With a large amount of natural parks, lakes, canyons and scenery, Nevada is a Mecca for those wanting to view all of the beauty Mother Nature has to offer. It is easy to see why many potential home buyers have been flocking to the state. The path to purchasing a home is an exciting time for you and your family but it is one that may bring many additional responsibilities. Many older homes could need repairs or additional renovations. This is especially important for those who are remodeling or foreclosing older homes. Having the assistance of an experienced Las Vegas foreclosure and real estate expert can make this process simple and stress free. Living in the 21st century, there is a renewed importance towards environmental sustainability, green construction and lowering your carbon footprint. Many realtors have understood this important aspect of our lives and can greatly assist clients in achieving a green home. Many green insulation alternatives exist which not only replaces the need for asbestos, but evidence has shown it can reduce annual energy costs. Healthy Tips & Info Often appearing in roof shingles, popcorn ceilings, piping and insulation, asbestos became one of the most popular building applications of the 20th century. Its fire resistant and durable qualities made it an ideal choice for manufacturers. One of the main things that can go unnoticed is taking simple precautions to avoid asbestos exposure. This is especially vital in the home foreclosure process, where many older homes may still contain obsolete and harmful methods of construction. Many homes or buildings built before 1980 may still contain asbestos or old corrosive building materials. If any asbestos is located in the home, most experts suggest to just leave it alone and undisturbed. Asbestos that is in good condition will almost always not pose any risks. The best action may be no action at all. Disturbing asbestos in good condition may cause its fibers to be released into the air. If asbestos removal is necessary, it should be performed by a licensed abatement contractor who is trained in handling hazardous materials. Long term exposure to damaged asbestos can cause a rare but severe lung ailment known as malignant mesothelioma. Due to the fact many mesothelioma symptoms are similar to less serious ailments, physician diagnosis is one of the more difficult tasks physicians encounter. GREEN Alternatives Recently, congress passed the American Recovery and Reinvestment Act into law. Included in this act were extensions to the tax incentives placed for energy efficiency in 2005, as well as new credits for homeowners who remodel or build using Eco-sustainable methods. The use of cotton fiber, lcynene foam and cellulose are viable alternatives that possess many of its superior qualities without the toxicity. The United Nations Environmental Program states that the use of these recycled building materials, on top of the installation of energy saving appliances and the maximization of natural lighting in a building, can reduce energy use energy use by 25 percent. Combining tough research and political advocacy, Environment Nevada is a citizen run environmental organization seeking to produce real changes in tackling all of the states eco problems. Each and every human being would like clean air to breathe and crisp water to drink. It takes a lot of effort and political advocacy to achieve this on a macro level. That is what groups such as Environment Nevada focus exclusively on.

Are you looking to purchase property in the Las Vegas area?

Now is the time to buy Las Vegas Homes.  Contact Us directly at 702-608-5260.

Search for Las Vegas Foreclosures

Use our Interactive-Map Search for all Las Vegas Homes for Sale

Search Our Las Vegas NEW Homes Database

On July 8, 2009, Governor Jim Gibbons signed emergency regulations that require all persons conducting loan modification and foreclosure consulting activities to have state licenses.

The emergency regulations are effective immediately.  The Governors act was authorized by Assembly Bill 152, which was passed in the last Legislative Session.  AB 152 modified Nevada Revised Statute 645F, and required the Commissioner of Mortgage Lending to adopt regulations to license the loan modification and foreclosure consulting companies.  The emergency regulations were promulgated recently and the Governors signature made them effective.

In  addition to the license, loan modification and foreclosure consultants now must follow specific operating rules and regulations. 

Read the rest of this blog post at the Black & Lobello Blog:

Are you looking to purchase property in the Las Vegas area?

Now is the time to buy Las Vegas Homes.  Contact Us directly at 702-608-5260.

