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Homes for sale in the Basic High School zone in Las Vegas Nevada

Homes for sale in Basic High school Zone

If you're looking for homes in the Basic High School Zone in Las Vegas, Nevada click below the links for the properties you'd like.  If you want more information, please call Felipe Crook from Prudential Americana Group Realtors, 1-866-589-1646.

Foreclosure Homes for Sale in Basic High School Las Vegas

Homes for Sale in Basic High School Zone Las Vegas under $100,000

Homes for Sale in the Basic High School zone Las Vegas between $100,000 to $200,000


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

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Henderson/Green Valley Foreclosure Homes by Zip Code 89014, 89011, 89012, 89015, 89074, 89052, 89044, 89002

Quick Search Links for Henderson/Green Valley Foreclosure Homes by Zip Code 89002, 89014, 89011, 89012, 89015, 89074, 89052, 89044

89002 - Henderson NV Foreclosure Homes For Sale

89011 - Henderson NV Foreclosure Homes for Sale

89012 - Henderson NV Foreclosure Homes for Sale

89014 - Henderson NV Foreclosure Homes for Sale

89015 - Henderson NV Foreclosure Homes for Sale

89044 - Henderson NV Foreclosure Homes for Sale

89052 - Henderson NV Foreclosure Homes for Sale

89074 - Henderson NV Foreclosure Homes for Sale

 Henderson Foreclosures


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Are you a Homeowner Considering a Las Vegas Short Sale?

The O'Brien-Nikolov 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.







Las Vegas Luxury Properties Link is now on Facebook

With over 300 million users on Facebook, it's pretty clear that many people's preferred method of getting information is through social media.  I've created a Fan Page on Facebook that allows users to see all of my post on the Las Vegas Luxury Home Market.  It will have links to great articles, hot properties, and the latest trends and statistics. To become a fan, simply click on the box below. Once you are on the fan page, click become a fan. Having this fan page will enable you to communicate easily, by posting questions, or adding hot properties to the wall.

Las Vegas Luxury Homes

As always, free feel to contact me directly, toll free at 1-866-589-1646 or email me at

You can also search for las vegas homes anytime here, or simply start search below.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117

Las Vegas Neighborhoods


BofA expected to release 6,000 REO properties in Las Vegas during 2010

There has been some press recently stating Bank of America expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, or about 500 a month.  The local real estate agent community has been hearing the same type of message from REO agents, asset managers for months.  Hopefully, we will actually start seeing some of this inventory become available and soon! 

Key Points:

  • It's part of the so-called "phantom inventory" of foreclosed homes being held by banks as they work out loan modifications and negotiate short sales, two of the more desirable alternatives to foreclosure.
  • BofA has been receiving about 40,000 new short sale offers a month, but has not been processing as many as it has received because of the difficulty of the process.
  • According to California-based research firm Concord Group, the Las Vegas market will still struggle from bank foreclosures over the next two years. It said that Southern Nevada has lost more than 90,000 jobs since the downturn, falling to about 850,000.
  • Las Vegas has a supply of 16,215 residential units for sale, 8,845 units of which are bank-owned, HUD homes and other types of foreclosures.
  • The city currently has a total of 700,000 households, which is expected to rise by 2.5 percent over the next 5 years.

Read all the details:

Here is the LVRJ article dated 1-14-10 from Hubble Smith Bank of America to release homes

and another post Las Vegas Foreclsoures to Rise with BofA Bank-Owned Homes (1-20-10).



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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.





Search Las Vegas Homes for Sale on the MLS

Do all of your home searching here by Search Homes in Las Vegas For Sale.  There are some amazing deals out there, and this is the best place to start. It's not out dated like so many of the listings on This site is updated hourly and is accurate.  Our market is heating up considerably and you need to be notified of new properties as soon as they come on the market, with this website you will be.  You are also able to save your search, mark which properties are you favorites, and change your search criteria.  Simply click the link above, or start the search below.

