Yes, lenders are still having an impact on real estate values and sales. The numerous bank-owned properties throughout Carson Valley are continually driving down the neighborhood values because of the banks' lack of maintenance on their properties. The dry lawns, weed forests, and other value-sapping deficiencies resulting from lack of care and a vacant property are driving down the values of entire neighborhoods.

There are other, less obvious lender impacts in our market that are also having a major impact in sales as they affect a borrower's ability to qualify. These involve major changes that are new policies or procedures. They can range from allowable debt/income ratios being lowered, to a higher FICO score requirement. Those are usually known to a borrower at the beginning, but we have seen changes in the middle of a loan process. The more subtle, less publicized ones are the ones that will trip you up.

Consider the new Fannie Mae and Freddie Mac rules that apply when buying another home before selling your old one. Historically, the Buyer generated a lease agreement for the existing home and was allowed to use 75% of the lease income to offset payments on that home. Two months of cash reserves were typically required. The New Rules require a borrower with a home in escrow, but not sold, to qualify on their ability to carry the payments on both homes, no lease income or rental survey income is allowed.

If the new home is a second home, the borrower has to show the ability to carry both payments and have six months PITI on both properties in documented reserves. If you are buying a rental property you can use 75% of the rental amount, but now you must provide documented evidence that you have at least 30% equity in the property. Additionally, there are detail requirements that must be complied with, i.e.- you have to provide the receipts of the security deposit from the tenant, and the deposit into your account. If you have less than 30% equity the rental income won't count to offset your payment, you must now have six months reserves for both properties.

Our Advice: Don't let the details stop you if you want to buy a new home. We recommend, however, that you don't experiment with lenders. We have many good, seasoned, honest lenders in our Carson Valley that will work with you, protect you, and perform for you allowing you to achieve your objective. A new lender doesn't know where the roadblocks in the process are. Your process will be one continual surprise resulting in an exceptionally frustrating experience if your lender isn't seasoned. The seasoned lender will take you through the process addressing each hurdle like a hurdler. Lenders today are working to minimize the risk to the investor. That has resulted in a new industry which is much like the old industry ... you have to truly qualify to borrow. If you qualify ... proceed with confidence and don't let the hurdles bother you along the way.

Professionals in our industry have rarely been as important as they are now. The major wealth in the world has been largely accumulated via real estate. These are good investment times, don't let the hurdles keep you from your goal. Get with a good hurdler and have confidence in achieving your goals. Your lender, escrow officer and real estate agent are more important to you than ever before in these exhilarating times. Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, 775-781-5472, carsonvalleyland@hotmail.com, visit our websites at carsonvalleyland.com or carsonvalleyland.net

I was out to preview a few homes for a client, so thought I'd share a quick glimpse of it. Rhodes Ranch is the 1500 acre master planned oasis in the southwest side of the Vegas Valley just off the 215 beltway. It's guard gated with amenities that include the R Club community center that includes pools and a water park, and playgrounds throughout. It's wrapped around the Rhodes Ranch Golf Club, a public course, similar to it's sister development Tuscany Village in the southeast valley and located in Henderson.

There are a number of neighborhoods in the community that offer a variety of styles and price ranges. There are also new homes being built, with The Greens recently opened with prices starting in the 190,000's. Home Buyers please note: If you visit ANY new home site or sign up online for information, you have eliminated having your own agent represent you in negotiating your purchase. Always contact your agent first to allow for that option, and their services are typically at no charge to the buyer.

Recently Station Casinos announced that they will begin construction of Durango Station in 2009 and completed in 2011. Just like the other Station properties, this will add to the entertainment and shopping choices in the area. Current plans call for several restaurants, movie theater, arcade, and 201 room hotel tower, along with 190,000 square feet of outdoor shopping, similar to it's The District at Green Valley Ranch, but on a larger scale. This project had been planned to start earlier and was delayed when Station Casinos went private.