Search for Las Vegas Foreclosures

Use our Interactive-Map Search for all Las Vegas Homes for Sale

Search Our Las Vegas NEW Homes Database

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 July 22, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available 9,087 (-152 , Last Week 9,239)
Under Contract 10,771 (+96 , Last Week 10,675)
Days of Supply 25 (-1 , Last Week 26)
Short Sales 9,169 (+59 , Last Week 9,110)

Condominiums and Town Homes (CONDO/TH)
Available 2,895 (-37 , Last Week 2,932)
Under Contract 2,507 (+40 , Last Week 2,467)
Days of Supply 35 (-1 , Last Week 36)
Short Sales 2,446 (+15 , Last Week 2,431)

Combined SFR + CONDO/TH
Available 11,982 (-189 , Last Week 12,171)
Under Contract 13,278 (+136 , Last Week 13,142)
Days of Supply 27 (-1 , Last Week 28)
Short Sales 11,615 (+74 , Last Week 11,541)

Are you looking to purchase property in the Las Vegas area?

Now is the time to buy Las Vegas Homes.  Contact Us directly at 702-608-5260.

Search for Las Vegas Foreclosures

Use our Interactive-Map Search for all Las Vegas Homes for Sale

Search Our Las Vegas NEW Homes Database

The rules include a number of significant changes as the result of several public hearings conducted by the court.

The mandatory mediation program allows a homeowner receiving a Notice of Default July 1 or thereafter to request mandatory mediation with the lender with the objective of obtaining a loan modification or an estimated short sale value the lender may consider.

One of the key questions has been exactly what documents the lender must provide. The answer is that the lender must provide "the original or a certified copy of the deed of trust, the mortgage note, and each assignment of the deed of trust and the mortgage note." Certification must be made under oath before a notary public and include a statement that the person certifying the copy is in actual possession of the original of each certified document. In the event of a lost or destroyed document the requirements of Nevada law shall apply as concerns "the enforcement of a lost, destroyed or stolen instrument." This should provide hours of fun for all parties involved.

The lender must provide under confidential cover to the mediator the "evaluative methodology" used in deciding whether a homeowner is eligible for a long modification. This will be helpful to the mediator in assisting the parties resolve their differences.

The lender must also provide the most current appraisal of the property and shall prepare an estimate of the short sale value of the property that it may be willing to consider. Because "most current" may be practically meaningless in today's market the burden in effect may be upon the homeowner to provide a truly current appraisal meaning one made within the last six months.

Until there is a track record for the mediation program we will have no way to predict its effectiveness. The Supreme Court has promulgated rules that give all parties an opportunity to effectively and persuasively present their case.

Robert B. Noggle

Attorney at Law

10777 West Twain Avenue, Suite 300

Las Vegas, Nevada 89135

Ph: 702.869.8801
Fax: 702.869.2669

rnoggle@blacklobellolaw.com

Visit us online at www.blacklobellolaw.com

Visit our blog at http://blacklobellolawblog.wordpress.com/

This electronic transmission (and/or the documents accompanying it) may contain confidential information belonging to the sender that is protected by the Electronic Communications Privacy Act, 18 U.S.C. Sections 2510 and 2521 and may be legally privileged. This message (and any associated files) is intended only for the use of the individual or entity to which it is addressed and may contain information that is confidential, subject to copyright or constitutes a trade secret. If you are not the intended recipient, you are hereby notified that any dissemination, duplication or distribution of all, or any part of this message, or any file associated with this message, is strictly prohibited. If you have received this communication in error, please notify Black & LoBello immediately by telephone (702-869-8801) and destroy the original message. Please be further advised that any message sent to or from Black & LoBello may be monitored.

Are you looking to purchase property in the Las Vegas area?

Now is the time to buy Las Vegas Homes.  Contact Us directly at 702-608-5260.

Search for Las Vegas Foreclosures

Use our Interactive-Map Search for all Las Vegas Homes for Sale

Search Our Las Vegas NEW Homes Database

Short Sale Closings are on the Rise -  Available short sale listings continue to decline with just under 5300 currenly on the market. However short sale closing made up nearly nine percent (9%) of all June closings - up from seven percent (7%) of the closings in May. Meanwhile, REO listings have dropped under 2800 available listings in the Las Vegas, North Las Vegas, and Henderson areas. Its fair to say that new REO listings are coming on the market at the same rate existing REO listings go under contract.

Here is a price breakdown of the currently available REO properties in Las Vegas, North Las Vegas and Henderson.

