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

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...

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)

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)

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 - 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.

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

News on Nevada Foreclosure Mediation Program

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

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/

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

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

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.

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

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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

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

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

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