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82: Special Viewer Email Edition
October 31, 2010
Just like other husbands, Scott sometimes struggles to get Melissa’s full attention. For today’s show, she just doesn’t seem to be there-there for some reason. Nonetheless, in this episode of the Living in Las Vegas Podcast, we spend much of the episode catching up on many of the emails we’ve received from our listeners/viewers. Show notes:
- Halloween is upon us!
- Weather (70 (50 in morning!)) / LiLV Pool (59 bone-chilling degrees)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up of Email Alerts (form found on right side of our website)
- Melissa is picture-perfect
- Miracle League of Las Vegas
- Listener Email: Where to get free Las Vegas show tickets, Moving to Vegas without a job, Condo buying and real estate agent recommendations, Viagra?, Good furniture stores
A picture is not worth a thousand words. Believe me.
October 29, 2010
Welcome to Friday Figures! All information from the GLVAR MLS system. This is what you and your REALTOR need to know before before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend! You can also watch me talk about them live on the VEGAS VIDEO NETWORK Fridays at 1 PM. Today we will be talking about neighborhoods of the East Side. Next week join me with Jenna Bohannon of Old Republic Home Protection. She will be answering questions about home warranties, so be sure to send in your questions!
Summary: Available listings continue to rise, with 16243 properties for sale. It is no surprise that prices are sliding under increased inventory. There has been an alarming increase in the number of condominiums available for under $100,000. However, contingent and pending listings dropped under 13,000 to 12723. Both available and contingent bank owned properties were down — perhaps banks are double-checking their paperwork? Surprisingly, we had a heavy week for properties closing ahead of both Nevada Day and the end of the month. My hat is off to all the title officers, mortgage officers, and people at the County Recorder’s office who managed to do 5 days work in 4 days!
Other Information: The foreclosure mess is squeezing banks on all sides: many people can’t afford their mortgages (many of which were fraudulently designed to make them refinance or default at the outset, and many others of which had unreasonable fees billed to homeowners); the Feds and all 50 states are investigating fraudulent foreclosure paperwork (and some banks would like to cut deals with state Attorneys General); and some investors who bought the mortgage backed securities want their money back. Fannie Mae and Freddie Mac needless to say want the situation resolved quickly. Bank of America and GMAC have both resumed foreclosures, and B of A claims that they have found only some paperwork errors, a claim many find ridiculous. Wells Fargo has finally admitted that their own paperwork is not completely free from errors. Nevertheless, “foreclosure activity is up” in most areas (interestingly enough, foreclosure rates are 31% higher in Republican districts than Democratic ones). The whole mess is starting to delay the already long short sale process.
Meanwhile, the HAMP mortgage modification program is leaving people with as little as 20% of their paycheck after the mortgage is paid — no wonder the beleaguered program is “slow.” There was more big news in housing, the fact that August prices did not rise as much as some experts predicted most cities (some sources insist prices dropped). Vegas prices did rise 0.1% from July, but fell 4.5% year over year. At least one expert thinks we should use the housing slump locally to “turn from sprawl.” Mortgage rates are rising a little to an average of 4.23%, but still remain very low.
On a local note, Nevada sales tax receipts were up, but that might not mean much for the economy. And if you’re planning on going up to Mount Charleston, you will find the detour for bridge construction is over on U.S. 95 Northwest of town.
81: Our First Vegas Video Network Episode
October 24, 2010
Welcome to the Premiere Edition of the new VEGAS VIDEO NETWORK version of the Living in Las Vegas Podcast (or. . .episode 81 to everybody else)!
It’s been too long since we’ve had a chance to spend time with y’all, so today’s Living in Las Vegas Podcast gets everybody caught up on what we’ve been up to over the course of the last couple months. Show notes:
- Weather (75) / LiLV Pool (dead to me)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up of Email Alerts (form found on right side of our website)
- And on the 60th day, there was the VEGAS VIDEO NETWORK
- WordCamp Las Vegas
- New Friends (Jason, Amber, Michael, Melissa)
- Nevada Politics
- Hanging with the Mitchells
- Getting invited to the VVN studios
- Matsuri at Imperial Palace
- Tipping to get a better seat at a show
- PH Towers
- Rhumbar at Mirage
- Getting evicted from PH Towers
- Listener Audio: [Oscar Goodman’s real domain]
- Listener Email: Jazz in Las Vegas
- Hot and Horrible: Todd Paul at Hooters
There’s no place like home. There’s no place like home.
October 22, 2010
It’s Friday again?? That must mean it’s time for Friday Figures! All information from the GLVAR MLS system. Here’s the no-spin real data that you need to know before before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend! You can also watch me talk about them live on the VEGAS VIDEO NETWORK Fridays at 1 PM. Today’s guest is property management expert Vic Ruybalid. Next week we will have HOA Manager Traci Wozniak. Got questions about your HOA? Send them in!
