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FHA Extends 90 Day Anti-Flipping Waiver to Expedite REO Sales

Recent News Articles Impacting Las Vegas Real Estate Market

In case you missed thes recent articles impacting our Las Vegas Real estate Market....

Judge Lane’s Ruling: Halt All Recontrust Foreclosures in Nevada - Read the article at Attorney Jim Stout's blog.

Vegas #2 on list of where to buy rather than rent - The real estate data firm said increased demand for rental properties is driving the cost of homeownership down nationwide.  Trulia compared the median list price of a two-bedroom home with the median price paid for rent in 50 cities.  The company then assigned a price-to-rent ratio to each city, with any number below 15 signifying a homebuyer's market and any number above 21 signifying a renter's market.  With a price-to-rent ratio of 6, Vegas ranked #2 on Trulia's list of places where it's better to buy than rent.  Read article

Foreclosures decrease in 2010 due to short sales and modifications - Nevada saw a 19% decrease in foreclosure starts in 2010 -- the first drop in four years -- as more short sales and loan modifications were approved, an annual summary from San Francisco-based ForeclosureRadar showed.  The online foreclosure tracking firm counted 86,010 filings of new foreclosure actions last year, down from 106,425 in 2009.  A number of factors have slowed the foreclosure process in Nevada, including programs such as the government's $75 billion Home Affordable Mortgage Program, or HAMP, and the state's foreclosure mediation program.  Read article
Google to Drop Real Estate Listings - Google announced that it will drop real estate listings that real estate professionals upload to its classified site Google Base, as well as any for-sale, foreclosure, or rental properties through its search function on Google Maps.  Google officials say they decided to stop featuring the real estate listings because of low usage.  Google Base also is being replaced by Google Shopping APIs, which will not support real estate listings.   Read article from Realtor.org
FHA Extends 90-Day Anti-Flip Waiver - The Federal Housing Administration (FHA) will suspend it's anti-flipping rule for another year to help continue to speed the sales of some foreclosed homes.  In 2003, the Department of Housing and Urban Development (HUD) issued a rule that prohibited the FHA from insuring a mortgage on homes that were owned by the seller for less than 90 days.  Last February HUD lifted the ban for one year to accelerate investors' sales of foreclosure properties.  Last week, HUD extended the rule wavier for another year, until January 2012.  Read article from RealtyTimes

Las Vegas new home sales up in 2010 - Las Vegas finished 2010 with 5,341 new-home sales - that's up 1.3% from the previous year, Home Builders Research reported.  The median new-home price crept up about 1% to $218,080.  Homebuilders pulled 307 new-home permits in December, bringing the 2010 total to 4,550 - an 18% increase from 2009.  Dennis Smith, president of Home Builders Research, said he thinks the permit tally will drop to about 4,000 in 2011.  He doesn't see a lot of new projects being planned, particularly large communities that would spur permit activity.  Read article from LVRJ

Article compilation courtesy of National Title Company.  Contact Kim Knowlton at 702-545-7433.

If you are a Las Vegas homeowner who would like to know more about Alternatives to Foreclosure, contact us to schedule a Foreclosure Alternatives Consultation.

Jan O’Brien is an expert with the Las Vegas short sale process.   She is the co-author of the Certified Foreclosure Alternatives Consultant designation course.   Call Jan direct at 702-858-9191 to schedule a Foreclosure Alternatives Consultation today.

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