If you want to stay in your home, I highly recommend you apply for the HAMP program created by the Obama administration.  What is the program about?  You can visit: Making Home Affordable.  Here's an exerpt from their website:

 "The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

Our consumer website, www.MakingHomeAffordable.gov, provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration's program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances; and much more.

Recommended steps for homeowner to see if HAMP is a viable alternative to foreclosure:

1. Complete the quick online form on the eligibility page of Making Home Affordable 
   http://www.makinghomeaffordable.gov/eligibility.html
   
2. Determine if your lender is participating in HAMP by either looking them up on this page: http://www.makinghomeaffordable.gov/contact_servicer.html AND calling your lender to verify and discuss your options.
3. HAMP has a Request a Modification process - http://www.makinghomeaffordable.gov/requestmod.shtml.  Recommend contacting your Mortgage Servicer first.

If your loan is NOT a Fannie Mae or Freddie Mac, then HAFA is the program you would use.  What is HAFA?

HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks.

HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure. HAFA:

• Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
• Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).
• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
• Uses standard processes, documents, and timeframes/deadlines.
• Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).
• Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation

For the full HAFA Guidlines click here. For frequently asked questions regarding the HAFA Program click here. The part about these programs which are hugely beneficial to clients considering doing a short sale is that the banks are required to release their right for defficiency judgement.  That is the number one reasons short sales don't move forward.  If we can eliminate that threat, we will be able to keep so many foreclosures from hitting the market which will greatly affect our prices and neighborhoods.  If you'd like to condifentially discuss your scenario, please contact Felipe Crook at 1-866-589-1646.

Prudential Americana Group Realtors

Felipe Crook

7475 W. Sahara Ave Ste 100

Las Vegas, NV 89117

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 Realtor.com. 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

1-866-589-1646

We wanted to pass on this comprehensive market analysis and real estate housing update courtesy of Larry Murphy, Salestraq and Steve Bottfeld, Marketing Solutions:

Recent news stories indicate that:

• Homebuilders are beginning to seek land again.
• A stalled major commercial project (Tivoli Village) restarted construction;
• The Las Vegas Visitors and Convention Authority reported visitor volume increased 4.3 percent in September -- the first year-over-year monthly increase since May 2008; 
• The stock market is at its highest point this year.

October residential sales data shows a continued trend of good news.

       1. SUPPLY: There are 2.5 months of supply of active listings at current sales rates, the best this figure has been in five years.

       2. DEMAND: Both new and existing home sales totals are near year-long highs.

       3. PRICES: Remained relatively stable.

In short, the bottom of the residential real estate market appears to be solidifying and there could be an uptick as early as the end of this quarter or the beginning of the next quarter.

Here are the details:

SUPPLY: There are four key components to supply.

1. ACTIVE SUBDIVISIONS:  The number of active subdivisions slid to 235 a number not seen in this decade.  The total represents a drop of 7.5% from September and a 40.5% plunge from last year. 
2. MLS AVAILABLE LISTINGS:  The number of available listings continued their 12 month slide to 10,241, the lowest total since July 2004. Thats just a little over one half (51.5%) of the total last October and a 4.3% drop from last month.
3. NEW HOME PERMITS:  The total of 332 new home permits in October is 16% under last years total and 18.4% below Septembers figure.
4. FORECLOSURES:  The much ballyhooed avalanche of foreclosures has yet to inundate Las Vegas.  October saw 2,301 foreclosures, a total that is 1.9% less than September and 6% less than last year.  The number of foreclosures created was exactly 48 more than the number of foreclosures purchased.   

While this is the second consecutive month in which foreclosures created exceeded foreclosures sold, the differences can be counted in double digits.  In other words, Las Vegas is absorbing foreclosures almost as quickly as they are being created.

In 2008 there were 25,000 foreclosures and the total for this year will be about the same.  We anticipate that same rate to continue into 2010.  While we DO NOT anticipate 2 or 3 times that amount (like some who are predicting 50,000 to 75,000 foreclosures next year) we do see foreclosures continuing in a relatively steady stream of between 2,000 and 2,500 each month for the coming year of 2010.  Consequently, we expect prices to remain relatively stable where they have been for the past six months with a $120,000 to $125,000 median.

DEMAND:

1. NEW HOME SALES:  New home sales reached their highest point of the year in October.  While 486 sales is nothing to cheer about, October was the fourth consecutive month of new home sales increase in Las Vegas.  
2. EXISTING HOME SALES: 2009 will definitely see the highest existing home sales total since 2005.  October's 4,417 sales represent a 33.2% increase over the same month last year and a 2.3% increase over September.
3. FORECLOSURE SALES:  In March, foreclosures accounted for two out of every three existing home sales in Las Vegas (66%).  As of October, they accounted for just one out of two (51%).

PRICES:

1. NEW HOME PRICES:  Not unexpectedly, new home prices slid $6,000 to $205,000.  This is 16.6% below last year and a drop of 2.8% from last month. We say not unexpectedly for two reasons.  First, it appears to us that the new homes being sold are slightly smaller than those sold at this time last year.  Second, builders have begun to adjust pricing to compete more effectively, as indicated by rising new home sales.
2. EXISTING HOME PRICES: October and September median existing home prices are separated by just $500 ($123,000).  While the October figure is a decline of 31.7% from last year, it is an indication that prices are stabilizing.  Since April, existing home prices have bounced between $123,000 and $125,000. 