   If you'd like to have specific search terms, please call me toll free at 1-866-589-1646 and I will go over an in depth search list for the property of your dreams.  Visit the site often, as it is update with the latest information and statistics on the Las Vegas housing market.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas, NV 89117


Las Vegas Foreclosure Info & Resources


Las Vegas 2009 Housing Report - Foreclosure and Short Sale Stats

The Greater Las Vegas Association of Realtors (GLVAR) released its local housing statistics  for December 2009 with some interesting findings for the year. 

According to GLVAR, sales of existing homes in Las Vegas were up 64% in 2009.  GLVAR reported 46,879 local housing sales in 2009. That represents a huge spike from 28,618 total sales in 2008 and trails only the 71,963 homes sold during the record year of 2004. The increasing sales continue to be driven by low prices.   GLVAR reports that the average single family home sold in the area in December 2008 was $204,000 in December 2008. By December of 2009, that number had fallen to $165,000.

To read the full report: PDF file Download 2009_12_Dec (released 1-8-10)

Las Vegas Units sold 2009

Single Family Residential closings for 2009 totaled 38,127 which is a 53% increase over 2008.  Additionally, townhomes and condos saw another 8752 closings which represent a 137% increase over 2008.

Las Vegas Foreclosure Report for 2009

From RealtyTrac's Year-End 2009 Foreclosure Market Report :

... a total of 3,957,643 foreclosure filings -- default notices, scheduled foreclosure auctions and bank repossessions -- were reported on 2,824,674 U.S. properties in 2009, a 21 percent increase in total properties from 2008 and a 120 percent increase in total properties from 2007

More than 10 percent of Nevada housing units received at least one foreclosure filing in 2009, giving it the nations highest state foreclosure rate for the third consecutive year. Nevada foreclosure activity in December increased 27 percent from the previous month but was still down 22 percent from December 2008. Fourth quarter foreclosure activity in Nevada was down 37 percent from the previous quarter thanks to substantial decreases in October and November.

2009 foreclosure stats would have been worse but for initiatives to slowdown foreclosures from the Lenders as well as the by the Obama Administration - including HAMP (Home Affordable Modification Program) and alternatives to foreclosures like short sales.

GLVAR reported a total of 33,974 bank-owned residential properties for 2009.

REO closings 2009 Las Vegas

Las Vegas Short Sales for 2009

According to the National Association of Realtors, almost 500,000 transactions in 2009 were short sales, representing almost 10 percent of all home sales. 

In Las Vegas, a total of 5,422 residential properties sold and closed in 2009. 

Las Vegas Short Sale 2009

2009 Residential Closings Recap

The GLVAR 2009 report quotes a total of 46,879 local housing sales.  However, the 3 individual graphs of residential closing for 2009 totals 47,084 (a 205 discrepancy - I am not certain why).

REO/Bank-Owned sales = 33,974 (72.2%)

Traditional residential sales = 7,688 (16.3%)

Short Sale Closings = 5,422 (11.5%)

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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.





Are your mortgage payments breaking the bank?

I just saw some great information on THE FEDERAL TRADE COMMISSION's website about mortgages, short sales, loan modifications, and foreclosures for the consumer.   It goes over all kinds of scenarios and options people have if they are struggling with their mortgages.  This is a copy from their website. The full article is available by clicking here, or you can read below:

"Mortgage Payments Sending You Reeling? Here's What to Do

The possibility of losing your home because you can't make the mortgage payments can be terrifying. Perhaps you're having trouble making ends meet because you or a family member lost a job, or you're having other financial problems. Or maybe you're one of the many consumers who took out a mortgage that had a fixed rate for the first two or three years and then had an adjustable rate - and you want to know what your payments will be and whether you'll be able to make them.

Regardless of the reason for your mortgage anxiety, the Federal Trade Commission (FTC), the nation's consumer protection agency, wants you to know how to help save your home, and how to recognize and avoid foreclosure scams.

Know Your Mortgage

Do you know what kind of mortgage you have? Do you know whether your payments are going to increase? If you can't tell by reading the mortgage documents you received at settlement, contact your loan servicer and ask. A loan servicer is responsible for collecting your monthly loan payments and crediting your account.

