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January 28, 2011
Welcome to Friday Figures! All information from the GLVAR MLS system. This is what you need to know before touring, making an offer, or preparing a listing this weekend. You can see me tell you about the figures live on Getting REAL (Estate) in Vegas on the VEGAS VIDEO NETWORK today at 1 PM. By popular request, we will be talking about short sales and the foreclosure process in Nevada. REAL Advice will be “Help! My rent home is in foreclosure!”
Summary: Available units dipped slightly to 16074, however prices continue to decline and time on market is slowly rising. The biggest culprit in the price drop is bank owned homes. One good sign, the number of non-distressed properties available is rising, partly due to investor activity. Another promising sign is a small drop in sub-$50,000 homes, paired with a rise in million-dollar-plus homes. Closings have finally returned to a more “normal” level this week, but this number may be higher than typical going forward as it is the last full week of the month. There was a sharp rise in time on market for homes closed in the last 30 days.
Other Information: Home purchase contracts and mortgage interest rates are both up. However, home prices both regionally and nationally are down. This has led some to speculate that we are about to have a “double dip.” Others, like Karl Case (the Case of the Case-Shiller index) say we are “bouncing around” the bottoms right now. Experts think recovery could take more than 5 years.
Meanwhile, Bank of America’s problems are getting worse. They may have to spend another $8,500,000,000 to buy back bad mortgage backed securities. In addition, they are facing lawsuits alleging “massive fraud” at Countrywide.
In local news, our population grew in 2009-2010 by roughly 30,000 residents. Low cost of housing was probably a factor. Once again, we lead the nation in foreclosures, but the startling part is that 23% of our foreclosures were “strategic defaults,” where the homeowner could pay the mortgage but chose not to do so.
93: Is Las Vegas Still the Wild West?
January 26, 2011
When Scott and Melissa first moved to Las Vegas in August of 2005, the area had kind of a Wild West feel to it. It was exciting, expanding and not altogether trustworthy. In this episode of the Living in Las Vegas Podcast, we learn life is certainly more refined ’round these here parts, although you’d be wise not to go robbing a bar any time soon. (Yeeehaaaw!) Show notes:
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up for Email Alerts (form found on right side of our website)
- Get your questions answered: OnAirQ@LivingInLV.com
- Weather (too busy to notice) / LiLV Pool (48 and clean)
- Power of social media (or guilt)
- Budda vs. Jesus
- Blue M&Ms and Bendy Straws
- Drinking a shot w/ a straw
- McD lawsuit?!?
- VEGAS VIDEO NETWORK News (new show rehearsal and iTunes ‘new and noteworthy’ feature for Behind the Curtain)
- Listener Email: Doorbells
- The Wild West Spirit that is Las Vegas (bartenders with guns and homeowners without payments)
January 21, 2011
Once more it’s time for Friday Figures! All information from the GLVAR MLS system. This is the truth about the Las Vegas Valley real estate market, and what you need to know before touring, making an offer, or preparing a listing this weekend. You can see me tell you about the figures live on Getting REAL (Estate) in Vegas on the VEGAS VIDEO NETWORK today at 1:00PM (PST). We’re going to be giving you an overview of the Southwest part of the Valley today, with a bonus on the so-called “shadow inventory.”
Summary: We’re holding steady at 16157 available units, despite the fact that all foreclosures are back to “normal.” Surprisingly, there was a small drop in the number of distressed properties available. The number of homes under contract to be sold did rise, although the number of homes closing still remains lower than expected this week. The number of short sales reaching completion does seem to be trending down, but only in line with the decrease of closings in general.
Other Information: Experts predict that a “buyers market” will continue in real estate, although it feels more like a “bankers market” from where I sit. In fact, home sales have reached a 6 month high. This is partly due to historically low interest rates, which rose this week to a paltry 4.74%. I will be shocked if rates are this low at the end of the year. Another factor driving sales is that the drop in housing prices, adjusted for inflation, is the biggest deflation since 1950. Despite strong sales, inventory is up nationally 8.4% year over year. An interesting detail about this is that there were record low housing completions in 2010. We did have a low in new properties sold locally as well.
In Utah, lawyers have gotten courts to agree that MERS is not party to the lien and mortgage on a home, and have actually managed to get several titles cleared. This is a matter of Utah law, and may yet be appealed. So “don’t try this at home” as the saying goes. Since MERS is used to circumvent property recording laws in all 50 states as well as some state and federal securities laws, this development is worth watching.
Bank of America lost over a billion dollars last quarter, accounting for $4,000,000,000 to buy back mortgage based securities from Fannie Mae and Freddie Mac (which Wells Fargo is refusing to do and Citi is trying to weasel out of doing) and $2,000,000,000 in adjustments for Countrywide. The reason this story is important is in the small print: 78% of recently completed foreclosures were more than a year behind, with an average of 19 months behind. Keep that in mind when you read about bank walk-aways and this item on “shadow inventory.”