So here's your free Las Vegas tour of Rhodes Ranch. Watch this small version, or click the HD button in the bottom toolbar of the player to view full screen. Use the HD button or ESC key to close when done. If unable to use the player here, you can watch it by clicking THIS LINK. Enjoy!

If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me roberta@search4lasvegashomes.com or call me at 702-354-8988. I look forward to hearing from you!

Today, the Senate passed a bill many are calling the "Housing Rescue" Bill. The main purpose of this legislation is to attempt to help 400,000 homeowners avoid foreclosure while preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac.

Within this legislation there are two components that have the potential to seriously affect your real estate business...and very soon.

The first is positive. The bill includes a tax refund for first-time home buyers worth up to 10% of a home's purchase price but no more than $7,500.

Although the refund would be reduced gradually for single filers with adjusted gross incomes above $75,000 and for joint filers with adjusted gross incomes over $150,000, this is a very nice incentive for those looking to buy a home for the very first time.

Now the bad news. This legislation bans non-profit down-payment assistance programs for FHA loans.

This means Nehemiah and AmeriDream will soon be unavailable. My understanding is this ban goes into effect on October 1, 2008.

To make matters more challenging, the minimum down payment required on an FHA loan will now increase from 3% to 3.5%.

Over 300,000 people have used Nehemiah in the last decade. Nearly one in every three FHA loans today uses some form of down payment assistance. These will soon disappear. This has the potential to dramatically affect first-time homebuyers and lower income borrowers.

Some are predicting another 10-20% decline in real estate sales and further depreciation as a result of this change.

If you have buyers who need 100% financing, and you plan on the seller gifting the 3% down payment through a down payment assistance program like Nehemiah, you will likely lose this option very soon.

There is no word yet on when the last day to apply for Nehemiah will be.

Regardless, you want to call these buyers ASAP (like tomorrow) and tell them their time is limited.

After October 1, 2008, they will be required to put 3.5% of their own money down or that from a family member, close friend or employer.

The last time FHA banned down payment assistance programs, Nehemiah and the others sued and won. There is very little optimism that will occur this time.

There will still be some limited options of going 100% like VA or the your local State Bond Program.

Check out this video featured on In business Las Vegas with the former president of the Greater Las Vegas Association of Realtors speaking about the LasVegas Housing market. This video shows some positive signs in the Las Vegas housing market and the Luxury Condo market here in Las Vegas. Check it out for your self.

Centennial Hills is a suburb of Las Vegas, located in the upper NorthWest part of Las Vegas, Nv. Take 95 Northwest from downtown.

If you are looking to live in an area that is not to close to the strip, but still provides most everything one could want in a community, then Centennial Hills might be a good fit for you & your family.

Just like any other suburb, there is a commute of about 20-30 minutes depending on time of day & what part of town you are coming from or heading to. Many hear about it from the car ads on the radio & tv.

There are many new home communitys and several master plan communitys such as Providence & Alianta. It is a hop, skip & a jump away from the entrance to Kyle Canyon/Mt Charleston. You can get everything from a condo for about $90,000 to a mansion in the area.

There isn't a day go by that we see new construction of some kind. Maybe the new homes, the roads, schools, stores, parks,etc. The new HOV lane on the freeway. Lots of new parks popping up all the time. The new YMCA, the future library and more.

Good ol' Floyd Lamb Park, soon to change hands

I have been in this area going on 5 years now & the growth up here has been booming. I have been in Vegas long enough to remember when Ann Rd off the 95 got the gas station. Most of the horse/ATV trails have been replaced with homes. There are still some areas for riding and some homes on very large lots, even horse property.

Many of us have waited for the Centennial Hills hospital to open & it is finally open now. Now we are awaiting our new mall, which has been redesigned and as of now will take some lead from the likes of Town Center & The District at least that is the latest idea.

We still have many shops in the area even without the mall. Kohls, Target, Ross, Albertson, Smiths,Kirklands,Pier 1,Walmart, just to name a few.