Here are some examples of types of mortgages:

  • Hybrid Adjustable Rate Mortgages (ARMs): Mortgages that have fixed payments for a few years, and then turn into adjustable loans. Some are called 2/28 or 3/27 hybrid ARMs: the first number refers to the years the loan has a fixed rate and the second number refers to the years the loan has an adjustable rate. Others are 5/1 or 3/1 hybrid ARMs: the first number refers to the years the loan has a fixed rate, and the second number refers to how often the rate changes. In a 3/1 hybrid ARM, for example, the interest rate is fixed for three years, then adjusts every year thereafter.
  • ARMs: Mortgages that have adjustable rates from the start, which means your payments change over time.
  • Fixed Rate Mortgages: Mortgages where the rate is fixed for the life of the loan; the only change in your payment would result from changes in your taxes and insurance if you have an escrow account with your loan servicer.

If you have a hybrid ARM or an ARM and the payments will increase - and you have trouble making the increased payments - find out if you can refinance to a fixed-rate loan. Review your contract first, checking for prepayment penalties. Many ARMs carry prepayment penalties that force borrowers to come up with thousands of dollars if they decide to refinance within the first few years of the loan. If you're planning to sell soon after your adjustment, refinancing may not be worth the cost. But if you're planning to stay in your home for a while, a fixed-rate mortgage might be the way to go. Online calculators can help you determine your costs and payments.

If You're Behind On Your Payments

If you are having trouble making your payments, contact your loan servicer to discuss your options as early as you can. The longer you wait to call, the fewer options you will have.

Many loan servicers are expanding the options available to borrowers - it's worth calling your servicer even if your request has been turned down before. Servicers are getting lots of calls: Be patient, and be persistent if you don't reach your servicer on the first try.

  • You may qualify for a loan modification under the Making Home Affordable Modification Program (HAMP) if:
  • your home is your primary residence;
  • you owe less than $729,750 on your first mortgage;
  • you got your mortgage before January 1, 2009;
  • your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) is more than 31 percent of your current gross income; and
  • you can't afford your mortgage payment because of a financial hardship, like a job loss or medical bills.

If you meet these qualifications, contact your servicer. You will need to provide documentation that may include:

  • information about the monthly gross (before tax) income of your household, including recent pay stubs.
  • your most recent income tax return.
  • information about your savings and other assets.
  • your monthly mortgage statement.
  • information about any second mortgage or home equity line of credit on your home.
  • account balances and minimum monthly payments due on your credit cards.
  • account balances and monthly payments on your other debts, like student loans or car loans.
  • a completed Hardship Affidavit describing the circumstances responsible for the decrease in your income or the increase in your expenses.

For more information, see

If you're interested in refinancing to take advantage of lower mortgage rates, but are afraid you won't qualify because your home value has decreased, you may want to ask if you qualify for the Home Affordable Refinance Program (HARP) or the HOPE for Homeowners (H4H) program. For more information, see

Avoiding Default and Foreclosure

If you have fallen behind on your payments, consider discussing the following foreclosure prevention options with your loan servicer:
Reinstatement: You pay the loan servicer the entire past-due amount, plus any late fees or penalties, by a date you both agree to. This option may be appropriate if your problem paying your mortgage is temporary.

Repayment plan: Your servicer gives you a fixed amount of time to repay the amount you are behind by adding a portion of what is past due to your regular payment. This option may be appropriate if you've missed a small number of payments.

Forbearance: Your mortgage payments are reduced or suspended for a period you and your servicer agree to. At the end of that time, you resume making your regular payments as well as a lump sum payment or additional partial payments for a number of months to bring the loan current. Forbearance may be an option if your income is reduced temporarily (for example, you are on disability leave from a job, and you expect to go back to your full time position shortly). Forbearance isn't going to help you if you're in a home you can't afford.

Loan modification: You and your loan servicer agree to permanently change one or more of the terms of the mortgage contract to make your payments more manageable for you. Modifications may include reducing the interest rate, extending the term of the loan, or adding missed payments to the loan balance. A modification also may involve reducing the amount of money you owe on your primary residence by forgiving, or cancelling, a portion of the mortgage debt. Under the Mortgage Forgiveness Debt Relief Act of 2007, the forgiven debt may be excluded from income when calculating the federal taxes you owe, but it still must be reported on your federal tax return. For more information, see A loan modification may be necessary if you are facing a long-term reduction in your income or increased payments on an ARM.

