Posts Tagged ‘Economy’

Las Vegas Foreclosures and Robo-Signing

Friday, November 4th, 2011

In most recent news, it has been announced that an independent group of consultants along with federal bank regulators will be looking into homes that were foreclosed upon by 14 major lenders between January 1, 2009 and December 31, 2010. Anyone keeping up with the real estate market knows that Las Vegas foreclosures were numerous during that specific timeframe.

After various complaints and suspicions, further investigations decided to be conducted to uncover any foul play by the lenders and their employees. Many of these corporations are being accused of “robo-signing,” the illegal processing and obtaining of signatures on foreclosure documents quickly without going through the proper procedures.

If, after thorough review of these foreclosures, the lender is found to have repossessed a home without going through the proper channels, former homeowners may be entitled to compensation.

Homeowners who lost their homes between the dates of January 1, 2009 and December 31, 2010 with 1 of the 14 listed lenders being investigated who believe that their primary residence was unfairly foreclosed upon can call 1-888-952-9105 and request a form to fill out and return no later than April 30, 2012. If the complain meets the requirements, more action will be taken to determine compensation.

For additional information such as the list of lenders and call center hours head to independentforeclosurereview.com.



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Local Gamblers Leaving Las Vegas

Wednesday, September 28th, 2011

April 15, 2011 was officially deemed “Black Friday” by the poker world. What happened? Three major online poker sites were shut down and their CEOs were indicted on counts of money laundering and bank fraud. Anyone in the U.S. who made a living playing online poker was simply out of luck.

While many of these local online gamblers were single, they contributed much to the local economy and spending money was no problem. But now the single players as well as those who are married who have been providing for their families simply through online poker are now having to make a choice: move to another country that allows internet gambling or find another job. For the unattached crowd, the option is simple and tantalizing, move.

Many gaming analysts believe that poker’s “Black Friday” will have serious consequences especially to the World Series of Poker held each year at the Rio in Las Vegas. Many players qualified for the tournament through online winnings. Now that that has been shut down, the entries are projected to reduce from 8,000 to around 2,500, a significant decline. If the numbers are down and the viewers are less, big name sponsorship will drop as well. With those kind of bleak stats, all aspects of Las Vegas’ economy will inevitably take a hit.

Now that nearly 90% of the online gaming community has disappeared, things are bound to change and not for the better unless you’re Costa Rica, Canada or Mexico – countries who still allow online gaming. Local casinos will have to get creative and up the anti to entice poker players to stay and play at actual tables.



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Another Look at the Las Vegas Real Estate Market

Wednesday, September 21st, 2011

It’s hard to always talk about the bright side of things when all the over arching themes seem to be continually gloomy. As a real estate agent, broker and investor, I too have to evaluate the market and be honest about what seems to be happening in the Las Vegas real estate market.

Here are the facts:

  • Resale home prices are at an all time low.
  • Las Vegas continues to be number one in the country for foreclosures.
  • Foreclosure numbers are declining slowly but because default notices continue to increase, the actual foreclosure count will remain grim.
  • The national average household income level has dropped to under $50,000.
  • While interest rates are extremely low, lending guidelines are much more strict.
  • The real estate strain includes not only residential but commercial properties as well.

So where’s the good news? Again, when all the surrounding statistics are ugly it’s hard to see much beyond that but HOMES ARE SELLING! Not only are they selling in about 90 days after being on the market, but Las Vegas homes are selling an average of 10-15 days faster than the national average!

Slow and steady wins the race friends. The market will one day return. I’m not sure we’ll see it rise to those glory days of early 2000, but it will return. We’re all in this one for the long haul.



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Las Vegas Real Estate Market Review

Wednesday, July 20th, 2011

We are getting straight to the point today, taking a snapshot of what has been happening in the Las Vegas real estate market since January 2011. We will be specifically addressing single-family residences.

Take a look at the graph below displaying data from January to May of 2011.



According to Clark County data from January to May there have been 15,749 single-family residences sold. Note that this is only SFR obviously the numbers are higher when you add all of the other property types. The up-down-up-down dips from month to month are just another indicator the market while not stagnant is still sporadic and the slightest economic change can altar sales numbers.

What Zip Code(s) to Watch:

Of all the zip codes in Clark County, 89031 consistently ranks the highest with the most monthly sales. This area in North Las Vegas is largely made up of the expansive master plan of Aliante. Aliante is currently selling at less per square foot than any other master plan in the Las Vegas Valley. This is most likely the reason 89031 is averaging the sale of 145 single-family units a month. Two other areas with sales in the hundreds every month are 89148 – Rhodes Ranch area, 89052 – Anthem/Henderson area.



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Owning a Piece of Las Vegas Real Estate

Friday, July 15th, 2011

Over the past year it seems like there are mixed reviews as to whether or not someone should own a piece of Las Vegas Real Estate. In my opinion (and not just because I am a real estate agent), it’s a no brainer especially if you have the cash and a little patience to do so. You can get a real steal on property in just about every part of town.

In one of my previous blogs, “Las Vegas Homes: The Gap Between New and Old” I talked about just that, how the price gap between new homes and old homes is completely out of whack. The good news? It is to the benefit of anyone who wants to buy a previously owned home! Now is the time to buy. The prices are still about as low as they were in the late 90’s before the housing boom and in some areas, even lower.

The opportunity is incredible especially if you plan to occupy the home not to mention it is kind of nice owning your own home. I mean who doesn’t love yard work and pool maintenance? Well then, who doesn’t love having the freedom to wear your scivvies on the back porch while reading the morning paper (behind a privacy fence of course)?

The pride of homeownership has been lost as many have left their homes. Streets and neighborhoods are ready to be taken care of once again. As more and more people take advantage of this opportunity, we will see the pride restored and that owning a piece of Las Vegas real estate is not a bad idea at all.



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