Shana Andrea doesn’t care about being first.
Housing
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.
The median price for both new and existing homes rose a fraction of a percent in July from the previous month, a hint that the housing market has flattened out in Las Vegas, a local analyst said.
The number of homes purchased in Nevada by military personnel using VA loans funded by USAA jumped 360 percent this year and refinancings are up 250 percent, the San Antonio-based financial services company reported.
WASHINGTON — Nevada had the nation’s highest foreclosure rate for the 31st-straight month as the number of U.S. households on the verge of losing their homes rose 7 percent from June to July, figures being released today show.
Housing market conditions in Las Vegas remain softer than a week-old banana, but real estate observers are seeing more signs of recovery with each passing month.
CARSON CITY — Last spring state legislators were certain the foreclosure crisis in Nevada was so severe that thousands of residents each month would apply for assistance under a new law to help them keep their homes.
Las Vegas real estate agent Frank Nason has read numerous reports about Nevada leading the nation in foreclosures and the “phantom inventory” of foreclosures coming down the pike.
RENO — A possible wrinkle in the state’s plan to mediate home foreclosures is that mortgage lending companies often have foreclosure insurance, creating a disincentive for them to work with homeowners.
Apartments are getting cheaper to rent in Las Vegas, thanks to increased competition from the “shadow market” of single-family rental homes, a commercial broker said Tuesday.
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