Before you ask for forbearance or a loan modification, be prepared to show that you are making a good-faith effort to pay your mortgage. For example, if you can show that you've reduced other expenses, your loan servicer may be more likely to negotiate with you.

Selling your home: Depending on the real estate market in your area, selling your home may provide the funds you need to pay off your current mortgage debt in full.

Bankruptcy: Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, and can make it difficult to get credit, buy another home, get life insurance, or sometimes, get a job. Still, it is a legal procedure that can offer a fresh start for people who can't satisfy their debts.
If you and your loan servicer cannot agree on a repayment plan or other remedy, you may want to investigate filing Chapter 13 bankruptcy. If you have a regular income, Chapter 13 may allow you to keep property, like a mortgaged house or car, that you might otherwise lose. In Chapter 13, the court approves a repayment plan that allows you to use your future income toward payment of your debts during a three-to-five-year period, rather than surrender the property. After you have made all the payments under the plan, you receive a discharge of certain debts.

To learn more about Chapter 13, visit; it's the website of the U.S. Trustee Program, the organization within the U.S. Department of Justice that oversees bankruptcy cases and trustees.

If you have a mortgage through the Federal Housing Administration (FHA) or Veterans Administration (VA), you may have other foreclosure alternatives. Contact the FHA ( or VA ( to talk about them.

Contacting Your Loan Servicer

Before you have any conversation with your loan servicer, prepare. Record your income and expenses, and calculate the equity in your home. To calculate the equity, estimate the market value less the balance of your first and any second mortgage or home equity loan.

Then, write down the answers to the following questions:

  • What happened to make you miss your mortgage payment(s)? Do you have any documents to back up your explanation for falling behind? How have you tried to resolve the problem?
  • Is your problem temporary, long-term, or permanent? What changes in your situation do you see in the short term, and in the long term? What other financial issues may be stopping you from getting back on track with your mortgage?
  • What would you like to see happen? Do you want to keep the home? What type of payment arrangement would be feasible for you?

Throughout the foreclosure prevention process:

  • Keep notes of all your communications with the servicer, including date and time of contact, the nature of the contact (face-to-face, by phone, email, fax or postal mail), the name of the representative, and the outcome.
  • Follow up any oral requests you make with a letter to the servicer. Send your letter by certified mail, "return receipt requested," so you can document what the servicer received. Keep copies of your letter and any enclosures.
  • Meet all deadlines the servicer gives you.
  • Stay in your home during the process, since you may not qualify for certain types of assistance if you move out. Renting your home will change it from a primary residence to an investment property. Most likely, it will disqualify you for any additional "workout" assistance from the servicer. If you choose this route, be sure the rental income is enough to help you get and keep your loan current.

Housing and Credit Counseling

You don't have to go through the foreclosure prevention process alone. A counselor with a housing counseling agency can assess your situation, answer your questions, go over your options, prioritize your debts, and help you prepare for discussions with your loan servicer. Housing counseling services usually are free or low cost.

While some agencies limit their counseling services to homeowners with FHA mortgages, many others offer free help to any homeowner who is having trouble making mortgage payments. Call the local office of the U.S. Department of Housing and Urban Development ( or the housing authority in your state, city, or county for help in finding a legitimate housing counseling agency nearby. Or consider contacting the Homeownership Preservation Foundation (HPF) at 888-995-HOPE or HPF is a nonprofit organization that partners with mortgage companies, local governments, and other organizations to help consumers get loan modifications and prevent foreclosures.

When choosing a counselor, beware of anyone charging large up-front fees or guaranteeing you a loan modification or other solution to stop foreclosure. They shouldn't be charging you high fees or making any guarantees. Take your business elsewhere.

