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Real Estate has had quite a roller coaster ride this past decade in Las Vegas.

The latest info for the ups and downs of the market indicates that the market will be ticking upward.

The inventory in Jan. has gone down 10% to a 7 day supply or 3300 SFR's.

This low has not been seen since the historical lows of 2004 which lead to a 50% increase in prices

across the board that took place 2005; That, plus very poor lending practices, lead to the bubble and crash of 2008.

Las Vegas is poised to have another increase in home values this summer.

How will 2013 price increase be different from 2005?

Today buyers are coming into Las Vegas with cash, 60%+ of the deals that are currently closing are with cash buyers.

We are again seeing multiple bidding battles between buyers. If  Las Vegas does not replenish its inventory like what

traditionally happens in Jan. & Feb. then the low supply and high demand will correct the market prices. The big

question is will we have another bubble if the market goes up 30-40%? I surmise that the answer is no. This is based

on the type and the financial strength of todays buyers. For the most part the investors are running cash positive rental

investiments that most of them have paid cash for. This is staunchly different from the 2005 investors who borrowed

most of their funds, had high mortgages and were upside down on their rental. In those cases the investor bailed

on their investment.

 

Overall prognosis - this is a good time to step up and buy something (if you can).

 

Phil Scheinman

Realty One

Search www.PhilScheinman.com

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There are approx 2,169  Las Vegas Foreclosures for sale in the Las Vegas area per the local MLS.

This is for homes without contracts on them.

Foreclosure sales pending and homes with contracts on them are at .... 2,594

401 Foreclosure sales have sold so far this month.

This year approx. 15,400 foreclosures have sold in the Las Vegas area.

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There are approx 5,056  Las Vegas Short Sales for sale in the Las Vegas area per the local MLS.

This is for homes without contracts on them.

Short Sale pendings and homes with contracts on them are at .... 7,089

248 short sales have sold so far this month.

