About Las Vegas' Rhodes Ranch

The current housing market turmoil has delivered the conventional home loan sector a hard uppercut on the chin, sending it reeling, which left a huge void in its wake. This gave FHA, rather dormant home loan insurer in recent years, an opening to regain some its past luster and it has steadily gained market share ever since. Its low down payment requirement and more lenient underwriting criteria have allowed many of today's mortgage borrowers achieve home ownership. Many well-meaning industry observers have also dubbed FHA the new subprime lender.

FHA has run into trouble of late, though, like who hasn't, due to growing defaults on mortgages it insures. That has prompted it to tighten the guidelines under which it operates. Now it is planning to make more adjustments in a further attempt to lower risk and shore up its leaky insurance fund.

The oven-fresh proposal calls for increased net worth requirement for approved mortgage lenders. The minimum would be $1 million in the first year and would go to $2.5 million by the third year. The current threshold is $250,000, so the hike would be substantial and would predictably lead to many of them giving up their status. It would then consolidate FHA-insured lending to a fewer home loan companies, on one hand, but they would also be stronger in dealing with adverse situations, on the other.

Another significant change under consideration is that third-party mortgage brokers would no longer need to have direct FHA approval. The FHA-approved home loan firms would be responsible and liable for the loan files they get from mortgage brokers. In essence, they would then be approved by these FHA-endorsed lenders, creating a similar arrangement that currently exists with Fannie Mae and Freddie Mac. That actually makes sense, streamlining the major government-affiliated mortgage programs.

Las Vegas valley - featuring Summerlin, Henderson, Mountains Edge, Anthem, Southern Highlands, Aliante and Rhodes Ranch - mortgage borrowers would probably end up having more FHA brokers to choose from, should these changes be enacted. As it seems, they would be relieved of the present net worth requirement and just get okayed by the various large FHA-approved mortgage lenders. More brokers would lead to more competition and the consumers ought to be clinking beer glasses over that possibility.

Rhodes Ranch Area Resale Market Report (homes for sale, pending and sold):

• Active Listings (11/15/2009): 219
• Under Contract (11/15/2009): 429
• Sold October 2009: 108
• Months Inventory: 2.0

Rhodes Ranch Area Rental Market Report (homes for rent, contingent, leased)

• Active Listings (11/15/2009): 118
• Under Contract (11/15/2009): 11
• Leased October 2009:  66
• Months Inventory:  1.8

How to read my market reports (definitions and terms!)

Last Month's Market Report

Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

For More information & most current market report on the Rhodes Ranch Area:  http://www.livingatrhodesranch.com/

I made over 200 comments on blog posts this past weekend and there sure are a lot of these posts out here!  I am shouting it from the rooftops - NOT TO WAIT THIS TIME.  With the expiration of the last one looming to be in contract on Nov 1 and closed by Nov 30, 2009.............there was a LOT OF LAST MINUTE buying fury and anxiety.

Here's the good news:  Listings have gone up around 200 units.

Here's the bad news:  We still only have 2.4 months of inventory = Seller's market = inventory is super slim pickins.  6 months is a stable market.  We are on track for 3500-4000 units closing this month (phenomenal for November) so with that pace of closes, we still need 10000-15000 new active units put on the market to make this swing from a Seller to a Stable Market.

SO here's some sage advice if you are one of the lucky ones that qualify under the new tax credit's extended and expanded guidelines:

Save yourself some anxiety, DON'T WAIT UNTIL THE LAST MINUTE TO GO SHOPPING!!!!!!!!!!

You must be in a binding purchase contract by May 1, 2010 and you must close your purchase by July 1, 2010.

The REO (foreclosure) market is VERY low on inventory, it's tapped dry.  Yes, inventory is coming on the shelves quickly but it is leaving in a fury of multiple bidding wars and going to the almighty cash buyer who can close quickly with less contingencies than a financed purchaser.

If you are financed you should consider your alternatives that have more inventory than REO (which may require a little more patience than bidding on 20+ homes!)

These alternatives are short sales and new construction.  Contact me today and we can get you set up on several home searches in the resale market and I also have a tool that will deliver new home floorplans right to your email.

Short Sales and New Construction can take on average of 4-6 months to close

Financing the property after you are in a ratified contract can take 45-60 days!)

What are you waiting for?  (If you are a first time buyer, you may also qualify for down payment assistance.)

Now there are absolutely no excuses for you to miss the deadlines!

I have now added another way that you, the consumer, can get my news feeds!  You can now get my outside blog in your Yahoo! news feed.  My outside blog has additional contributors giving you up to date relevant market conditions, outlooks and changes on mortgages, real estate market reports, tax credits, appraisal changes and more!

Here is what it looks like:

If you want to subscribe you only need to be logged in to your Yahoo! account and click on the Yahoo Cocktail below:

Other ways you can subscribe:

Via RSS Feed

Via Twitter 

These buttons are conveniently located at the bottom of every post so you know where to find me and you won't have to come back constantly looking for updates!

I have seen lots of posts around the rain about Realtors and their reputation of not returning calls.

Guess what that is me. Yup, I will readily admit that I don't return phone calls!

You are a lender with 20 years experience and exotic loan products that no one else has. You want my buyer. Well if you have what you say you have then why are you making cold calls and not busy working your @$$ off with getting loans done? Every good lender out there is working lots and lots of hours drenched in buyers.

You are an "investor" that wants my seller. Sorry but this flipping scam doesn't work and it wouldn't be an arm's length transaction. There are plenty of distressed property owners out there for you to prey on. Why do you need MY seller. Go find your own.

You are an investor (note no quotes because you actually have money) who wants me to spend several hours with you because you are buying 10-100 properties. I will be happy to sit down with you and talk exit strategy (marketing plan and bulk listing fees) because I know you are really just trying to pick my brain "for free".

You are the bestest home inspector in the world...........

You get what I am saying here! There is not enough time in the day to work with everyone and to chat with everyone. I am extremely choosy with whom I work with. I have no assistant (showing agents, yes) but I do my own paperwork, I make my own phone calls, I am the real deal.

I have an idea...........why don't you send me a buyer or seller and allow me to TRY IT BEFORE I BUY IT!

meow and hiss and growl

Happy Monday :)