Lets download the June  2009 Greater Las Vegas Market Stats  for Single Family Residences listed under one million dollars. Please note the "Available Homes" count; inventory levels dropped significantly in each of the past five months even as the closings have soared. This inventory drop combined with the increased sales activity sent the one month absorbtion rate to 42%. REO sales still accounted for just under seventy-five percent (74.5%) of the June closings.  The overwhelming demand for bank foreclosures has resulted in the most competitve multiple offer situation that we have witnessed since the fierce sellers market in 2005.

June closings sold according to the following terms:

Sold Term Average Sale Price

• Cash  38%.....$108,000
• Conv 24%.....$185,000
• FHA  31%......$155,000
• VA      6%.......$189,000

Market activity and closed units again soared in June as we enjoy one of the hottest summer markets ever.  Its also worth noting that the number of pended short sales is now about equal to the number of pended REO listings. 

Are you looking to purchase property in the Las Vegas area?

Now is the time to buy Las Vegas Homes.  Contact Us directly at 702-608-5260.

Search for Las Vegas Foreclosures

Use our Interactive-Map Search for all Las Vegas Homes for Sale

Search Our Las Vegas NEW Homes Database

Market Report Compiled by:  Forrest Barbee, Corporate Broker, Prudential Americana Group

The following Las Vegas Real Estate Market Condition Report is provided Courtesy of Nevada Title Company
JULY 2009 (EVALUATION PERIOD:  MAY‐JUNE 2009)

Months Supply is 2.8 and declining. This is a "tight" market overall, however, most of this supply/demand constriction is centered in the REO segment. Active listings (supply) declined by about 1,150 units from last month, while sales per month (demand) increased by 181 units. Percent Selling inched up by 3 points as failures declined 214 units. Market Speed jumped 10 points (agents should "feel" busier) but growth in speed is slowing. The lower limit of current median price for SFR properties is set by the pending price of REO properties‐‐$125K‐‐which matches June's $125K.

In general, supply continues to weaken at a slowing rate while demand (mostly REO) is holding steady at the current 75%‐80% of total demand. Expect closings to continue to rise due to the significant rise in properties in escrow but the pace of that increase is slowing. Price weakness will tend to persist so long as the REO market continues to dominate and the level of foreclosures remain high. However, current active inventory is relatively low. This decline has reached a point where price stabilization appears to have arrived or is in the offing. This count of Clark County REO is 25,051 and steady with a slight positive propensity.

REO supply is down about 350 units from June while demand increased about 75 units in concert with a declining trend of failures. This translates into rising Percent Selling and Market Speed, while Months Supply is at a very low .8 month (24 days). Currently, 76% of SFR demand is satisfied by REO listings, while on the supply side 21% of listings are REO. Given high REO levels, this segment will continue to dominate the scene by satisfying high levels of demand and suppressing price as buyers seek the market best values. However, competition amongst buyers is keen for this class and the price appears to be responding to the intense level of demand.

Short Sale supply is in decline from June by about 500 units.  Demand increased by a slight 23 units with a tendency to increase slightly month to 
month.  Notice the depressed level of Percent Selling and Market Speed, while Months Supply is 12 times that of non‐distressed properties and 17 
times of REO (unchanged from last month).  The high level of CDOM supports anecdotal reports of a difficult and unpredictable closing process 
that does not appear to be changing significantly.  See that price will continue to slide to a Short Sale limit of about $159K.

Are you a Homeowner Considering a Las Vegas Short Sale?

The O'Brien-Nikolv Team are experts with the Las Vegas short sale process.

Jan O'Brien is the co-author of the Certified Foreclosure Alternatives Consultant designation course.   Call Us direct at 702-608-5260 to schedule a Foreclosure Alternatives Consultation today.

In a recent article on Bloomberg.com, Dan Levy reported that the number of foreclosure fillings in the US hit a record with 1.5 million. Nevada was specifically mentioned in the article with a staggering amount of foreclosure fillings:

July 16 (Bloomberg) -- U.S. foreclosure filings hit a record in the first half, a sign that job losses and falling property prices deepened the housing recession, according to RealtyTrac Inc. More than 1.5 million properties received a default or auction notice or were seized by banks in the six months through June, the Irvine, California-based seller of default data said today in a statement. Thats a 15 percent increase from the year earlier. One in 84 U.S. households received a filing. "People are losing their jobs, seeing their income go down and are underwater on their mortgage," Richard Green, director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles, said in an interview. "Its a toxic combination."

