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Las Vegas Real Estate Market Report: 05/13/09

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of May 13, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available 11,504 (-580 , Last Week 12,084)
Under Contract 9,806 (+505 , Last Week 9,301)
Days of Supply 35 (-4 , Last Week 39)
Short Sales 8,293 (+45 , Last Week 8,248)

Condominiums and Town Homes (CONDO/TH)
Available 3,796 (-50 , Last Week 3,846)
Under Contract 1,937 (+118 , Last Week 1,819)
Days of Supply 59 (-4 , Last Week 63)
Short Sales 2,193 (+68 , Last Week 2,125)

Combined SFR + CONDO/TH
Available 15,300 (-630 , Last Week 15,930)
Under Contract 11,743 (+623 , Last Week 11,120)
Days of Supply 39 (-4 , Last Week 43)
Short Sales 10,486 (+113 , Last Week 10,373)

Felipe Crook

Prudential Americana Group

Las Vegas NV 89117

1-866-589-1646

felipe@felipecrook.com

The National Association of Realtors, or NAR, released some great statistics about the national real estate market. I agree with their assessment completely, and we are definitely experiencing a higher number of pending sale in the Las Vegas valley. Here's an excerpt of the article:

Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors^®.

The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7.

Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. "This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment," he said. "We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around."

For the full article please click here.   For more local statistics, please email me at felipe@felipecrook.com or call me toll free 1-866-589-1646.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117

Rhodes Ranch is a master planned golf course community located in Southwest Las Vegas. The community is situated around a 6,909 yard lushly landscaped course designed by renowned architect Ted Robinson and is expected to have more than 5,000 homes at completion.

Minutes from the McCarran Airport and the Las Vegas Strip, Rhodes Ranch is an excellent choice for a Vegas vacation home. Lush, green landscaping is the highlight of Rhodes Ranch with hundreds of elegant Canary Date Palms and an extremely scenic entry with waterfalls. Guard gated and patrolled, and with strict speed limits, the community offers peace and serenity.

Broken down into several different communities with Rhodes Ranch home prices starting above $150,000 for an off the course location to over $700,000 for the executive golf course homes. Rhodes Ranch Association Fees are currently a very reasonable $120 a month and there are no SID/LID fees.

At the R-Club :The recreation center, R Club, and newly open Fun Zone water park, offer many activities for the young and adults alike. The recreation center is open to all residents and for their guests for a nominal fee. The R Club is a 35,000 sq ft recreation center that offers full size gymnasium, cardio/weight room, aerobics room, arts and crafts room, billiards room, and multi purpose rooms, a social area that features a baby grand piano, accordion, a large fireplace along with couches, tables and chairs. Residents are able to socialize, study, work and meet in a comfortable, central location equipped with free Wi-Fi. The center also allows for residents to get together in the billiards room with six tables and options for ping pong and foosball.

Below are ALL the current foreclosures available in Rhodes Ranch.  This area is very desireable and properties in this neighborhood tend to sell quickly with multiple offers. If you'd like more information on any of the homes listed below, please contact Felipe Crook toll free at 1-866-589-1646.

Kristy Black from Fidelity National Title just emailed me a great report about Las Vegas real estate stastics for May.  Some really positive signs that our market is heating up. 

Inventory Update: Listed inventory levels are now at the lowest reported since March 2006.

• The number of resale homes on the market (those listed with Realtors and posted in the Multiple Listing Services (MLS)) dropped an additional 603 units during the past week, reaching total inventory of 16,077 homes. Compared to the same week of the prior year, inventory levels are down 28.7 percent, or 6,472 units.
  
• The market reported consecutive weekly declines during the past 8 weeks, contributing to a net decrease of over 4,600 units. Vacant properties reflected the largest share of the decline with over 3,800 less vacant units during the same eight-week timeframe.
•  Vacant properties represent 55.6 percent of total inventory, while owner-occupied units listed for sale (5,351) represented one-third of all available inventory.
  
