Just as everybody in Los Angeles wants to be an actor, it appears that everybody building our secret project wants to be a Vegas entertainer. We’ve already seen Wade’s dancing skills, so now it’s up to Rip and me to audition as well.

For my part, I butcher about three seconds of a BeeGee’s classic. Rip’s death-defying performance is much more impressive. In both cases, I’d suggest you not try this at home.

It’s been ten days since our last video, which demonstrates how busy we’ve been! It’s hard to shoot video when you’re a Builder Bob apprentice! And speaking of Builder Bob, let’s meet Rip Rippetoe, as he explains what we’ve still got to do.

TGIF! You know what that means? No, not a lunch suggestion. It’s time for Friday Figures! All information from the GLVAR MLS system. This is the real deal: information you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend.

Summary: Available listings continue their climb, now at 14357. At this rate, we will see if my prediction for stability around 15,000 holds within a month. I am concerned about the number of very cheap properties out there. I do get calls from people who think they can afford the mortgage on a $50,000 home, but the catch is that it’s almost impossible to get a mortgage on a home in that price range. That doesn’t even address the fact that such homes always need extensive, expensive repairs. Only investors and other buyers with cash will get us out of that pickle. Contingent and pending listings dropped below 14,000. Once more, a good sign that banks are working through the backlog of short sales one way or the other. Median time on market for sold homes finally crept over 30 days, mostly because Fannie Mae and Freddie Mac won’t consider investor offers for the first 30 days. Speaking of investors, there is plenty of action in homes for lease.

Other Information: A lot has been made of the most recent court rulings against MERS. Remember, we don’t have judicial foreclosure here in Nevada; the bank can foreclose without ever going before a court. An expert I consulted feels that the only way to get your mortgage case into a courtroom is bankruptcy! Since a lot of people are staying put (not necessarily by choice), check out these home remodeling tips. Some sources are asking today whether some lenders might be procrastinating on foreclosures. The answer is yes, particularly if the property is occupied. And who can blame them when 1 in 10 homes nationwide may face foreclosure, maybe more (my math says that 14% is more than 1 in 10). Of course, that doesn’t mean that banks are keen to deal with principal writedowns, HAMP, or other loan modifications. Major media is pessimistic about the housing market in general, but at least one expert sees foreclosure rates dropping. While some are pessimistic about Vegas, I would like to say that if you’re going to argue that, don’t use a house in Mesquite as your example! That’s saying Waco and Dallas are the same place. New homes are getting smaller on average (more to the point, new homes are getting more “value priced”). Local commercial real estate is not a happy place right now. And don’t fall for this builder rip-off! Take your money and your purchase offer elsewhere!

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