CARSON CITY — Like other Las Vegans, Assemblyman Marcus Conklin has been shocked at the number of deteriorating foreclosed homes in his neighborhood, replete with weed-covered lawns and strewn about trash.
Housing
Nevada’s emerging home mortgage modification industry is running into a big hurdle just as it starts to operate under a new law.
WASHINGTON — Resales of U.S. homes dropped 2.7 percent in August to a seasonally adjusted annual rate of 5.1 million, the first decline in five months, prompting the National Association of Realtors to again plead for more taxpayer subsidies for their business.
Bill and Connie Consentino thought they were getting a good deal on a Pulte home in the age-restricted Solera community in Anthem.
Forrest Barbee is convinced he is reliving the 1849 Gold Rush. … Barbee, a residential real estate broker with Prudential Americana Group in Las Vegas, sees a constant stream of prospectors hoping to strike it rich snapping up homes on the cheap.
Las Vegas Realtor David Brownell is telling first-time homebuyers they need to be under contract within the next 30 days to take advantage of the $8,000 tax credit set to expire Dec. 1.
While foreclosure sales continue to drag the median existing home price down in Las Vegas, the new home market is starting to show progress, housing analyst Dennis Smith of Home Builders Research said Wednesday.
Michael Evans bought the bank-owned fourplex near Monroe Avenue and H Street at an auction without seeing it first. … The condition of the property might have scared off other investors, but he has been rehabbing and renting out property for a long time. … Then he ran into something new.
After showing signs of stability for a couple of months, Las Vegas’ housing market had a drop in sales and prices in August, the Greater Las Vegas Association of Realtors reported Thursday.
You bought your place for $350,000 in 2006. Today, you might get $175,000 for it. You owe at least $100,000 more than it’s worth. Could you perhaps buy that exact same model across the street for $150,000, walk away from your underwater mortgage and start over with a sane housing payment? And would it be so wrong if you did buy and bail?
Experts say exceedingly few homeowners possess the financial wherewithal to indulge in the practice, which grabbed national headlines in a recent Time magazine cover story.
When Nevada learned it would get $37 million in federal stimulus to help low-income households cut energy costs, state officials zeroed in on expanding existing and largely successful weatherization programs. But things haven’t gone exactly to plan.
Fighting over allocation of the money has delayed distribution of the funds that would be used to lower residential utility bills and create hundreds of weatherization jobs for contractors.
Permanent regulations that require licenses for home mortgage modification and foreclosure consultants are expected to become effective today, but one important question remains unanswered.
The worst may be over for the U.S. real estate market, a report issued Tuesday suggests. Nationally, prices in the second quarter posted their first quarterly increase in three years, up 2.4 percent, according to the Standard & Poor’s/Case-Shiller’s U.S. National Home Price Index.
Nevada’s housing industry continues to limp along with the highest residential foreclosure starts in the country at 3.7 percent for the second quarter, the Mortgage Bankers Association said Thursday.