• Tenant-occupied properties represented the balance of market availability with 1,788 units listed for sale.
  
•  Sales Update: The number of units in a contracted status increased by 531 during the past week reaching a total of 12,200 homes. Contracted units represent homes that have been negotiated but are waiting to close. They consist of contingent units (7,860 homes) that are contingent on some action taking place (e.g., a lender approval on a short sale) as well as pending units (4,340) which are transactions waiting for customary closing procedures to complete.
•  Approximately 50 percent of the contingent units are identified as awaiting short sale approval, while approximately 8.2 percent of closings during the past 30 days were noted as short sales.
  
• Forward Looking: It is important to note a large share of bank-owned properties have not been listed in the MLS and are not reflected in the latest figures. The timing of release and sale of lender owned properties has the potential to impact overall inventory levels and future pricing. The high number of pending sales, (4,340 that are not contingent), indicates that the market should still show gains on the monthly reported closed sales for the next 30 to 45 days as they are processed through the normal closing procedures. (Applied Analysis)

If you would like to start your very own search for foreclosed properties, below is a FORECLOSURE ONLY search.  Foreclosures are the usually the best priced properties on the market and account for over 87% of all transactions right now.  If you have any questions, please contact Felipe Crook from Prudential Americana Group toll free at 1-866-589-1646.

Buying a HUD Home

When someone with a Federal Housing Administration (FHA) insured mortgage can't meet the payments, the lender forecloses on the home: FHA pays the lender what is owed; and then the United States Department of Housing and Urban Development(HUD) takes ownership of the home. Then HUD sells it at market value as quickly as possible. Michaelson, Connor & Boul, Inc. (MCB) is a marketing and management contractor for HUG 1 to 4 residential properties. MCB maintains and sells these properties in accordance with HUD guidelines. We know you may have several questions regarding the purchase of a HUD property. We want to provide you with as much information as possible to assist you with your purchase.

Who can purchase a HUD home?

Any individual who can qualify for a mortgage or who can pay cash may purchase a HUD home. Purchasers  must use a broker or agent who is registered with HUD to place a bid on a property. Purchasers must also have a pre-qualification letter from a lender or proof of cash funds in  the amount of or greater than the property they are purchasing.

How are HUD homes sold?

All HUD homes are listed on our website at their "AS-IS" fair market value. Purchasers (with the exception of special program purchasers) must obtain the services of a HUD registered real estate agent. Agents may submit bid on HUD properties on behalf of their buyers. The bid that meets the acceptable threshold and has the highest net to HUD receives a provisional bid acceptance subject to receipt of all required documents. Once a bid is accepted an original SALES CONTRACT PACKAGE must be submitted to MCB with in 48 hours.

How is Fair Market Value Determined?

Fair Market Value is determined by a licensed FHA appraiser. Copies of the FHA appraisal s are available to the lender by request after a property is under contract. If a property is exposed to the market without any acceptable offers then a reduction of the listed price may occur.

Does HUD make any repairs to the property?

NO. All HUD properties are sold in their "AS-IS" condition.  There are no representations or warranties, expressed or implied, on any HUD properties.  HUD does not guarantee the condition of any property, FHA-insurable or not, nor whether it meets local codes or zoning requirements. Purchasers are advised that there may be code and /or zoning violations on these properties and that it is the responsibility of the purchaser to identify these violations.  Buyers are very strongly encouraged to have homes inspected by a qualified home inspection company to satisfy themselves as to the condition of the property at the time of sale.

Access to the Property

Owner occupant and Investor purchasers MUST be accompanied by a broker or agent when viewing any HUD home listed for sale. Buyers may not enter a house without their broker/agent for any reason prior to closing. Brokers and/or agents must accompany any individual performing services such as home inspections, appraisals, or certifications. Brokers and agents may only use their keys for their own legitimate use. Keys are not permitted to be lent to any other individuals associated with any sales transactions.