And, places to eat! OMGosh! There are so many, I haven't been able to try them all!

Aliante Station Casino is due to open the end of 2008. Until then enjoy the newly remolded Sante Fe Casion nearby.

It is a bit higher elevation and we have some breathtaking views of the city from almost any place on the roads up here. Sunsets & Sunrises are just awesome! Below is a sunrise!

There are many services in the area as well, day spas, vets, quick care, doctors, dentists,etc.

While there are a lot of new things to see and do in the area, there are many old time favorites places like Gilcrease Orchard, Floyd Lamb Park, Bob Taylor's Ranch House

If you would like more information on the area or have any questions feel free to email me or give me a call.

Dawn Barrier

Hi Northern Nevada Neighbors,

This is an ongoing feature of my Active Rain Localism blog -- a place for local folks to read about my listings that have sold! This was another outstanding deal on a 17 year old traditional home in Suburban Sparks. At 1,920 square feet with 3-bedrooms and 2 full bathrooms, this was a nifty deal. A single-story home with a 2 car garage and cool yard features, including a swimming pool, this home had plenty to offer. Of course, the best part of this was the great Rasner-Yacenda price in the "Market that's Not Supposed to be Very Good!" Check it out, you'll be impressed what this buyer found among my listings! And remember: I HAVE THE LISTINGS THAT SELL BECAUSE I HAVE GREAT BUYS!

Check it out right here!

Property Location
7200 Pah Rah Drive
Sparks, Nevada 89436
Listing ID: 151 click for directions

DESCRIPTION Single Family Property, Area: Sparks-Suburban, County: Washoe, Approximately 0.19 acre(s), Year Built: 1991, Hill/mountain view, View, Swimming pool(s), Office, Laundry room

PROPERTY DETAILS • Single Family Home • 1920 sq. ft. living area • Traditional • 2 bedrooms • 1 Story • 3 bathrooms • 2 Car Garage • Composition roof • Built in 1991 • Wood exterior • 0.19 acres lot

PROPERTY FEATURES • Breakfast Area • 3 total bath(s) • Family Room • 3 total full bath(s) • Main Floor Bedroom • Approximately 1920 sq. ft. • Walk-in Closet(s) • Game room • Bonus/Guest Room • Office • W-W Carpeting • Laundry room • Dishwasher/Disposal • Swimming pool(s) • Patio/Balcony • 2 car garage • Fenced Yard • Heating features: Gas, Forced air • Swimming Pool • Interior features: Breakfast bar, Cable TV avail., Carpet, Dishwasher, Great rm • Above Ground • Exterior features: Deck, Elect. srvc avail., Fenced, Hill/mountain view, Level • Game Room • View • Single Family Property • Hill/mountain view • Status: Active • Approximately 0.19 acre(s) • Area: Sparks-Suburban • Lot size is less than 1/2 acre • County: Washoe • Elementary School: Sepulveda • Year Built: 1991 • Middle School: Shaw Middle School • 2 total bedroom(s) • High School: Spanish Springs

LOT FEATURES • Mountain View

SCHOOLS Elementary school: Sepulveda Middle school: Shaw High school: Spanish Springs

CONGRESS MOVES CLOSER TO BAN ZERO-DOWN PAYMENT PROGRAMS

Elimination of Down Payment Assistance (DPA) has already passed in The Senate and a vote in The House is expected to pass and be signed by the President this week!

Talk about building urgency! This is legitimate and a real concern; no more DPA as early as this week!

Do you think this is fair or good for the US economy? tell me your opinion, and why!

Las Vegas' McCarran International Airport is the 5th busiest airport in the country. Since the Las Vegas population has more than doubled over the past 10 years, the North Las Vegas Airport has become a popular choice of private pilots, scenic airlines and tourist airplanes and helicoptors. Originally, the North Las Vegas Airport was developed to keep smaller, private jets from clogging runways at McCarran International Airport, one of the nation's busiest airports. Managed by Clark County Dept of Aviation, North Las Vegas Airport was a conduit for more than 230,000 takeoffs and landings in 2006, making it the second busiest airport in the state.