Consider Giving Up Your Home Without Foreclosure

Not every situation can be resolved through your loan servicer's foreclosure prevention programs. If you're not able to keep your home, or if you don't want to keep it, consider:

Selling Your House: Your servicers might postpone foreclosure proceedings if you have a pending sales contract or if you put your home on the market. This approach works if proceeds from the sale can pay off the entire loan balance plus the expenses connected to selling the home (for example, real estate agent fees). Such a sale would allow you to avoid late and legal fees and damage to your credit rating, and protect your equity in the property.

Short Sale: Your servicers may allow you to sell the home yourself before it forecloses on the property, agreeing to forgive any shortfall between the sale price and the mortgage balance. This approach avoids a damaging foreclosure entry on your credit report. Under the Mortgage Forgiveness Debt Relief Act of 2007, the forgiven debt on your primary residence may be excluded from income when calculating the federal taxes you owe, but it still must be reported on your federal tax return. For more information, see, and consider consulting a financial advisor, accountant, or attorney.

Deed in Lieu of Foreclosure: You voluntarily transfer your property title to the servicers (with the servicer's agreement) in exchange for cancellation of the remainder of your debt. Though you lose the home, a deed in lieu of foreclosure can be less damaging to your credit than a foreclosure. You will lose any equity in the property, although under the Mortgage Forgiveness Debt Relief Act of 2007, the forgiven debt on your primary residence may be excluded from income when calculating the federal taxes you owe. However, it still must be reported on your federal tax return. For more information, see A deed in lieu of foreclosure may not be an option for you if other loans or obligations are secured by your home.

Be Alert to Scams

Scam artists follow the headlines, and know there are homeowners falling behind in their mortgage payments or at risk for foreclosure. Their pitches may sound like a way for you to get out from under, but their intentions are as far from honorable as they can be. They mean to take your money. Among the predatory scams that have been reported are:

  • The foreclosure prevention specialist: The "specialist" really is a phony counselor who charges high fees in exchange for making a few phone calls or completing some paperwork that a homeowner could easily do for himself. None of the actions results in saving the home. This scam gives homeowners a false sense of hope, delays them from seeking qualified help, and exposes their personal financial information to a fraudster.

    Some of these companies even use names with the word HOPE or HOPE NOW in them to confuse borrowers who are looking for assistance from the free 888-995-HOPE hotline.
  • The lease/buy back: Homeowners are deceived into signing over the deed to their home to a scam artist who tells them they will be able to remain in the house as a renter and eventually buy it back. Usually, the terms of this scheme are so demanding that the buy-back becomes impossible, the homeowner gets evicted, and the "rescuer" walks off with most or all of the equity.
  • The bait-and-switch: Homeowners think they are signing documents to bring the mortgage current. Instead, they are signing over the deed to their home. Homeowners usually don't know they've been scammed until they get an eviction notice.

For More Information

To learn more about mortgages and other credit-related issues, visit and, the U.S. government's portal to financial education.

The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. "

If you would like more specific information regarding your situation please contact Felipe Crook toll free at 1-866-589-1646 or email me at

Felipe Crook

Prudential Americana Group Realtors

Las Vegas, NV 89117


Las Vegas Short SalesLoan Modifications


Las Vegas Housing Market Report January 2010

I just came across a great article in the Las Vegas Sun by Buck Wargo.  It's always nice to read some good new in our market.  Even though we are number 1 for foreclosures in the nation, we're slowly digging our way out of this slippery hole we've created.  One of the things he mentioned in the article was that growing trend of new homes being sold.  I've sold five new homes in the last two months because my clients are fed up with putting in 10 offers and getting out bid.   Many of these builders have come down in price to where they are slightly more expensive than a foreclosure.  Many of the banks are offering closing costs, and extra incentives to sweeten the deal for buyers. I have full access to new homes, and make sure you bring a Realtor on your first visit, otherwise the builder's employees will also represent you AND the seller.  A third party agent will look out for your interests more than the builder's employees.  Anyway, here is the article in full: 

Existing home sales in Las Vegas rose 57 percent in 2009, but builders sold fewer than half as many homes compared to 2008, according to statistics released Tuesday.

SalesTraq reported that that demand for existing homes remained strong in December with the 4,502 sales the third highest-selling month in 2009, pushing the annual total to 48,075 - the third highest in the valley's history. That is more than 16,000 sales compared to 2008 as the existing home market continues its rebound.