Repairs, Improvements, or Occupanccy Prior to Closing

No work is to be done to ANY HUD property prior to the close of the transaction. An accepted bid is NOT a transfer of ownership.  Purchasers do not own the home until it is recorded in their name. Purchasers may not use the home for storage of personal items or occupy the premises under any circumstances. Occupying or working on a HUD home prior to the close will be treated as trespassing. Failure to abide by this policy can result in the cancellation of the sale transaction, forfeiture of the earnest money deposit and may also involve suspension of bidding privileges for the selling agent and brokerage firm.

Types of Purchasers

Anyone can purchase a HUD property.  There are two types of general purchases: Owner Occupants and Investors/ There are also several special programs for purchasers who qualify.

Owner Occupant Purchasers

An Owner Occupant Purchaser is a purchaser who will be living in the property that they intend to purchase. The following regulations apply to owner occupant purchasers:

1) Must certify that they will live in the  property as their primary residence for at least 12 months.

2) Must certify that they have not purchased a HUD owned property as an owner occupant purchaser(regardless of financing type) within the last 24 months.

The Owner Occupant Priority Period

All new property listings have an owner occupancy priority period in which only owner occupant purchasers will be considered. This period is the first 10 days that the property is listed on the Internet.  (some cities have extended owner occupant periods- this information would be noted on the Property listings on the website). If a contract is cancelled and the full 10 days of the market have not been fulfilled, the property will be offered exclusively to Owner Occupants until after this period has been completed. Price reductions are sometimes made on properties and for 5 days after a price reduction preference will be given to owner occupant buyers. Bids by investors will NOT be considered until the final day of the owner occupancy period.

Investor Purchasers

An investor purchaser is a purchaser who does not intend to live in the property being purchased as a primary residence. An investor may purchase a HUD property to re-sell, rent or lease the property after the settlement with HUD has been completed. Investors purchaser also include a purchaser who is buying a HUD property as a second home and does not intend to occupy the property as their primary residence.

Officer Next Door Participants

A person qualifies as a law enforcement officer for the purposes of the GNND sales program if the person is (a) employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government;and (B) In carrying out such full-time employment, the person is sworn to uphold, and make arrests for violations of federal, state, tribal, county, township, or municipal laws.  The person must agree to live in the home as his/her sole residence for the duration of the owner-occupancy period. Neither the person (nor his/her spouse) may have owned any residential real property during the year prior to the date of submitting a bid on the home being acquired. Neither the person nor spouse my have ever purchase another home under GNND sales program or under the OND/TND sales programs.  Additional details and rules may be found in the program regulations (LINK)

Teachers Next Door Participants

A person qualifies as a teacher for the purposes of the GNND Sales program if the person is:

(a)Employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12;and

(B) The public or private school where the person is employed as a teacher serves students from the area where the home is located in the normal course of business.

The person must agree to live in the home as his /her sole residence for the duration of the owner-occupancy period. Neither the person (nor his/her spouse) may have owned any residential real property during the year prior to the date of submitting a bid on the home being acquired. Neither the person nor spouse may have ever purchased another home under the GNND sales program or under the OND/TND sales programs.

Additional details and rules may be found in the program regulations.

Firefighter Next Door Participants

A person qualifies as a firefighter for the purposes of the GNND sales program if the person is employed full-time as a firefighter by a fire department or emergency medical services responder unit of the federal government serving the area where the home is located.

The person must agree to live in the home as his/her sole residence for the duration of the owner-occupancy period.  Neither the person (nor his/her spouse) may have owned any residential real property during the year prior to the date of submitting a bid on the home being acquired. Neither the person nor spouse may have ever purchased another home under the GNND sales program or under the OND/TND sales programs.