One last foreclosure item: JP Morgan Chase now admits it overcharged military families, and illegally foreclosed on over a dozen of them. There are legal protections for our soldiers, Marines, sailors, and airmen! If you are a member of our armed forces and are having trouble with your mortgage, please seek out on-base legal advice!
92: Foreclosures, Not Just for Homes Anymore
January 19, 2011
With all the news about home foreclosures in Las Vegas (we’re #1, we’re #1), it isn’t terribly surprising that business foreclosures pop up in the news from time to time. . .unless it’s one of your favorite shopping, eating, and hanging out locations.
Then it’s personal. (And confusing.)
In this edition of the Living in Las Vegas Podcast, we talk about the foreclosure procedures facing Town Square (bad?) and, on a brighter note, being invited onto the Recycled Percussion stage (good?). Show notes:
- Crime fighter names
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up for Email Alerts (form found on right side of our website)
- Get your questions answered: OnAirQ@LivingInLV.com
- Quotable-quotes from Melissa
- Weather (69 and sunny) / LiLV Pool (49 (better!))
- Traveling to San Francisco
- Audition new hosts/show idea
- Seeing/meeting with interesting folks at VVN
- Town Square Foreclosure
- Listener Email: Valet tipping
- Hot or Horrible: Recycled Percussion at the Tropicana
Potato Chips. . .it’s what’s for dinner.
January 14, 2011
Thanks for checking in with Friday Figures! All information from the GLVAR MLS system. It’s the real deal: critical information you and your Realtor should know about the Las Vegas Valley real estate market before touring, making an offer, or preparing a listing this weekend. You can see me tell you about the figures live on Getting REAL (Estate) in Vegas on the Vegas Video Network today at 1 PM. Today’s guest is Traci Wozniak of Mesa Management, an expert on HOAs — Home Owners’ Associations. Be sure to send in your questions!
Summary: Available inventory was up slightly to 16231, well within the current range. I do expect a rise of several hundred over the coming months due to delayed foreclosures finally coming to pass. In the meantime, the number of available short sales did go up; some will sell, some will become bank owned homes. While the number of available homes went up in most price ranges, I remain concerned about the number of homes under $50,000 and under $100,000. It was another weak week for closings, but the 30 day number is still strong. That means some closings that would normally have happened in the last two weeks were pushed forward to be completed before the end of the year. Of greater concern is that sales prices are continuing to slide.
Other Information: The official numbers are that over a million homes were repossessed in 2010 — a record — despite the fact that foreclosures were down 26% in December due to various moratoriums. That’s why many experts expect another record to be set in 2011. In some areas, banks are walking away from foreclosures rather than bothering to fix and sell them. In others, banks are delaying foreclosures. Regulators may hold up a recent settlement between Fannie Mae and some banks over bad mortgages, as they want to make sure they are getting a good deal. Meanwhile, states and state pension funds are pressuring banks to take their own losses and make them whole.
Last week, the Ibanez ruling in Massachusetts was breaking news. Since then we have learned that the ruling was retroactive: any foreclosure that involved an improperly endorsed note is not valid, and the former homeowner can sue (although the bank can try to submit amended paperwork). This leaves title companies with losses that they’ll have to sue banks to try to recover, and anybody who bought a foreclosure without title insurance (why would anybody do that??) in a world of hurt. It also leaves a lot of notes in limbo, as the bank that would have had to sign them over to the new owner might not exist any more! Judges are getting very picky (alas, no judge ever sees a Nevada foreclosure). Virginia is trying to put the essence of the Ibanez decision into law. Some Congressmen want to void state laws so banks don’t need to follow them (which they are so bad at following to begin with).
As for general real estate, mortgage rates are down to 4.71%, home construction is expected to jump 21% from current low levels, and November home prices fell 5% nationally. Locally, December saw increased sales on lower prices. We did have 1% more visitors in November. Lenders want to foreclose on Town Square Mall, but from the public’s standpoint, this would really only change where shops send their rent checks.
91: A Local’s Look at The Cosmopolitan of Las Vegas
January 12, 2011
There a lot riding on the success of the Cosmopolitan of Las Vegas. Many think it’s likely to be the last big hotel/casino built in Las Vegas for another decade. It’s located right next to (and has to compete with) CityCenter, the $8Billion+, mixed-use complex owned by MGM Resorts International. And unlike most other Strip properties, it’s doesn’t appear to have a large “player’s club” to work with. In this edition of the Living in Las Vegas Podcast, we talk about the newest property on The Strip. Show notes:
- Scott puts his wardrobe to a vote on the live chat. And loses.