This year approx 7,900 short sales have sold in the Las Vegas area

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What? But I thought Cash was King? That is what you are most likely saying to yourself right now?But, in this market it may not always be. You can't assume that Cash will always get the house, at least that is what I'm seeing.There are a lot of cash buyers bidding on homes in Las Vegas right now, and it seems (or you would think) that most of the time a cash buyer will get the home over a buyer who is financing, but, that is not always the case.I am currently working with a few cash buyers and one of them actually did not win a bid on a home they wanted, even when the bids were at asking price (which by the way was at the TOP of the price range for this area and home, it would be the new high comp), buyer was paying all closing cost and offering a 15 day close with inspections being the only contingency.Now, maybe this bank did actually get a higher offer from the fha/conventional buyer (even Cash buyers have a limit as to how much they are willing to pay), but the bank maybe running the risk that this home may not appraise at that higher offer and then they will be 2-3 weeks into the deal and have to lower their price anyway or ask the buyer to pay the difference.Or maybe, just maybe in that area we maybe seeing a turn around in prices for the better. Maybe they didn't believe me when I said, "No, they are not an investor, they want to retire in this home". That is a possibility as some lenders will actually favor a first time home buyer over what they think will be an investor. Maybe the other buyers agent worked for the same company. There are many variables and you just never know what a bank will do in this market and the sellers agent most likely will not let you know why your offer wasn't chosen, but your offer will most likely be in backup position with the other offers that came in.So, buyers in the Las Vegas area, get ready to make several offers on several homes before you actually get one.By the way, my buyers moved on and we have another home in escrow now
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The suit was filed on behalf of homeowners facing foreclosure who say there has been no progress made with regard to negotiations with their lender."And that's why what we're calling for in this lawsuit," explains attorney Matthew Q. Callister. "(It) is an automatic stay of any further Bank of America foreclosures until such time as every Southern Nevadan avails himself of his right under federal law to have that fundamental 'good faith' negotiation."The class-action suit against Bank of America represents about 30 people so far; it alleges that the bank has failed to act in accordance with a section of the government's Making Home Affordable program, saying the lender has "refused to evaluate loans" and "failed to suspend foreclosure proceedings."Many of the customers' stories are similar; they attempt to negotiate with their lenders but are passed around to different representatives. In some cases they think the negotiations are going well yet come home to find a foreclosure notice on their home.This is an open class-action complaint.Read the whole article at:Channel 3 News...Local attorney files suit against Bank of AmericaIt will be interesting to see what happens with this!Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice
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so many concerns, conspiracy theories, questions on if the government is trying to lock up the nations economy by controlling the market..It is mind boggeling. This video does give a pretty unbiased take on one more factor in the totally murky world we seem to be navigating. Watch and absorb seems to be the method of gaining knowledge, hope this can add to your own database...
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NEVER PAY a Mortgage payment to someone who comes to your door!!I posted a blog recently on AR regarding Titanium in the news and it as well as some recent happenings prompted me to write this post...To minimize potential fraud by imposters, representatives will not be permitted to accept mortgage payments or any other money from borrowers...this is except from recent article about Freddie doing loan mods door-to-doorLas Vegas has become known for having lots of scammers showing up at the door and calling people to try and get their $ by whatever tactic they can and there are still people falling for the scams and giving people money up front before they even check the person or company out.I recently had a couple ask me if they could give me their mortgage payment to turn into the bank...NO!!!Unfortunately, I have also been meeting a lot of people who have been scammed out of thousands of dollars by loan modification companys as well.NEVER PAY a Mortgage payment to someone who comes to your door!! Spread the word!
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Read the whole article from RISMEDIA @ Op-Ed: 60 Million Mortgages May Have Fatal FlawsInteresting Report....RISMEDIA, September 29, 2009-The latest chapter in the mortgage meltdown is being written in court, as one by one, judges are putting a halt to foreclosures. The latest was a recent Kansas Supreme Court case. In Landmark National Bank v. Kesler, the court held that a nominee company called MERS had no standing to bring a foreclosure action.Nor was Kansas the first. In August 2008, Federal Judge for the U.S. Bankruptcy Court for the District of Nevada ruled MERS had no standing. "Indeed, the evidence is to the contrary, the Note has been sold, and the named nominee no longer has any interest in the Note."Read more: http://rismedia.com/2009-09-28/op-ed-60-million-mortgages-may-have-fatal-flaws/#ixzz0SVrf1JSYIn each case, the reason stems from a fundamental misstep in the handling of Notes and Trust Deeds that runs contrary to established court policies which require that the real parties identify themselves to the court. Each of these cases involved MERS and, in each case, the courts' rationales were almost identical.First, a little background. Over the last 40 years, mortgage lending has evolved from a bank holding the mortgage to the mortgage being bundled and sold as part of an investment pool, usually in the form of a bond.As a registered security, the Note is a negotiable instrument, like money or a cashier's check, and under securities law that Note must be given to the investor. In this case, mortgage backed securities, (MBS) were bundled together in a pool and shipped to...well, we don't really know.One of the impediments to an MBS is the need to file assignments for the beneficiaries in each county each time the mortgage is resold. And apparently, no one holds them for very long because most have been passed around several times.In order to avoid the logistical nightmare of trying to maintain a public chain of title, the biggest lenders joined MERS, Mortgage Electronic Registration Systems, Inc.MERS was created with the sole intent of evading the recording fees due to the county in which the security is located.But, as there often is with a BIG IDEA, there were also unintended consequences. Only now are they coming to light. Until MERS was challenged in a foreclosure proceeding, no one had taken a look at the law.MERS lost track of the Notes. In some cases, according to my research, they deliberately destroyed them.Every thing was fine until the economy contracted. MERS began foreclosing on delinquent home loans and then one day; someone said "show me the Note."In reviewing the judge's rulings in the above matters, several key points have been determined:• MERS is not the beneficiary of the Notes and has no skin in the game. It did not lend any money, collect any payments or do anything more than track the sale of the securities.• Judicial procedure requires that parties identify themselves and prove their standing.• Splitting the Note and Trust Deed leaves no party with standing to foreclose. The true holder of the Note, the security, paid the lender so the lender is covered. The true holder of the Note was insured by AIG so they are covered. AIG and the banks were bailed out by taxpayers. So, unless the American tax payer can produce a "blue-ink" original Note, no one has standing to foreclose.• Allowing a foreclosure to proceed without the original Note places the homeowner in double jeopardy. If the original Note were to surface, the holder of the Note would be entitled to payment, but from whom? The borrower is still on the hook.MERS currently holds 50 to 60 million loans so this is no small matter. And, just because they have lost repeatedly doesn't mean they will give up. They will keep right on foreclosing in hopes that the homeowner won't fight back and, in most cases, they won't be stopped.[Editor's Note: RISMedia has been in touch with MERS for a response, which will be running in our Wednesday edition of the e-news.]Read more: http://rismedia.com/2009-09-28/op-ed-60-million-mortgages-may-have-fatal-flaws/#ixzz0SVswwhLq
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Las Vegas New MLS RULE & REGULATIONS (GLVAR) will affect REO & Bank owned listingsNEW MLS RULE & REGULATIONS will affect REO & Bank owned listingsSOURCE: Direct from GLVAR Go here to read articleMLS Rules & Regulations have been modified to add the following verbiage to Section 1.0 Listing Procedures:The Service shall not accept any listing agreement that provides that cooperative compensation cannot be offered or paid to a cooperating broker if the purchaser holds a particular license or credential, engages in a particular trade or profession, or if the range of potential purchasers is otherwise arbitrarily restricted. This does not affect specifically named prospects in listing agreements as set forth below.If a member is found in violation of the new rule they will receive a letter stating that they must modify their listing to be in compliance. If not modified within a thirty (30) day time period, the listing in question will be removed from the MLS.--------------------------------------------------------------------------------How to Contact the GLVAR MLS Department:(702) 784-5050 - Department Line
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Just back from Vegas

Hi, I just got in from the week spent in Las Vegas. I was there for the CRS Training, which was so-so, and also the "secret" Vegas conference put on by AVM (Asset Valuation and Marketing), CalREO, and Atlantic Pacific REO. I have done some BPOs for AVM (probably a couple of dozen?), and long ago I signed up with CalREO but never heard a peep back out of them.At the conference, we got to meet the boss of CalREO. I asked him if they did any work in Santa Cruz county, where I am based. He said yes, absolutely, and that he had just fired his agent there. I asked him who that was, he hesitated, and said the agent's first name.I know all the big REO agents in the county, and of course, there are not very many of them, perhaps a dozen that do any volume, and this guy he fired was indeed a big one. Of course, this agent has lots of clients, so his business won't just dry up and blow away, and I'm sure he'll be fine. Sounds like he had a bit too much work to properly service CalREO's listings.Anyway, I hope I can pick up the business. The conference itself was OK, I didn't really learn a lot, but that's not why I signed up to go - it was all about the chance to meet the decision makers. Will it pay off? Time will tell!
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