Posts Tagged ‘Local News’

About Assembly Bill 284 (AB 284 NV)

Friday, November 18th, 2011

Real estate agents in Las Vegas are in tuned to the recently passed AB 284 that went into effect October 1, 2011 but those outside of the Las Vegas real estate market aren’t too up to date.

To sum it all up, AB 284 will delay the foreclosure process. How? By increasing the requirements necessary for lenders to foreclose. In light of all the robo-signing and the increased investigations of 14 major lenders for foreclosure fraud, this Bill is meant to be one of the solutions to this ridiculous problem.

While this most likely will expose fraud and give homeowners the ability now to obtain information on who is holding their mortgage, increasing paperwork and having it recorded through the county clerk is simply going to create a huge back up in the system. With various budget cuts, it’s unlikely that the clerk’s office is going on a hiring frenzy to keep up with all the work.

The number of foreclosure filings for Clark County have already significantly dropped in the past month since the bill went into effect, literally from once were thousands of filings a month now down to hundreds.

Again, this will reduce fraud and expose fraud allowing those involved to be prosecuted and/or fined accordingly which overall is in the best interest of all homeowners, however, the back up in the system is going to be disastrous. The market is already slow, it’s only going to slow down further.

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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

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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 Recycling Statistics Reveal All

Wednesday, August 10th, 2011

Come on now Nevada. Am I reading this correctly? Is the recycling statistic really at a puny 24% for the entire state? Unfortunately it is. The state of Nevada is low on the totem pole when it comes to recycling. The recycling rate in Las Vegas is even more dreadful – an embarrassing 20%. Ouch.

Recently proposed bill AB 427 “Directs the Legislative Commission to conduct an interim study concerning the establishment of a program requiring the payment of deposits and refunds on recyclable products sold in this State. (BDR S-1079).” In other words, this bill would research the idea of allowing a refund of certain recycled items such as cans and bottles. If the research yielded positive results the bill would allow you to drink your soda, return the bottle and get five cents back.

They used to do that in the old days and they are trying to bring it back. Several states (such as California) participate in this recycling program but roadblocks have already sprung up for the state of Nevada. Here are are few of the excuses, I mean objections:

  • It will be too difficult on the businesses to keep up.
  • We’ll have to re-train everyone.
  • We don’t have space for the empty bottles.
  • It seems like so much effort for such little return.
  • No one will return the bottles anyway.

Even if the bill doesn’t pass (which the process is pretty lengthy anyway), there is a definite need for an increased awareness on the subject of recycling and just how much we throw in the landfill that will be there for hundreds of years.

I’d return my bottle for a nickel any day – but then again, I probably drink enough soda to make it worth while.

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