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Las Vegas Zip Code Map 2008 2009 as published in the Las Vegas Review Journal

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)

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

Have you tried to do a refi or a loan modification?   Been denied?

Have you had to fax documents into your mortgagee and they don’t respond or get your faxes.  When you call in to ask they tell you 21 days to get faxes imaged into the system and call back.

Give use some feedback of what you are hearing whether you are doing it yourself a real estate agent or attorney.

Knowledge is Power.

http://www.hopenow.com

About 3,500 Countrywide Financial borrowers who lost Nevada homes in foreclosure can expect to receive checks for about $877 each early next year, the attorney general’s office said Friday.

The payments are part of a settlement announced in October with Countrywide over deceptive practices in making subprime, first home loans to borrowers around the country.

Subprime loans are those made to consumers with low credit ratings.

Former Countrywide subprime borrowers who lost their homes to foreclosure are expected to receive notices in a few days, Attorney General Catherine Cortez Masto said in a statement.

To qualify, the first payment on the loan must have been due between Jan. 1, 2004, and Dec. 31, 2007. The borrowers must have lost their homes through foreclosure, a short sale or a deed in lieu of foreclosure. A short sale occurs when the lender allows the homeowner to sell the home for less than the amount owed.

Bank of America acquired Countrywide in July 2008 after the end of the period specified in the lawsuit.

The bank agreed to pay $150 million to borrowers in 39 states who went through foreclosure. Nevada was allocated $3 million for 3,467 former homeowners. In addition, the bank offered mortgage loan modifications to Countrywide borrowers and relocation assistance to some customers.

Consumers may phone Rust Consulting at 866-411-6987 or vis countrywidesettlementinfo.com to get more information about the foreclosure settlement.

 JOHN G. EDWARDS LAS VEGAS REVIEW-JOURNAL

Housing research organization IHS Global Insight estimates that the average U.S. home is undervalued by 12.2 percent, and many previously pricey communities are undervalued by considerably more.

A recent study released by IHS used home prices, interest rates, area incomes, population density, and historic premiums and discounts to analyze housing values. It examined 330 markets and found homes are underpriced in 248 of them.

Despite the high percentage of undervalued areas, IHS says “it is too early to call a bottoming,” as “job losses continue, housing inventories remain elevated, and consumers remain wary in light of economic uncertainty.”

Here are the 10 most undervalued areas:

1. Vero Beach, Fla., -42.5 percent
2. Houma, La., -41.4 percent
3. Las Vegas, -40.9 percent
4. Merced, Calif., -40.1 percent
5. Cape Coral, Fla., -39.1 percent
6. Houston, -36.9 percent
7. Midland, Texas, -34.8 percent
8. Lafayette, La., -34.4 percent
9. Vallejo, Calif., -34.3 percent
10. Stockton, Calif., -34.3 percent

Source: CNNMoney.com, Les Christie (06/04/2009)

HUD recently announced that qualified First-Time Home Buyers who want to take advantage of the available tax credit of up to $8,000 now have another option available to them to help them become homeowners.

It’s clear that first-time home buyers have been having a major impact on the housing market this year. The National Association of Realtors announced that first-time buyers, who typically account for less than 40% of home sales each year, have been especially busy…in March, homes that were purchased by first-timers accounted for 53% of all sales, and this percentage is expected to hold true for all of 2009.

With home affordability higher than ever, available tax credits and some of the lowest interest rates ever recorded for home loans, who can blame them? Particularly as a first-time buyer, there may never be a better time to buy a home than right now.

However, the availability of a tax credit, while a great incentive, does not put the money in the hands of a buyer right away. HUD’s announcement now allows for prospective and qualified home buyers to borrow the money from approved agencies and lenders.

While details of participating lenders and HUD-approved agencies are not yet available, this should turn up the heat on prospective buyers to get busy searching for their next home. As further details become available, I will get them to you.

In the meantime, alert your database that one more barrier to homeownership is being removed and the time to start shopping is now!

Sincerely,

Matthew Mauzy
Signature One Mortgage
(702) 453-1111
mmauzy@sigonemtg.com

On a day to day basis working with multiple banks via loan servicing companies like countrywide, spf and others help is not coming soon. The bills passing bailing out big businesses is just that leaving you and I the tax payers paying the price. More to come as new programs are being released

Till next time…

This means multiple incentives including buy downs, upgrades, special financing options and more.    As the end of year closes please make sure to call in advance if you would to tour Las Vegas New Homes.  Due to the holidays our time is booked in advance in consideration of holiday season and builders closing early and on certain days.

Thank you for the opportunity to serve your Las Vegas real estate needs.

Echelon Project includes 5,000 hotel rooms and suites, including three boutique hotels, a 140,000-square-foot casino, 300,000 square feet of retail, 750,000 square feet of meeting space, 30 restaurants and two theaters, has never been shelved for an extended period of time.  more at the RJ

For more information, pricing and availablity on Metreon Lofts give us a buzz.

Town Square is located just south of Mandalay Bay and offers easy parking to access this well designed shopping venue.   Some of the merchants include:

Abercrombie & Fitch – 702.270.2889
Aéropostale  – 702.914.9311
American Eagle Outfitters – 702.260.0486
Ann Taylor – 702.270.0692
Banana Republic – 702.260.0551
Bath & Body Works – 702.263.3559
bebe – 702.260.6274
Borders – 702.383.6734
Claim Jumper – 702.270.2509
EQ3 Furniture & Accents – 702.436.9994
Fry’s Electronics – 702.932.1400
GAP – 702.361.2447
Lucky Brand Jeans – 702.614.5260
Oakley – 702.614.1288
Rave Motion Pictures – 702.362.7283
Robb & Stucky  BLDG B  702.531.0531
Tommy Bahama’s Emporium – 702.948.6828
Tommy Bahama’s Tropical Café  BLDG K  702-948-8006
White Housev – 702.269.3043
Whole Foods Market - 
Yard House – 702.734.9273

You can snag a beautiful 3 bedroom 2 bath home in Summerlin for under $300k basically priced at 2003 prices.

The luxury home market is still going strong with high rise condos closing, palms place coming online in March keeping the million dollar plus market inventory moving.

If you are interested in purchasing contact us and we can setup a search to meet your parameters to send you an email when a property meets your criteria.  It is a great way to watch the market until you are ready to go.

Headed by Dr. Zaven Khachaturian, PhD, and supported by internationally acclaimed researchers, the Institute will lead the fight against neurodegenerative diseases, including Alzheimer’s.

The project is funded by Las Vegas-based Keep Memory Alive Foundation, a non-profit organization dedicated to brain disease research, founded by Larry Ruvo, Nevada’s senior managing director of Southern Wine & Spirits. The building is named after Ruvo’s father, who died of Alzheimer’s.

The Institute is scheduled to open in late 2008.