Emergency Medical Technician Next Door Participants

A person qualifies as a Emergency Medical Technician for the purposes of the GNND Sales program if the person is employed full-time as a firefighter by a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or and Indian tribal government serving the area where the home is located.

The person must agree to live in the home as his/her sole residence for the duration of the owner-occupancy period. Neither the person (nor his/her spouse) may have owned any residential real property during the year prior to the date of submitting a bid on the home being acquired. Neither the person nor spouse may have ever purchased another home under the GNND sales program or under the OND/TND sales programs.

Approved NON-Profit Agencies

HUD-approved Non-profits receive a discount on purchasing HUD properties.  This discount is between 10% and 30% off the purchase price of the property and is based on the insurability and location of the property. The non-profit agency must be a HUD registered non-profit agency to qualify for the discount for more information on how to become a HUD approved non-profit.

Government Agencies

HUD is offering local governments the opportunity to take advantage of a unique HUG resource-HUD homes for sale-at a bargain rate of $1, plus closing costs.  The new Dollar Homes Initiative will allow local governments to purchase select HUD homes for sale for $1 and use them as part of a community revitalization or neighborhood affordable housing strategy. The HUD homes available under this new program are those that have been on the market for six months or more. Local governments can partner with local non-profit home owndership organizations or tap into existing local programs to resell the homes to low- and moderate-income. In these cases, the local governments will be required to purchase these properties and convey it to the non-profit organizations for rehabilitation and resale to first-time home buyers.  Hundreds of properties are available currently and new houses will be added on a weekly basis.

FINANCING

HUD does not provide financing for the purchase of HUD properties Properties can be purchased by obtaining FHA financing, conventional or non-FHA financing, or by paying cash. Regardless of the type of financing you may obtain, the Sale Contract Package requires a pre-qualification letter from a lender or verification of cash for a purchase.  Therefore, it is important that you speak with a lender prior to submitting a bid.  I have access to lenders I have used in the past and trust completely. 

FHA Insured Loands

203(b) Regular FHA loan- listed as "IN"If the properties does not have any mandatory repairs FHA will insure the loan

203(b) Repair Escrow-Listed as "IE"

When a property needs less than $5,000 in repairs to bring it up to minimum property standards, FHA will insure the loan provided the repairs are completed by the buyer or the buyer's agent within 90 days from the date of closing. It is a cost to the buyer that the buyer can finance and add to the mortgage. Then lender monitors and keeps the funds in an escrow account for disbursement on completion of repairs to the lender's satisfaction.

203(K) Rehab loan as "IK" or "UI"

The property has more than $5,000 in minimum property standards repairs to be done. The lender must obtain an inspection report from an approved 203(k) Consultant and a new appraisal. Contact your lender for specific costs and details.

Overbidding the list price with FHA financing

All HUD properties are listed with FHA "AS-IS" appraised value. If you are obtaining FHA financing and have bid more for the property then the appraised value then the difference must be paid in cash. This is because FHA will not insure a loan for greater than the appraised value of the property. The purchase price for the property cannot be changed after the bid has been accepted.

Conventional Financing or CASH

Any non-FHA (including VA) is considered a conventional loan. Conventional loans are not insured by the Federal Housing Administration. If a purchaser is paying cash for a property then a copy of a bank statement or a letter from the bank is required as part of the sales package.

If you have any further questions, please contact Felipe Crook at 1-866-589-1646, or email with any questions by filling out the form below.