......Nevada had the highest foreclosure rate in the first half, with one in every 16 households receiving a filing, RealtyTrac said. A total of 68,708 properties were affected, 61 percent more than in the first half of 2008.

Top 10 States

Arizona had the second highest rate, one in 30 households;

Florida was third at one in 33;

California ranked fourth at one in 34.

Other states in the top 10 included Utah, Georgia, Michigan, Illinois, Idaho and Colorado. California led in total filings with 391,611, an increase of 15 percent from a year earlier; followed by Florida at 268,064 for a 42 percent increase, RealtyTrac said.

Arizona was third with 89,799 filings, up 55 percent, and Illinois was fourth with 68,932, up 29 percent. Other states in the top 10 for their sheer number of foreclosures and defaults were Nevada, Michigan, Ohio, Georgia, Texas and Virginia. New Jersey had the 21st highest rate, one in 146 households, and 23,889 filings. Thats a 30 percent decrease from a year earlier. Connecticut had the 27th highest rate, one in 163 households, and had 8,801 filings, a 32 percent decrease. New York ranked 38th. One in 328 households received a filing, which fell 19 percent to 24,210, said RealtyTrac, which collects data from more than 2,200 counties representing 90 percent of the U.S. population.

The full article

Are you a Homeowner Considering a Las Vegas Short Sale?

The O'Brien-Nikolv Team are experts with the Las Vegas short sale process.

Jan O'Brien is the co-author of the Certified Foreclosure Alternatives Consultant designation course.   Call Us direct at 702-608-5260 to schedule a Foreclosure Alternatives Consultation today.

The article should get investors and landlords excited about the prospect of snatching up incredibly priced homes finally able to be cash flow positive from renters. If you would like to see what foreclosures are available, start your FORECLOSURE SEARCH below.

Robert Noggle of Black and Lobello Law has written another great blog post about the mandatory mediation law. Here's what he said:

The Nevada Supreme Court held a public hearing on June 25 at the Las Vegas Justice Center on proposed rules for the mandatory mediation program for homeowners in foreclosure.  The mandatory mediation program is effective on July 1 and applies to owners of primary residences who receive a Notice of Default (NOD)from their lender beginning on that date. The recording of the NOD begins the foreclosure process.

Chief Justice Hardesty stated that there would be a future hearing on requirements for a finding of lender bad faith and the sanctions to be imposed.  He also stated that the new law does provide two objective standards concerning lender good faith.  The first is that the lender must be represented at the mediation by someone with authority to modify the loan; the second is that the representative must bring the required documents to the hearing.  Barbara Buckley, the bills sponsor, was quoted as saying that a lack of good faith on the lenders part would result in a halt of the foreclosure process.  The mediator expressly has authority to modify the loan upon a finding of lender bad faith.

There was a lengthy discussion concerning who will be appearing on behalf of the lender and what authority they will have.  One Justice proposed that where an investor is involved the servicer obtain a power of attorney from the investor in order to represent the investor. Buckley stated that it was the legislative intent that the investor who had the right to payment on the note be at the mediation hearing.  The proposed rules do require that the lender provide copies of all note assignments.  Buckley stated she wants to ensure that the homeowner is paying the ultimate holder of the note.  One comment was made that the Nevada legislation does not provide immunity to the servicer from the investor when negotiating a loan modification, unlike California law.

Buckley also stated that it was the legislative intent that the lender bring originals or court certified copies of the deed of trust and note.  This elicited the observation that there was no way to obtain an official certified copy of the note since it was not recorded.  Buckley stated it would be insufficient for the lender to self certify the copies.

Buckley and other speakers emphasized the importance of the lender bring their loan modification methodology to the hearing for the mediators evaluation.

This was in response to one attorneys comment that lenders decline modifications for not meeting their guidelines but will not disclose what those guidelines are.

A spirited discussion also occurred about the requirement of a recent appraisal for the evaluation of a short sale.  What will be considered sufficiently recent will be a topic for additional discussion.