Among the amenities offered at North Las Vegas Airport is the 15,600 square-foot terminal, pilot lounge and weather station, discount jet fuel and great location with easy access to I-215 and US 95. In addition to transient flyers, North Las Vegas Airport has 685 airplanes based in 259 hangars, 66 of which were built through public private partnerships in the past two years. Tenants or developers typically build the hangars, leasing the land from the county for $.90 per square foot per annum. The Aviation Dept also shares from 1-5% of the revenue of the 25 commercial operations, which include rental car companies, aircraft maintenance shops and flight instruction schools. Las Vegas Metro Police and Bureau of Land Management both operate onsite flight support facilities. Metro is planning to add a 38,000s square-foot facility at the airport within the next 2 years. The airport employs 30 county workers and is responsible for more than 1,700 private sector jobs in Clark County. The growth of this airport is another facet of the growth and popularity of the City of North Las Vegas, one of the fastest growing cities in the country during the past 3 years.

With new Master Planned Communities such as Aliante and the future Park Highlands, as well as the new Aliante Station Resort Casino, the city of North Las Vegas has become a great choice for new residents to buy homes in the more suburban area of Las Vegas. North Las Vegas is a great place to live! For a list of communities and city resources, contact Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.

Federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday, as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to help save homeowners from foreclosure.

A costly rescue is just a worry, not a fact at this point. Peter R. Orszag, director of the Congressional Budget Office, predicted in a letter to lawmakers that there's a better than even chance the government will not have to step in to prop up the companies by lending them money or buying stock.

"This is like two months in Iraq for something that involves, literally, market stability and (calms) global jitters," said Sen. Christopher J. Dodd, D-Conn., the Banking Committee chairman. Dodd said he hoped the legislation would clear Congress by the end of the week.

CAN YOU SAY: YOU SAY TAX INCREASE???

The Meridian Luxury Suites used to be an apartment complex within an easy walking distance to the Strip and then in 2005 all the units were converted into condominiums. Condo conversions were all the rage those days in Las Vegas. That's when the real estate market here was still doing pretty good and mortgage money was plentiful and available at almost every corner with flexible terms. But today's business environment is vastly different.

Meridian has 678 condominiums in all and only around 12 are owner-occupied, according to Clark County records. The rest are owned by investors, just about all of whom are out-of-towners. When they bought in they paid prices that were going through the roof. That was in 2005. Fast-forward to summer of 2008 and now the Meridian's homeowners association president says that the values have dropped roughly 50%. That kind of value decrease can cause many of these investors to lose a few hours of sleep every night.

Most of the investors were leasing out their units long-term but they probably weren't getting enough money to cover their mortgage payments doing so and now that the anticipated steady appreciation year after year has turned into a nightmare, they had to figure out another way to generate revenue. Either that or face a possible foreclosure. Make the investment look like a real investment.

So they came up with the idea of renting out these condos short-term. Operating more or less like a hotel and with the Strip only a few steps away, it was a viable alternative. And with a decent marketing campaign it should easily generate more rental income than a long-term leasing would.

But a couple of problems erupted soon after the program got off the ground. The owner-occupants at Meridian of course don't like to see overnight renting going on around them. They have definitely made their feelings known regarding that. That's actually the smaller of the two problems. The other is that Meridian is using residential property for transient lodging and that violates county licensing regulations. It is currently permitted to execute leases that last longer than a month and that's it. Knowing that, Clark County is now reviewing Meridian's operations and weighing its options, legal and otherwise.

Meridian is presently applying to change its status to a condo hotel, although there is no word yet as to when that might be approved by the County. Since it has been in violation of the existing license agreement for months, the County may on purpose delay action on it as a form of punishment. Who knows? The soft real estate market forced the investors to turn creative, but they also skirted local regulations in doing so.