With large numbers of Nevada residents overwhelmed by the threat of foreclosure, the State of Nevada recently established a foreclosure website and call center to field concerns about the process and help people reclaim their lives.
The website http://foreclosurehelp.nv.gov/ is a helpful potpourri of information about steps to take to prevent or deal with foreclosure, plans offered by banks, government programs, avoiding foreclosure scams, and the foreclosure process, and foreclosure counseling. There is specific information about recent loan modification plans offered by Countrywide, Citigroup, and JP Morgan Chase Bank. A brochure about the services is available at http://foreclosurehelp.nv.gov/Brochures/NVForeclosurePlanOct08.pdf
The site also links with Nevada 211, which provides information about community resources that can help families in a desperate situations. Potential home loss often involves other issues such as unemployment, child care, depression, special needs for seniors and person with disabilities that add to a family's burdens.
To bolster these efforts, Citigroup recently awarded $50,000 to Neighborhood Housing Services of Southern Nevada to homeowners get foreclosure counseling. Information is available at http://www.nwsn.org or by calling or call (702) 649-0998.
For information on beautiful homes in Clark County, including bank owned properties available at great prices, contact your Prudential Americana Group Realtor® Yonas Woldu at (702) 236-8997 or visit www.VegasRealProperty.com. The N&Y team, lead by partners Nebi Adhanom and Yonas Woldu, is always ready to serve you.
These are not be the best of times even for Las Vegas resort and casino owners, as high gas and airfare prices and an economy that offers less discretionary income keep patrons away. Earrings for Harrahs, MGM's Mirage , and other casinos are down 20% this year. As a result, job losses to date in casino employment are surpassing 2001 when the 9/11 attacks paralyzed the industry for several months and put about 10,000 out of work for several months. In addition, major players in the Las Vegas entertainment world are scrutinizing all levels of their operation to see where personnel cuts can be made.
Ironically, the same resort owners are sinking major dollars into new attractions and luxury services in an effort to draw in more patrons. The Mirage is planning to redesign its volcano so that fireballs are expelled to synchronize with a score from a Grateful Dead drummer - a $25 million enhancement. Nighclubs offer interactive live performance, music, and high tech video illusion. A poker lounge at the Hard Rock Hotel offers massages, while many casino resorts are adding spas with services like VIP lockers made for full-length gown and "experiential" rainforest showers - a far cry from what's offered at the local fitness center.
The luxurious upgrades are an attempt to keep Las Vegas a unique destination at a time when people in most states can drive a couple hours and satisfy their gambling jones at a tribal casino.
Casinos are betting that wealthier clients, less pressured by hard times, will make the house the big winner.
For information on beautiful homes in Clark County, including bank owned properties available at great prices, contact your Prudential Americana Group Realtor® Yonas Woldu at (702) 236-8997 or visit www.VegasRealProperty.com. The N&Y team, lead by partners Nebi Adhanom and Yonas Woldu, is always ready to serve you.
For the 22nd straight month, Nevada was at the top of the foreclosure hit parade, as 1 in 54 households received a notice in October, 2008 and foreclosure filing rose 11% compared to September. Las Vegas was the worst metropolitan area as 1 of 62 houses received a notice and 6% more households filed than did so a month ago.
In Nevada, the average house payment takes up 49.03% of the household income; only 16 states in the union keep the payment under 31%, the figure traditionally assumed to be a reasonable amount of income to spend on housing. Unemployment rates in the state are 7.3% (compared to 6.5% nationwide), are expected to hit 8.9% in 2009, and expected to remain high into 2010.
Voter dismay at this terrible economic news in Nevada and many other states with high foreclosure rates was reflected in the recent election, In 2000 and 2004, 7 of the top foreclosure states voted Republican and put Bush in the White House with their 97 electoral votes. This time, 8 of the top 10 foreclosure states voted Democratic and gave 159 electoral votes to Barack Obama. Arizona and Georgia stuck voted Republican in 2008 and as well as in 2000 and 2008, but former Bush supporters Colorado, Florida, Indiana, Nevada, and Ohio turned to Obama this time. California and New Jersey remained Democratic in all three elections.
For information on beautiful homes in Clark County, including bank owned properties available at great prices, contact your Prudential Americana Group Realtor® Yonas Woldu at (702) 236-8997 or visit www.VegasRealProperty.com. The N&Y team, lead by partners Nebi Adhanom and Yonas Woldu, is always ready to serve you.
As the mortgage market readjusts to new economic realities, an oft-forgotten source of a loan might be your local credit union. While mortgage loans originations fell 17% at banks in 2008, they are up 10.1% at credit unions.
Credit unions, which offer a variety of loan products including conventional mortgages, ARMS, and hybrids, are in a good position to make home loans now because they remained clear of activities responsible for the current crisis. They avoided offering subprime loans, loans that required no documentation, and lent only to the creditworthy. As a result, their loan default rate is low, with less than 1 percent delinquent 60 days or more. Interestingly, they tend to hold loans to maturity, unlike many banks who have resold the loans so many times (and complexified refinancing plans - but's another story.)
Loans rates are currently better than what mortgage banks offer. Credit unions rates nationwide for a 30 year conventional mortgage are 6.27% vs. 6.47% at banks, with comparable savings in other mortgage types as well.
Though credit unions tend to make loans to those with decent credit, many have programs in place to help others get back on track.
For information on beautiful homes in Clark County, including bank owned properties available at great prices, contact your Prudential Americana Group Realtor® Yonas Woldu at (702) 236-8997 or visit www.VegasRealProperty.com. The N&Y team, lead by partners Nebi Adhanom and Yonas Woldu, is always ready to serve you.
