Las Vegas Market Watch

Las Vegas Continues to Lead the Nation in Foreclosures

December 05, 2011
By Mary Kennedy
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That's bad news for some that currently live in Las Vegas and good news for some that want to move to the Las Vegas Valley.
For the folks on the Bad News side, I want you to know that, in my optimistic way of looking at the world, I believe that the Feds are coming to grips with the idea that the housing crisis has to be dealt with in order to help get the economy growing again. No one has been talking about it, but we have some lenders that are creating packages that will help homeowners stay in their homes.One such example came to light in the Palm Beach Post Money Section a couple of months ago. The article, written by Kimberly Miller entitled "West Palm Beach firm rolls out a new loan modification for underwater borrowers" tells about how Owen Financial Corporation is going through a paradigm shift in their view of mortgages in default and how they are working to partner with borrowers of underwater mortgages to create a win win situation. A Novel Approach! So for those of you that are underwater in your mortgage or if you know someone that is, please forward, read and print this article out. Then, find an attorney that works Loan Modifications and see if you can't work out something together with your lender. If you don't know of anyone, contact me. I know people that can help. Now! For those of you that want to move to the Las Vegas Valley, my latest numbers tell me that there are 47,000 homes that are somewhere in the foreclosure process. Of those, there are only around 9,700 on the market. Some are mired in red tape, but most are being held off the market to control inventory. While our prices are down around 9% year over year, the amount of homes sold are up by 15% So I don't really need to tell you what that means except that we are probably well into the "Perfect Storm" for Buying foreclosures in the Las Vegas Real Estate Market. At some point, I believe that the Feds are going find a creative way to help underwater homeowners stay in their homes as long as they can qualify for a Modified Loan. You are already seeing the start of it in 32 States. Make it a GREAT Holiday!
December 05, 2011
By Mary Kennedy