Median prices fell by $5,000 in December to $120,000. At the peak of the market in 2006, prices nearly reached $290,000. That's a 58 percent drop.

Existing home prices have held fairly steady in Las Vegas since April, falling in a range of $120,000 to $125,000, according to SalesTraq.

The demand for existing homes continues to decrease the inventory with 10,262 available listings on the Multiple Listing Service at the end of December, translating into a 2.6-month supply. SalesTraq reported that's the second lowest level of inventory since March 2005.

The amount of foreclosed-upon homes continues to decline. Only 51 percent of the 4,502 existing home sales in December were banked-owned, SalesTraq reported. Foreclosures had been two-thirds of sales at one time.

The number of foreclosure homes dipped 5 percent in 2009 to 24,033. In 2008, lenders foreclosed on 25,276 homes. That meant the level of foreclosure inventory slid to 11,248 in December, the lowest level since March 2008, SalesTraq reported.

Analysts attribute the decline to lenders' self-imposed moratorium in early 2009 and Nevada's new program implemented July 1 that gives homeowners the option to seek mediation with lenders and modify their loans.

Las Vegas closed 2009 with 517 new home sales in December, the second-highest month last year. For the year, the 5,184 sales fell 48 percent below the 9,965 sales recorded in 2008.

Steve Bottfeld, executive vice president of Marketing Solutions, said he sees a positive trend for the new-home market because the fourth quarter accounted for nearly 31 percent of the annual sales.

Some analysts said a lack of existing home inventory led people to consider new homes at the end of the year to take advantage of a first-time homebuyer tax credit that was set to expire Nov. 30. Congress has extended it through June.

New home prices rebounded slightly in December to $210,000, up from $198,466 in November. The only time new home prices surpassed $220,000 was January 2009 when it was $231,035, SalesTraq reported.

Despite the increase in price in December, the price per square foot dropped to $105.32 in builders' bids to construct smaller homes, analysts said. The price per square foot was at its 2009 height in January when it was $122.15, SalesTraq reported.

Builders, however, haven't rushed out to take out permits to construct new homes. Local governments issued 349 permits in December to bring the yearly total to 3,766. That is 32 percent lower than the 5,551 permits issued in 2008.

If you are interested in buying or selling a home in Las Vegas, please start your free search for properties below.  All information is updated and more current than   You can even save your favorite properties and get notified of new ones as they come on the market.


Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117


Las Vegas Foreclosure Reports


2010 predictions for the Las Vegas Real Estate Market

I just read an interesting article on HGTV's website about the housing market in 2010. There are a couple of interesting sections I'd like to discuss in this article.  Anytime you're reading a national article, it doesn't always reflect the current local market.  Much of the country is slowly rebounding, but our market has been hit hardest by the housing and economic recession.  We're not seeing the massive free fall in prices, but 2010 will most likely see a decline. 

"Coming off an estimated modern historical low of 555,000 total starts in 2009, housing production should rebound by about 25% this year to just under 700,000 units, according to NAHB projections. There is certainly a measure of good news in this forecast, but it hardly represents a return to normalcy.

Based on demographics and other factors, an annual average of 1.8 million housing starts will be needed over the next 10 years and 2010 starts are not likely to provide even half of what is needed.

Improvements in residential construction this year will be largely concentrated in single-family construction. Builders successfully reduced their inventory of new single-family houses in 2009 to levels last seen in 1971 - for a population that has grown by 80% since that time."

In Las Vegas, the new housing market has definitely seen an upsurge in activity. In fact, I sold five new homes in December and November.  January 2009 was the bottom of the new home market.  Many buyers are frustrated with the multiple offers on most bank owned properties under $200,000.  I've noticed a lot of builders have drastically reduced their prices in order to compete with the huge amount of foreclosures on the market. Take a look at the chart below. Notice the prices and volume dropping sharply and then starting to rebound towards the end of 2009.