A sagging housing market was been given an expected boost by recent legislation in July, 2008 that offers first time home owners a $7,500 tax credit with the purchase of single family home, townhome, or condo. Homes purchased by U.S. citizens between April 8, 2008 - July 1, 2009 qualify to claim the credit. As the legislation is retroactive, those who took the leap of faith to ownership over the last four months will receive an unexpected visit from the Federal Welcome Wagon! Given the current state of the economy, the National Association of Realtors would like to see this program transformed into a real tax credit instead of a loan.
Under the program, the definition of new home owner is someone who has not owned a home for the past three years. This means that former homeowners who went back to renting for a time might be able to once own again. The program offers a second chance at ownership to many people.
The tax credit has to be paid back over 15 years or out of profits when the house is sold. The average length of a mortgage in the United States is seven years. In actuality, many people who claim the tax credit will sell long before 15 years and claim little profit after expenses are deducted.
Since the tax credit is actually a tax-free loan, this may cause a cynic to say, "Well, big deal, if this is only a loan, how does it help me?" (The program name has been criticized as a marketing gimmick.) Under current tax laws, mortgage interest is deductible. For a buyer who purchases a home toward the end of the tax year, the benefits of the deduction are not really felt until he files taxes for the next calendar year. With the new tax credit, he gets benefits the first calendar year. Depending on his tax liability and income bracket, this may even result in a check from the government of up to $7,500.
This first year tax credit or possible tax refund are particularly handy to have up front to deal with a new house; it could be a way to afford the new appliances, the upgrades, or the deck without incurring additional debt. In lieu of a lump sum refund, he could immediately have his withholding adjusted to reflect the credit. The $500 that has to be paid back year is equal to a slight reduction in the amount of interest that can be deducted each year on Schedule A on the 1040. The tax credit could also be applied toward the principle to reduce monthly payments, so the cash influx would have long-term affects.
Tax abatements and other incentives often lure buyers toward brand new construction; with the added incentive of the tax credit, the building industry may get the jolt it needs to impact the economy.
For information on beautiful homes in Clark County, including bank owned properties available at great prices, contact your Prudential Americana Group Realtor® Yonas Woldu at (702) 236-8997 or visit www.VegasRealProperty.com. The N&Y team, lead by partners Nebi Adhanom and Yonas Woldu, is always ready to serve you.
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We keep your real estate purchase simple and fast! Our philosophy: Buy what you can afford now. Our goal is to serve you in Greater Las Vegas whether you seek a suburban home or downtown condo.
My name is Yonas Woldu. For the past 6 years,my colleagues and I at Prudential Americana Group, REALTORS® have served the Clark County, Nevada area - specifically, Green Valley, Henderson, and Las Vegas. Though like the rest of the country (and in particular, the State of Nevada) we have been hard hit by foreclosures and falling home values, Las Vegas and surrounding communities have vibrant economies that makes them great places to live and work. I have a passion for helping potential homeowners find a home in the area that is right for them now - at this point in their lives, for the circumstances they are in.
Though I am relatively young, I grew up in the real estate industry, often observing my mother (and current partner in the N&Y Team), Nebiat Adhanom. As a college student at the University of Nevada (UNLV), I obtained my real estate license and sold 7 homes my first year - above average for new agents. Once I realized that real estate was a career where I could use my finance background and help families, I knew I had found my niche.
Once out of college, I started in real estate in the boom times of 2004. I immediately noticed my mother was overwhelmed with sales that stalled at closing as lenders were overwhelmed as well. This caused me to assume a different role for several years - that of a lender. I wanted to make sure our clients received the best rates and the best loan product in a timely manner. While working in the loan industry, I was able to help over 200 clients over a span of 3 years.
Now serving once again as a full time realtor, my goal is to continue the growth of our real estate operation and work with as many buyers and sellers as possible and provide everyone the best service imaginable in regards to all real estate matters.
Our N&Y Team serves the Greater Las Vegas area, an area where I grew up and know well. When people think of Las Vegas, they think of only glitzy night life, but Henderson, Green Valley, and many nearby communities are great places to live and work, set in beautiful, park-like settings.
With my background in real estate and real estate lending, plus a thorough understanding of finance, I know how to prepare people to buy a home - whether it's a luxury condo near the Vegas strip or a home in Henderson, Nevada's third largest city. I feel strongly that the key to a stable economy is having a stable real estate industry; the key to a stable industry is having first time buyers or buyers with low debt and a strong employment history. As I saw first hand, permitting buyers to overextend themselves or encouraging them to agree to a loan not in their best interest will help neither them nor the local economy in the long run.
In this new world of real estate, advising sellers of the best way to position their home for a timely sale at a fair price is crucial. We work with sellers to find appropriate buyers who are preapproved and ready to buy.
As an unfortunate sign of the times, there are many properties in Clark County offered as foreclosures or short sales. Many of the available homes offer excellent values for qualified homebuyers, but often the process to obtain these properties is lengthy. I work diligently to make sure that these transactions are processed as quickly as possible so that both buyer and sellers can move on to the next stage in their lives.
"Yonas Woldu with the N & Y Team has been handling all my Real Estate and Loan needs for the past five years. I will keep using Yonas for my future needs. He provides outstanding creative loans and makes my closings quick and easy. I will continue recommending him to my friends and family."
- Edna Bartlett
"Nebi Adhanom and the N & Y Team with Prudential Americana were very productive! I had two homes listed in Southern Highlands and Nebi listed and SOLD both than a month-and-a-half! They were efficient in every step of the process and made sure the transactions went as smooth as possible. I highly recommend her and her team for anyone who is looking to buy and sell property".
- Matt Knox
SEE OUR WEBSITE AT WWW.VEGASREALPROPERTY.COM FOR MORE STRONG CLIENT RECOMMENDATIONS
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