Summary: We’ve broken the 16,000 mark with 16063 available listings. Needless to say, prices of available listings have slid a little, with the most notable drop being in bank owned homes. The number of units in contingent or pending status remained fairly stable at 13134, and the number of contingent short sales dropped. Closings were strong this week; while normally I would expect a high number for next week ahead of the end of the month, the Recorder’s Office will be closed next Friday for Nevada Day. Kids will also be out of school for Nevada Day, a pre-Halloween bonus.
Other Information: I hope you didn’t miss my article the other day on the continuing saga of “Foreclosuregate“. The issues are making it more complicated to buy a foreclosure. It’s also getting harder to foreclose in some states if the banks can’t produce the right paperwork for a judge. More banks are facing the risk that the investors they sold mortgage backed securities to will demand they buy them back, including Fannie Mae and Freddie mac, who face hundreds of billions of dollars in losses! How bad things will get depends on what happens to housing prices going forward. There is also more fallout to be seen from second mortgages; they are already complicating many short sales. Bank of America has restarted foreclosures in all 50 states — yes, including Nevada. CNN mistakenly calls “robo-signing” the beginning of the problems with foreclosures; they are in fact the result of many systemic problems that were merely brought to light by the robo-signer issue. In any event, the new financial regulations bill that passed earlier this year will be “put to the test” when it comes to foreclosures. Mortgage rates are up, but still low at 4.21%. Locally our unemployment rate is steady at 15%, but the Cosmopolitan has received its gaming license and is set to open on December 15, bringing many new jobs. Hotel Revenue per available room is up over 9% from last year, another good indicator locally. The Hoover Dam Bridge has been declared “America’s Newest Wonder.” And Federal funds will be used to build a new park in Mountain’s Edge.
October 20, 2010
As part of the Living in Las Vegas Podcast’s addition to the VEGAS VIDEO NETWORK, we’ve decided to switch from an audio podcast to a live streaming video show that will be available as a video podcast as well. After launching the network and several shows (Pub Crawl, Getting REAL (Estate) in Vegas and Strip Search!), we’re about ready for our closeup.
Our first live show within the network will be this Sunday, at 10AM Pacific. You’ll be able to join us on the VEGAS VIDEO NETWORK “Live” page by going here: http://www.VegasVideoNetwork.com/LIVE
Hope to see you there! We’ve got a lot to catch up on!
October 15, 2010
Thank you for taking time to read Friday Figures! All information from the GLVAR MLS system. Here’s the no-spin real data that you need to know before before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend! You can also watch me talk about them live on the Vegas Video Network Fridays at 1 PM. Today I will be talking about neighborhoods of Las Vegas in what the MLS calls “North.” Next week we will have property management expert Vic Ruybalid. What do you want to know about renting — or renting out — a home?
Summary: We’re just short of 16,000 available units at 15951. There’s no surprise that most of the increase was in properties under $200,000. Contingent and pending listings rose modestly to 13153. Closings continued along at a mid-month pace, lower than last year’s tax credit fueled frenzy. Rental prices are stable after last week’s drop; hopefully that was a one-time phenomenon.
Other Information: Mortgage rates have hit yet another new low at 4.19%, and I have one source who claims he can get 4.0%! However, those mortgages are hard to get in the first place. Between the difficulties getting a mortgage and the economy, many buyers are just saying no. Despite the current freezes and investigations into mortgage fraud, “foreclosure activity increased” in September and the 3rd quarter. Add MetLife to the list of firms that may have “irregularities.” Marketwatch has a nice piece on what it all may mean to you. Last week I mentioned a report on what were supposedly Vegas’s least safe neighborhoods; earlier this week the R-J took exception to that report and came up with the math to prove “it’s not so bad.” My favorite local charity, SafeNest, is expanding — as happy as I am for them, I am saddened that their services are so badly needed. Bummed that there doesn’t seem to be a 2011 Vegas Michelin Guide (yet, I hope)? Eating Las Vegas has a book. And the Hoover Dam Bypass is open! Here’s some great pictures of the building process.
October 8, 2010
Welcome to Friday Figures! All information from the GLVAR MLS system. It’s what you need to know before before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend! You can also watch me talk about them live on the Vegas Video Network Fridays at 1 PM.
Summary: There are 15675 total units available, and the rate of this number rising is slowing down. Interestingly, bank owned and non-distressed available units were down, so the gain was entirely in short sales! Pending and contingent sales are down again, but remain over 13,000; fewer than 9000 of those are now short sales. The sales figures confirm that yes, many of these short sales are being approved and closing. We do have the first substantial drop in rental prices in recent memory, but new leases are still at higher rents that local apartments.