- Weather (c-c-c-cold) / LiLV Pool (blech)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up for Email Alerts (form found on right side of our website)
- Call of Duty: Black Ops (scaught0221. . .don’t shoot, I’m aiming)
- The New Boulder Dam Bridge
- Sun City, AZ vs Sun City, NV
- What does “War Eagle” mean on the Auburn U football helmets
- Listener Email
- The Cosmopolitan of Las Vegas
January 11, 2011
When it comes to great Las Vegas Video, we’re working hard at the VEGAS VIDEO NETWORK to develop great content. With that great content comes the hope that we attract great sponsors to the network and our shows.
I’m proud to say that with the New Year comes a new sponsor for the VEGAS VIDEO NETWORK. We are very proud to be working with Dr. Richard Rothman and LASIK of Nevada.
In practice for over 20 years, Dr. Rothman has performed over 30,000 40,000 LASIK procedures and is the most experienced LASIK surgeon living in Nevada. I’ve known Dr. Rothman for several years now and have been impressed with his practice and the testimonials he continues to receive.
Speaking of testimonials, the LASIK of Nevada ad we’re running features Academy Award-nominated actor Chazz Palminteri, who flew from New York to get his LASIK procedure done by Dr. Rothman.
As part of LASIK of Nevada’s sponsorship, I asked if they’d offer VEGAS VIDEO NETWORK viewers special pricing. . .and they agreed to do so! Simply visit LasikOfNV.com/VVN and you’ll see that in addition to 50% off premium LASIK, if you mention “VVN”, you’ll receive another $200 discount!
If you’re considering LASIK, be sure to include Dr. Rothman and LASIK of Nevada in your research!
January 7, 2011
Welcome to the first Friday Figures of 2011! All information from the GLVAR MLS system. Here’s what you and your Realtor should know about the Las Vegas Valley real estate market before touring, making an offer, or preparing a listing this weekend. You can see me tell you about the figures live on Getting REAL (Estate) in Vegas on the Vegas Video Network every Friday at 1 PM.
Summary: With available listings declining slightly to 16,142, it looks like we’ve hit a stable point at last. There’s even a glimmer of hope that the condo market may be finishing it’s long slide, as now everyone understands that they are effectively cash only. Even better news, the number of contingent and pending listings is below 11,000. It was a very weak week for final sales, as everyone wanted to get transactions closed before the end of the year. However, there was a “normal” level of sales over the last 30 days.
Other Information: It’s been yet another banner week for foreclosure fraud news. The latest breaking item is that US Bank and Wells Fargo have lost a key legal battle in Massachusetts, and must prove they have legal standing to foreclose. Here’s the best explanation I’ve seen of what’s gone wrong and how it’s cheating your County, and you. Meanwhile, plenty of evidence of actual fraud has come out, but nobody seems willing to put bankers in jail for it — if I lied to a judge, he would toss me in prison. Instead, there are talks of “settlements” with the big banks. (I call this the BAMTOR Principle: Banks Always Make Their Own Rules). Meanwhile there is speculation that banks are still underestimating (or under-reporting?) mortgage defaults. Due to public outcry, the Fed will be backing new rules to help end foreclosure “abuses.” Bank of America agreed to pay Fannie Mae and Freddie Mac a mere $2.8 Billion to buy back bad mortgage bonds. They also face a class action suit on mortgage modifications.
Some experts think it may be decades before home prices recover to pre-crash levels. Some cities may never recover. Obviously, a real housing recovery depends on job growth, and Mr. Bernanke thinks that will take years. If you didn’t see my item the other day on housing predictions, here it is. There is some good news to report here: mortgage rates dropped to 4.77% this week. Apartment vacancies are also dropping, which means there is opportunity for investors in rental properties.
A new report on the Vegas economy has good news and bad news. On one hand it will take a long time to really get out of the recession, but on the other hand convention business is recovering, and nationally hotel revenue per available room is up.
90: Drunk Woman and Weddings
January 5, 2011
Everybody (with a heart) loves a wedding. There’s romance in the air. The happy couple have a lifetime of joy and happiness ahead of them. And, if all goes well, there is a really drunk girl stumbling around the dance floor.
This episode of the Living in Las Vegas Podcast travels east for New Years Eve, where Scott learns that even if you’re drunk, your panties can match your dress. Show notes:
- Weather (SNOW (video)) / LiLV Pool (43 believe it or not)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up for Email Alerts (form found on right side of our website)
- Christmas Recap
- New Years in Ohio (Weddings, Drunk Girls and Chili)
- Listener Email (what to do with only four days in Las Vegas)
Yes, we have pictures of her.