If you are considering purchasing a prperty (NEW or RESALE or FORECLOSURE) in Las Vegas - give me a call:

Felipe Crook
Prudential Americana Group Realtors
Las Vegas NV 89117

702-683-2169
1-866-589-1646

The Las Vegas Sun by Steve Green: Vegas, Detroit show weakness as home prices rise nationally.  The new Case-Shiller Home Price Indices issued Tuesday show the Las Vegas real estate market continues to underperform the national market. Home prices overall rose in June in 20 big-city markets covered by the report. But Las Vegas and Detroit were the two exceptions, with falling prices. The report, issued by credit rating agency Standard & Poors, said that overall the 20-city index of home prices rose 1.4 percent from May to June. But prices were down 2 percent in Las Vegas and 0.8 percent in Detroit, Standard & Poors said. Tuesday's report is in line with recent reports on home prices and foreclosures showing some stabilization nationwide -- but also showing continuing problems for the Las Vegas and Nevada markets. Las Vegas was hit hard by the subprime mortgage crisis starting in 2007 as many mortgages went into foreclosure when their interest rates reset higher.

Homeowners -- many speculating that prices would rise -- typically found themselves underwater as the debt against their properties exceeded their values. The U.S. gambling capital more recently has been hit hard by the U.S. recession, which reduced visitation to Las Vegas and sharply reduced activity in the big Southern Nevada construction and development industries. Las Vegas-area unemployment has soared, hitting 13.1 percent in July. Overall, the good news about the national economy was contrasted with the bad news in Las Vegas in Tuesday's Case-Shiller report. "As seen in both seasonally adjusted and unadjusted data, as well as the charts, there are hints of an upward turn from a bottom. However, some of the hardest hit cities, especially in the Sun Belt, show continued weakness," David Blitzer, chairman of S&P's Index Committee, said in a statement. "While not alone, Las Vegas and Detroit continue to be two markets that are struggling severely. These are the only two markets that fell in June and saw deterioration in their annual rates of return. Since their relative peaks they have fallen 54.3 percent and 45.3 percent, respectively," the report said. While falling home prices are a symptom of the troubled economy in Las Vegas, they are keeping real estate agents busy selling homes that are now suddenly affordable for those able to quality for mortgages. The Greater Las Vegas Association of Realtors earlier this month said that with bank-owned foreclosure sales still dominating the market, sales of existing homes, condominiums and townhomes in July were off just slightly from June's record numbers. July sales totaled 4,602 units. The Realtors said the median price of existing single-family homes in the Las Vegas area was $138,800, down 0.9 percent from June. The median price of condominiums and townhomes was $67,000, up 1.5 percent. 

Case-Shiller Home Price Report August 2009

Now, I agree with this entire article,but they ALWAYS leave out the relevant information for buyers and sellers.  As I continue to work with more and more buyers trying to take advantage of the market, I'm running into problems getting offers accepted.  I'm not writing "low ball" offers, and in most cases I'm bidding above list price.  I have a CASH buyer who has submitted four strong offers, and she's getting out bid every time.   How is that possible?  In Las Vegas, our total available inventory of single family homes is 8666 as of August 31st.  Out of that, there are 1939 foreclosures available, and 3583 short sales.   Short sales can take anywhere from 30-180 days to close.  Many "traditional" sellers are still trying to hold on to their inflated prices, which keeps these properties on the market a lot longer.  The best priced homes are the foreclosures.  Last month, over 4400 homes sold. With that many sales, and only 2000 bank owned homes available, the competition for them is stiff.  Short sale transaction ARE moving faster, but you still have to be very patient.  If you'd like to search for Las Vegas Foreclosures click here.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas Nevada

1-866-589-1646

Real Estate Market and Economy News You Can Use:

Economy leveling out, but rates to stay low a while The Federal Open Market Committee promised again Wednesday to keep interest rates exceptionally low "for an extended period of time," even as it drew encouragement from the stronger economic outlook.

Fed gathers to take U.S. economy's pulse - USA Today - - WASHINGTON - With the U.S. economy turning a corner, Federal Reserve policymakers will consider whether some programs intended to ease the recession and stem the financial crisis should be extended.

Home sales up 3.8% for quarter; rising foreclosures drop prices - USA Today - - Home sales rose in most of the country in the second quarter compared with the first, a trend driven by falling prices, lower interest rates, and a tax credit for first-time home buyers.

Pending home sales ride their win streak - MarketWatch - - Story Comments Screener (206) AlertEmail Print WASHINGTON (MarketWatch) -- Boosted by low interest rates and bargain home prices, pending sales of existing homes rose in June for the fifth straight month, the longest streak of gains since 2003.

Foreclosure postings spike in July - CNN - - The housing market is still sick, with a record number of foreclosure filings posted in July

There's never been a better time to buy and invest in Las Vegas Real Estate...I can help!

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117

1-866-589-1646

Las Vegas Real Estate in the News... Here are links to recent real estate articles articles publsihed in the LAs Vegas Sun, In Business and Las Vegas Review-Journal:

Here comes Vegas new breed of buyer - (August 3) Investors are still mostly from California, but what theyre looking to gain from homes in Las Vegas has changed with the market.

Single-family homes catch investors eyes - (July 31) Buyers focus on rental income more than appreciation potential

Las Vegas housing supply hits 3-year low - (July 24) Expert expects trend to end as foreclosures increase

Las Vegas breaks record for monthly homes sales  (July 8)  Greater Las Vegas Association of Realtors reported 4,702 single-family homes, town houses and condominiums were sold in June, topping the previous record of 4,414 sales in June 2004.

Follow the Las Vegas Sun topic:  Real Estate in Crisis

There's never been a better time to buy and invest in Las Vegas Real Estate...I can help!

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117

1-866-589-1646

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 state’s 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.

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:

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117

1-866-589-1646

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.