Las Vegas New Homes

"However, since existing home sales are based on settlements that do not capture new contracts but rather reflect sales agreements from earlier months, many of the November sales resulted from pressure on buyers to close by the end of that month to qualify for the then expiring first-time home buyer tax credit. (The tax credit has since been extended into 2010 and expanded to include repeat home buyers. See for details.)

After this burst of activity, it was not surprising to see the National Association of Realtors® (NAR) Pending Home Sales index, which is based on the acceptance of new sales agreements for existing homes, fall 16% in November. Even so, the index was 15.5% higher than the same month a year earlier, a hopeful sign that housing has turned the corner and that the extension and expansion of the tax credit is having some early, positive effect."

The first time home buyer tax credit contributed to the big surge in sales for November. I can attest to that because everyone and their brother waited until the last possible moment to look for a house.  If you are determined to buy a foreclosure or a short sale, and you plan on financing the deal, It takes about 60-90 days to close on a house.  That's being conservative.   Some deals can close a lot faster, but the big wild card right now is how quickly you can get a response from the bank.  Some offers don't get a response for three weeks, others two days.   The tax credit has been expanded and extended. Here's a video about the credit:

"Inaccurate appraisals are also hindering a faster housing recovery. These occur when an appraiser (often from outside the area being appraised) uses sales from a dissimilar neighborhood as a comparison or uses a foreclosure or short sale as a comparison without proper adjustments for differences in the condition of the homes.

Foreclosures are yet another drag on numerous housing markets. Many of the foreclosures and past-due mortgages are concentrated in the formerly hot markets - parts of California, Las Vegas, Phoenix and southern Florida - and economically distressed markets, primarily in the Great Lakes region of the upper Midwest."

This factor is going to be Las Vegas' biggest hurdle to overcome.  In the last four months, I had four transactions where there were multiple offers. My buyers bid above the listing price because the comparable sales  supported the offer.  When the appraiser came out to the property, his value of opinion was lower than the sales price.  If people are willing to pay higher than a listing price in order to get the home, appraisers should take this into consideration.   I think we have swung the pendulum too far in the other direction.    As of January 15th, 2010  our market is made up of 49% short sales, 19% foreclosures, and 32% regular sellers.   If the banks learn to streamline the short sale process in Las Vegas and around the country, we would start to see a faster recovery.  Learn more about SHORT SALES HERE.  I think society's idea of home ownership has shifted dramatically. Instead of being a big cash cow, it's now a place to live with some nice tax benefits.    If you are thinking about buying or selling a home and want more information, please feel free to call me toll free at 1-866-589-1646 or email me  If you want to start your own FREE search of properties in Las Vegas CLICK HERE.

Felipe Crook

Prudential Americana Group Realtors

7475 W. Sahara Ave Ste 100

Las Vegas, NV 89117


Las Vegas Foreclosure Reports


Mira Villa Condos announces Grand Opening

Mira Villa Announces Grand Opening - First Ever Open House Weekend

Mira Villa Architecture  Golfside at Mira Villa  Mira Villa Pool

Friends and Colleagues, Nexus 30 is excited to announce that Mira Villa - the luxury golf-front condominium community nestled between the JW Marriott and the TPC and Angel Park Golf Courses - will be celebrating a Grand Opening weekend on October 10th and 11th. This event will be our first ever Open House, as we welcome the public to tour the property.

The two-day grand opening festivities will allow locals to get a taste of the Mira Villa lifestyle through an exciting line-up of activities including: tours of all of our stunning model homes; poolside hors d'oeuvres; performances by members of the Las Vegas Philharmonic; a photo opportunity with dancers from Nevada Ballet Theatre; a swing clinic from the TPC Las Vegas PGA Tour Academy; and a wine tasting presented by JW Marriott Las Vegas Resort & Spa.

The grand opening celebration at Mira Villa is free and open to the public from 10 a.m. to 4 p.m. on Saturday, October 10 and 11 a.m. to 4 p.m. on Sunday, October 11. An exact schedule of events can be found at

If you'd like more information regarding Mira Villa or any other condo complex in Las Vegas, please contract Felipe Crook at 1-866-589-1646 or email me at

Felipe Crook

Prudential Americana Group

Las Vegas NV 89117

Las Vegas NeighborhoodsSummerlin