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Craig Elie, GRI, e-Pro, Tarzana Real Estate Agent

Mortgage Meltdown

I blame the government for not regulating the mortgage industry for this housing crisis. Homeownership being the number 1 investment vehicle for the United states should have had more protection than to let a bunch of mortgage brokers fool people into these silly loans. This mortgage meltdown is now affecting people that had NOTHING to do with the loans, even renters. I recently heard about a condo complex near me whose HOA fell $30,000 under because so many people foreclosed in the complex and the HOA dues are not being paid. The HOA is now late on their bills and may have to pose an assessment. Rental prices are going up because homeowners now have to rent. With all these bad things going on it's spells a great time for first time homebuyers.

If you missed the last wave, you better jump in with both feet. There is only about another year or two of this down market. Prices cannot go down too much more. My suggestion is to start consulting with a loan officer and Realtor now to get at the least educated on what is going on.

Las Vegas Forclosures take #1 spot

Las Vegas Real Estate has seven of the top ten zip codes hardest hit by the housing melt down. In the recent years, Las Vegas Real Estate market has been taking a dive due to the rising amount of foreclosures. This city has now taken the number 1 spot as the location hardest hit by the Mortgage Meltdown crisis, and the word is the title won't be taken away anytime soon with more loans do to reset spring 2008.
Unlike old Midwestern industrial cities like Detroit and Cleveland heavily hit by foreclosures do to job losses, Las Vegas foreclosures stem from the unaffordable terms of the mortgages themselves, rather than the economic climate of Las Vegas
What does this mean? It means Las Vegas Real Estate is on sale!! You will see a lot more homes slashed in prices, Real Estate auctions giving away deals, banks accepting offers you never thought they would, and homeowner's previous homeowners wishing they had a chance to buy NOW. When this economic storm is over, it is going to be a buying frenzy once again. The question is when is that going to be?