Las Vegas Dawn Barrier Las Vegas Short Sale Real Estate Consult

When times are good we are #1 and when they are bad, we are #1 again...Ugh...

Even though our inventory of single family resale homes has dropped below 9,000, the looming foreclosure notices are still at record highs.

Our pending and contingent are at around the 12,000 mark.

There are still a lot of homes sitting vacant, not on the mls, that are bank owned, so it will be interesting to see if they keep putting them on the market at a dribble or if they flood it at one time.

RISMEDIA, October 28, 2009-RealtyTrac, one of the leading online marketplaces for foreclosure properties released its Q3 2009 Metropolitan Foreclosure Market Report, which shows that cities in California, Florida and Nevada accounted for the 10 highest foreclosure rates in the third quarter among metro areas with a population of 200,000 or more.

But five of those Top 10 metro areas reported decreasing foreclosure activity from the third quarter of 2008, while many other metro areas with Top 50 foreclosure rates reported sharp increases in foreclosure activity.

"Rising unemployment and a new variety of mortgage resets continued to gradually shift the nation's foreclosure epicenters in the third quarter away from the hot spots of the last two years and toward some metro areas that had avoided the brunt of the first foreclosure wave," said James J. Saccacio, chief executive officer of RealtyTrac. "While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option ARMs are spreading the foreclosure flood to more metro areas in 2009."

New foreclosure hot spots flare up

Among the top 50 metro foreclosure rates, the three biggest year-over-year increases were in Boise City-Nampa, Idaho, and Provo-Orem and Salt Lake City in Utah. In several states the largest increases were posted in cities not previously a focal point for foreclosure activity. The Chico metro area posted the biggest year-over-year increase in California, with foreclosure activity up 98% from the third quarter of 2008. The medium-sized metro about 100 miles north of Sacramento had a 12.8% unemployment rate in August, above the state and national averages.

A similar trend was seen in cities like Reno-Sparks, Nev., with an 80% year-over-year increase in foreclosure activity, Prescott, Ariz., with a 77% increase, Jacksonville, Fla., with a 64% increase, Rockford, Ill., with a 64% increase, and Lansing-East Lansing, Mich., with a 41% increase.

Top metro foreclosure rates

Las Vegas posted the nation's highest metro foreclosure rate, with 5.13% (one in 20) of its housing units receiving a foreclosure filing during the quarter-nearly seven times the national average. A total of 40,408 Las Vegas properties received a foreclosure filing during the quarter, an increase of nearly 9% from the previous quarter and an increase of nearly 54% from the third quarter of 2008.

DIRECT from RISMEDIA,,,Read the whole article here

All stats are per GLVAR MLS as of this date SF resale homes only.

Dawn Barrier
Century 21 Aadvantage Gold

A Las Vegas Short Sale Agent Real Estate Professional

Certified Short Sale Professional

Dawn Barrier Century 21 Aadvantage Gold
2 offices to serve your needs (North and South)
Las Vegas, Nv
(702) 812-4550

My Website

Other Blogs

FRAUD: First-Time Home Buyer Tax Credit fraud running rampant-This may hinder an extension

Facing Foreclosure? 'Short Sale' May Help -

TIPS: Around the Home - Preparing House for Winter

NEVER PAY a Mortgage payment to someone who comes to your door in Las Vegas, Nv or any other town !!

When to DISCLOSE a "Smelly" site? NORTH LAS VEGAS-Beazer Homes Sued over Pig Farm -on the TV show "Dirty Jobs"

IRS INFO

First-Time Homebuyer Credit

First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009

Again it is one of those maybe yes, maybe no, it all depends.....

Just my 2 cents worth....

The odds of buying a home now (Nov 30th deadline to close) and closing a loan in time to get the tax credit are most likely very slim to none now due to the financing backlogs and the rush to get all the loans closed in time. Delays are happening even with conventional loans here in Vegas.

I'm sure there will be many that will be able to get in under the deadline, but at this point in the game, if your only reason to buy a home is to get the tax credit, you need to ask yourself .....will you still proceed with the sale if it closes after the deadline and you can't get the tax credit?