Robert B. Noggle

Attorney at Law

10777 West Twain Avenue, Suite 300

Las Vegas, Nevada 89135

Ph:    702.869.8801
Fax:   702.869.2669

rnoggle@blacklobellolaw.com

Visit us online at www.blacklobellolaw.com

Visit our blog at http://blacklobellolawblog.wordpress.com/

This electronic transmission (and/or the documents accompanying it) may contain confidential information belonging to the sender that is protected by the Electronic Communications Privacy Act, 18 U.S.C. Sections 2510 and 2521 and may be legally privileged. This message (and any associated files) is intended only for the use of the individual or entity to which it is addressed and may contain information that is confidential, subject to copyright or constitutes a trade secret. If you are not the intended recipient, you are hereby notified that any dissemination, duplication or distribution of all, or any part of this message, or any file associated with this message, is strictly prohibited. If you have received this communication in error, please notify Black & LoBello immediately by telephone (702...) and destroy the original message. Please be further advised that any message sent to or from Black & LoBello may be monitored. 

Are you a Homeowner Considering a Las Vegas Short Sale?

The O'Brien-Nikolv Team are experts with the Las Vegas short sale process.

Jan O'Brien is the co-author of the Certified Foreclosure Alternatives Consultant designation course.   Call Us direct at 702-608-5260 to schedule a Foreclosure Alternatives Consultation today.

The Obama Administration continues to take steps toward assisting struggling homeowners and the overwhelming number who are "underwater"  - amount owed vs. the current value of the home.  There are options to consider, research and attempt to avoid foreclosure - loan modification is one of them followed by a short sale. Here is a report from the AP referencing the latest influx of money to encourage loan modifications:

 
The U.S. government is offering another $3.1 billion to mortgage servicing companies to encourage them to modify loans for borrowers facing foreclosure. 
 
More than 9 percent of 45 million U.S. mortgages, or about 4 million loans, were delinquent in the first quarter of 2009, according to the Mortgage Bankers Association. 
 
The Obama administration put up $50 billion in March as an incentive to encourage the mortgage industry to modify loans to make monthly payments more affordable. So far, however, the plan hasn't been very effective with relatively few borrowers able to qualify.  
 
To increase the numbers, the administration last month expanded the program to provide incentives for lenders to streamline their short-sale processes.  
 
As of this week about 50,000 borrowers are enrolled in three-month trial modifications under the plan, the Treasury Department says. 
 
Part of the problem, lenders say, is the volume of applicants, which has overwhelmed workers charged with modifying the loans. 
 
Source: The Associated Press, Martin Crutsinger (06162009) 

If you are a homeowner facing foreclsoure - there are solutions!  Please contact me for more information and referrals to competent and ethical professionals and to discuss the possibility of a short sale.

Are you looking to purchase property in the Las Vegas area?

Now is the time to buy Las Vegas Homes.  Contact Us directly at 702-608-5260.

Search for Las Vegas Foreclosures

Use our Interactive-Map Search for all Las Vegas Homes for Sale

Search Our Las Vegas NEW Homes Database

One of my goals this year is to assist in more international transactions. I have been reading lot of other blogs from other Real Estate Professionals around the world and I'd like to highlight the good ones as I come across them. One reason I focused on Canada first is because of the huge influx of Canadian buyer's into our Las Vegas market. It makes a lot of sense why we're seeing so many foreign investors flocking to Sin City: our dollar is weak, our market is depressed, and we're so much warmer than Canada. :) I've already met and started working with two different buyers who are looking to capitalize on our down market and the strong Canadian Dollar. It's very sad to hear some of the stories out of this foreclosure market, but the opportunities for growth and investment are plenty.

One of the blogs I'd like to highlight comes from Vancouver. I enjoy reading Maggies posts about Vancouver and her commitment to statistics. Check out her blog at: http://www.vancouverreflections.com/

If you're a Foreigner looking to invest in Las Vegas, or an American looking to invest abroad, contact Felipe Crook toll free at 1-866-589-1646 to get the process started.  You can also start your own search of Las Vegas Properties on this site by clicking the search icon below:

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117

1-866-589-1646

felipe@felipecrook.com