Last year was the third best year for local home sales and the best year since 2011 according to the statistics from the Greater Las Vegas Association of Realtors. Over 46,000 properties were sold last year compared to 41,000 in 2016. Last years total was about 2,000 below the record year of 2011, when prices […]
Category Archives: Foreclosures/Short Sales
Mortgage Forgiveness Debt Relief Act Extended Through 2016
Something very important happened very quietly when Congress passed the new federal budget in December. Included in it was an extension of the Mortgage Forgiveness Debt Relief Act, which allows debt forgiveness NOT to be taxed as income, through the end of 2016. It also was made retroactive for all of 2015, as well. To […]
Lease to Own Options
In our efforts to continue helping sellers who think they can’t sell and buyers who think they can’t buy, we have a new option for buyers and renters who are not currently able to qualify for a new mortgage. If you cannot qualify for a loan because you have a low credit score or are […]
Valley Home Prices Continue to Stabilize
Las Vegas Valley home prices are continuing to show signs of stability early in 2015. The median price for a single family home in February reached $205,000. This is up 2.5% from January and up 7.9% from 2014. Median prices rose about 10% in all of 2014 which was less than half of the 24% […]
Real Estate Is Looking Up For 2015
Last month I blogged about 5 Predictions For The US Housing Market in 2015, which painted a rosy picture for this year. I just read a fascinating blog entry by Sam Khater, Deputy Chief Economist for real estate data collection giant, CoreLogic. Khater points out that real estate has returned to a level where “normal” […]
MORTGAGE FORGIVENESS DEBT RELIEF ACT UPDATE
As we have reported before, Congress has yet to renew the Homeowners Relief Act which provided a tax break on mortgage forgiveness obtained through short sale, foreclosure, or principal reduction. It now appears that Congress will extend the Act after the November elections, making it retroactive for all of 2014. However, it is unclear if […]
Average Housing Market a Good Thing
The Nevada Business and Industry Department’s Housing Stability Index gave our market a C grade for the second quarter of this year. That is up from a D+ from the second quarter in 2013. Analysts say that if our market is able to hang out in the C range for the foreseeable future that might […]
Delinquency Rates and Foreclosures Down
Nevada ranks second in 90 day plus delinquency rates and 8th in terms of loans in foreclosure. The Mortgage Bankers Association released their first quarter national survey of mortgage delinquency data. From a national perspective, mortgage delinquencies and foreclosures declined during the latest reporting period. New Jersey reported the highest rate of foreclosure starts and loans […]
Nevada Housing Market Continues to Stabilize
Nevada’s housing market continued to show signs of stabilization in January. One of the major signs of that stability is that big institutional investor buying has slowed down to just 6.5% of sales. This is down from 10.7% a year ago. Short sales also slowed down to 13.4% from 22.9% a year ago. Closer to […]
Legislative Update On Mortgage Relief Act
Recently my broker invited the lobbyist for the Nevada Association of Realtors to speak at our office. He had just returned from Washington, D.C. and one of the topics he discussed was the status of the extension of the Mortgage Relief Act, originally enacted in 2007 by President Bush, and extended twice since, which expired […]