If your answer is No,,,,then another question you need to ask yourself is....are you willing to loose your earnest money deposit if you don't follow thru with the purchase?

Is getting the tax credit really more important to you then buying that home you have always wanted?

Many sellers are now asking these questions and be prepared to see wording in the contracts about this as sellers and agents are most likely not going to want to put in offers for buyers who are "wishy washy" about this.

Other Blogs

FRAUD: First-Time Home Buyer Tax Credit fraud running rampant-This may hinder an extension

Facing Foreclosure? 'Short Sale' May Help -

TIPS: Around the Home - Preparing House for Winter

NEVER PAY a Mortgage payment to someone who comes to your door in Las Vegas, Nv or any other town !!

When to DISCLOSE a "Smelly" site? NORTH LAS VEGAS-Beazer Homes Sued over Pig Farm -on the TV show "Dirty Jobs"

IRS INFO

First-Time Homebuyer Credit

First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009

FRAUD: First-Time Home Buyer Tax Credit fraud running rampant-Congress scrutinizes problems in home buyer credit Four-Year-Olds Got Homebuyer Tax Credits

This could hinder any type extension?

Maybe it will maybe it won't....but....

Since most have heard the news about all the rampant fraud regarding claiming the tax credit, now it a good time to go back and read the IRS info if you have any questions....

First-Time Homebuyer Credit

First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009

Other Blogs

Facing Foreclosure? 'Short Sale' May Help -

TIPS: Around the Home - Preparing House for Winter

NEVER PAY a Mortgage payment to someone who comes to your door in Las Vegas, Nv or any other town !!

When to DISCLOSE a "Smelly" site? NORTH LAS VEGAS-Beazer Homes Sued over Pig Farm -on the TV show "Dirty Jobs"

I was out to the "Farm" recently and thought I'd share some pics. You can stop by for a visit and buy some fresh eggs, fruits and veggies, some of the largest watermelons you may ever see...we got 1 weighed about 25 pounds! Makes me miss my farm I use to have in Florida,,but not all the work!

They also have some cute critters to see rabbits, goats, chickens, pony, peacocks and more...Please feel free to give a donation if you can. Tell them the "rabbit lady" Dawn said to stop by.

Here is a link to a recent article in The View about the Farm and the Pumpkin Squash Festival The Farm

The festival, which will be held from 9 a.m. to 9 p.m. every weekend through Oct. 31, began all those years ago as a simple pumpkin patch.

According to Linsenbardt, it has now grown into so much more. The Farm is located at 7222 W. Grand Teton Drive. Admission is free

The event features a patch of squash, long-stemmed pumpkins, carriage rides, a hay maze, a petting zoo and a concession stand.

Interesting article direct from RISMEDIA...Read the whole article Click Here

59% of Home Buyers Rely on Low Down-Payment Government Mortgages

RISMEDIA, October 21, 2009-The new home market is cooling down and government intervention has been a key driver to new home sales, according to a recent monthly survey of home builders, just released by John Burns Real Estate Consulting.

In addition to the tax credit that expires Nov. 30, government mortgage programs have been critical in 2009. The survey reveals that 59% of this year's sales have been dependent on FHA, VA or USDA financing programs with 96.5% to 100% LTV.

What percentage of your home buyers this year used this type of financing?

Region Cash FHA Jumbo Other Conforming USDA VA Don't
Insured Loans Loans Loans Know
Midwest 3% 59% 1% 18% 3% 3% 13%
Northeast 7% 41% 8% 28% 2% 6% 8%
Northwest 5% 34% 13% 31% 6% 11% 1%
Northern CA
Region 4% 68% 0% 16% 0% 8% 3%
Northern
Florida 6% 47% 2% 15% 16% 9% 5%
Southeast 7% 48% 6% 18% 3% 11% 7%
Southern
California 6% 48% 15% 19% 0% 8% 3%
Southern
Florida 22% 59% 4% 13% 0% 3% 0%

The highest use of FHA financing was reported by Northern California builders, while Southern Florida builders reported the highest percentage of cash purchases. "The cash sales are most likely due to investor purchases of attached homes," said Jody Kahn, a vice president with the firm.

Read more: direct from RISMEDIA...Read the whole article Click Here