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Monthly Archives: May 2010
Unemployed and Underwater? Game Over!
Fifty-three percent of Nevada homeowners who defaulted on their mortgages claim that unemployment caused the default. That leaves a whopping 47% of Nevada homeowners driven to default for reasons other than unemployment: Theory says they defaulted because they were underwater. … Continue reading
Shadow Inventory Could Take Years to Clear
THE SECOND COMING For a brief moment last fall, it looked as though the American housing sector might not be the persistent economic drag economists had feared. Home prices and sales leveled off and began climbing. Construction did the same. … Continue reading
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Short Sales, Deficiency Judgments and Strategic Defaults
MEMO TO THE BANK: TAKE THIS MONEY SUCKING HOUSE AND SHOVE IT! Go ahead and wreck my credit for years to come. I’m walking away, no matter what says the Washington Post. There are breaking points where homeowners have a … Continue reading
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Stopping a Scheduled Trustee Sale During the Short Sale- Not Likely
A HOME CAN BE SOLD AT A FORECLOSURE SALE IN THE MIDDLE OF A SHORT SALE NEGOTIATION Over the past several weeks we witnessed several banks force the sale of several homes at foreclosure trustee sale auctions just days before … Continue reading
Vegas Still Shows Signs of Life
The price of existing homes in April in Las Vegas rose to its highest level in more than a year, according to figures released Tuesday by SalesTraq. The median price of existing homes closed in April was $126,000, the highest … Continue reading
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Construction Has Nearly Doubled in Las Vegas
Josh Snider and Cindy Rojas visited the lot for their home at Coronado Ranch in Las Vegas, developed by America West states. The New York Times presents an article which suggests the beginning of another Las Vegas property bubble. “Its … Continue reading
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Bank of America Sets Up 1-800 Number to Help Nevada
In an unprecendented act of giving, BAC promised to set up a 1-800 number to help struggling homeowners. “I am glad Bank of America has finally agreed to step up and provide this much-needed assistance,” Senator Reid said. “For many … Continue reading
Las Vegas Foreclosures Continue Upward Climb
ONE IN SIXTY LAS VEGAS HOMES ARE IN FORECLOSURE The number of homes delinquent in their mortgage payments continued to rise in the Las Vegas valley, and banks foreclosed on a greater number of homes statewide in April than March, … Continue reading
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Las Vegas Leads Nation in Underwater Homes
Las Vegas remains the core-based statistical area (CBSA) with the greatest rate of underwater mortgages. There, 75% of mortgaged properties are underwater. More than 11.2m, about 24% of all residential properties with mortgages were in negative equity at the end … Continue reading
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Las Vegas Home Prices Increase for First Time in Years
For the first time since 2007, the Greater Las Vegas Association of Realtors reports a year-over-year increase in home prices. GLVAR reports first year-over-year increase in home prices since 2007. Local housing statistics released today by the Greater Las Vegas … Continue reading
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STOUT LAW FIRM GREAT RECESSION LAS VEGAS REAL ESTATE BLOG 