Other Information: As much information as was crammed into yesterday’s item on foreclosures, we’ve got more news. Flawed documents are starting to hold up sales of bank-owned properties. More lawmakers are calling for a halt to all foreclosures until this mess is straightened out (some experts think it can’t be straightened out). Even comedians are piling on. Bank of America has decided to halt foreclosures in all 50 states while they review their documents. At the heart of the problem is a company called MERS, as this sympathetic Washington Post item explains. Beyond foreclosures, Wells Fargo has agreed to pay a $78,000,000 settlement to Nevada homeowners over certain adjustable rate mortgages. Mortgage paperwork is now sufficiently complicated that half of borrowers couldn’t even figure out what the loan amount is (take your time; make them explain anything you don’t understand! I know getting your home is exciting, but take the time to get the details right). With mortgage rates at 4.27%, USA Today asks if you should rent or own (Bloomberg thinks you should take advantage of distressed properties). The CSM noticed what I’ve been telling you for months: the home buyer’s tax credit borrowed buyers from the future. Nevertheless, pending sales are still up. As for local news, lenders are being more aggressive on foreclosures of commercial property. This very distressing chart illustrates why some people think cramdown has to be part of the foreclosure solution. But some people think that the biggest problem in Vegas is the bad press about us. After all, Strip casino business is up 21%. And one last item, a “most dangerous neighborhoods” list does include 3 Vegas neighborhoods.
October 5, 2010
Hey everybody, just a quick post letting everybody know that the VEGAS VIDEO NETWORK is online!
The Vegas Video Network is an online broadcasting network that specializes in insider news and expert views about Las Vegas.
We built the VEGAS VIDEO NETWORK to end the struggle of finding Vegas-related video that is centrally located, professionally-produced, timely and relevant. We’re driven upon three key principles:
- An easy-to-use website
- The sophistication and live aspects of Broadcast TV
- Las Vegas experts who promote the city and are actively engaged with their viewers
We had our Launch Party last Saturday. Lots of folks in attendance, both at the studio and online (15 states, UK, Germany, Canada and Russia). It went out live (naturally) and the video of the festivities is now available as a video-on-demand file.
Please take a moment and visit the site. We’ve got a bunch of great shows lined up on the network – something for everybody.
Our first show to go live will be “Pub Crawl”, which premiers this Wednesday (tomorrow) at 7:30PM. Come by and see what we’re up to!
October 1, 2010
It’s time for Friday Figures! All information from the GLVAR MLS system. Here’s the no-spin real data you and your Realtor need to know before before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend!
Summary: Available properties rose yet again this week to 15507. That’s almost 800 more homes since early September, and a sign that we will be headed back towards 20,000 available over the coming months — unless something serious happens to both stall foreclosures and encourage short sales. It’s no surprise that the number of distressed properties available is up; what is surprising is the sinking price of non-distressed properties. I would have to examine the Recorder’s office records in detail to know for sure, but I suspect this is due to investors doing a “fix and flip” to distressed properties. Contingent and pending properties are down, partly as properties close and partly as some short sale properties become available again. As usual, the month end was a busy time for properties to close. Rentals slowed slightly, which is typical for fall.
Other Information: This week, Chase Mortgage joined GMAC in halting foreclosures in 23 states — not Nevada, but the 23 states that require judicial or sheriff review of the paperwork. Those judges are getting pickier about what they will allow. What makes this interesting is that several states Attorney General are investigating the mortgage giant for misteps in that paperwork that might amount to fraud. Some people at the Federal level even want an investigation. It will be interesting to see if they really prosecute. Organized Labor has called for a nationwide moratorium while this mess is investigated. One bit of good news is that Fannie and Freddie are reporting a lower serious delinquency rate. Mortgage rates declined again this week to 4.32% on a 30 year conventional loan. Unfortunately, almost 1 in 3 Americans can’t qualify for a mortgage right now. Short sales are difficult now, but they are in the process of getting harder: Wells Fargo will not give any extensions on closing for any reason, and other banks are expected to follow suit. Sales of new homes were lower than expected in August. We now know that nationwide, home prices rose slightly in June (although my readers know that’s not true locally). More people are moving in with one another, a bad sign for housing and the economy going forward. In local housing news, Nevada is set to get $57,000,000 in foreclosure aid. Taxable sales are up 5.3% over last year, and Clark County School District has 500 more students than last year. Some people are seeing a rise in homes being bought by foreign nationals lured by low prices on foreclosures. These will be cash buyers. One last thing: Happy birthday to the Hoover Dam.
