bermuda Ranch, contact MillionSaverHomes at 702.212.3513.

Popularity: 11%