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of May 6, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available - 12,084 (-543 , Last Week 12,627)
Under Contract - 9,301 (+127 , Last Week 9,174)
Days of Supply - 39 (-2 , Last Week 41)
Short Sales - 8,248 (+56 , Last Week 8,192)

Condominiums and Town Homes (CONDO/TH)
Available - 3,846 (-167 , Last Week 4,013)
Under Contract - 1,819 (+11 , Last Week 1,808)
Days of Supply - 63 (-4 , Last Week 67)
Short Sales - 2,125 (+20 , Last Week 2,105)

Combined SFR + CONDO/TH
Available - 15,930 (-710 , Last Week 16,640)Under Contract - 11,120 (+138 , Last Week 10,982)

Days of Supply - 43 (-2 , Last Week 45)
Short Sales - 10,373 (+76 , Last Week 10,297)

Felipe Crook

Prudential Americana Group

Las Vegas NV 89117

1-866-589-1646

felipe@felipecrook.com

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of April 29, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available - 12,627 (-418 , Last Week 13,045)
Under Contract - 9,174 (+285 , Last Week 8,889)
Days of Supply - 41 (-3 , Last Week 44)
Short Sales - 8,192 (+56 , Last Week 8,136)

Condominiums and Town Homes (CONDO/TH)
Available - 4,013 (-77 , Last Week 4,090)
Under Contract - 1,808 (+84 , Last Week 1,724)
Days of Supply - 67 (-4 , Last Week 71)
Short Sales - 2,105 (+62 , Last Week 2,043)

Combined SFR + CONDO/TH
Available - 16,640 (-495 , Last Week 17,135)
Under Contract - 10,982 (+369 , Last Week 10,613)
Days of Supply - 45 (-3 , Last Week 48)
Short Sales - 10,297 (+118 , Last Week 10,179)

Felipe Crook

Prudential Americana Group

Las Vegas NV 89117

1-866-589-1646

felipe@felipecrook.com

As more and more properties fall into foreclosure, our market continues to decline in prices. I've seen a significant decrease in inventory even in the last 6 months.  I wrote a blog post in November of 2008 where out total inventory of available properties were well over 21,000.  That number has decreased to 17,800 properties due in part to the moratorium on foreclosures over the winter months.  Well, that moratorium has been lifted and everyone should expect to see a new wave of foreclosed properties flooding the market in the next few months.  In March, Las Vegas saw a record number of foreclosure filings, with more on the way.   We are not out of the woods yet, but for those of you looking to capitalize on the market I would start gearing up for a great bargain sale on properties.

Even in the luxury market, properties are coming down from their 2006 highs and reaching as low as 1999 prices.  I consider a luxury home over $700,000 but there are plenty of incredible properties from $400,000 and up.   Below are a CURRENT list of properties over $700,000 that are bank owned or foreclosures.   If you'd like to do your own foreclosure search click the icon below or contact me for more information at 1-866-589-1646. 

If you are ahomeowner facing the possibility of foreclosure - below are some useful resources to consider in your research and fact-gathering.

With all the dubious assistance programs and out-right scams preying on home owners facing foreclosure, it can be difficult to find legitimate help.

Heres a list of programs that are either operated by the U.S. government or have its seal of approval:

• To find a counselor, contact the U.S. Department of Housing and Urban Development (HUD) at (800) 569-4287 or (877) 483-1515, or go to www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm
• Call (888) 995-HOPE, the Homeowners HOPE Hotline to reach a nonprofit, HUD-approved counselor through HOPE NOW, a cooperative effort of mortgage counselors and lenders to assist homeowners.  HOPE NOW: www.hopenow.com
• Visit NeighborWorks Americas Web site at www.nw.org/network/home.asp 
• Go to this Web site for information on federal mortgage modification and refinancing programs: www.makinghomeaffordable.gov
• The Controller of the Currencys consumer information site for banking-related questions is www.helpwithmybank.gov
• OCC Customer Assistance Group and consumer assistance site: www.occ.gov/customer.htm
• Federal Trade Commission: www.ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm
• Federal Reserve Board: www.federalreserve.gov/pubs/foreclosurescamtips/default.htm
  
• Nevada Foreclosure Help  - Useful resources and info from Nevada Department of Business & Industry http://foreclosurehelp.nv.gov/

Felipe Crook

Prudential Americana Group

Las Vegas NV 89117

1-866-589-1646

felipe@felipecrook.com