Foreclosure Settlement

WASHINGTON -- Arizona, Michigan and Florida, three of the states hit hardest by the housing crisis, will join a nationwide settlement over foreclosure abuses, sources said Tuesday. They will join more than 40 other states in a deal that would benefit many Americans who lost homes or can't afford their mortgages. Will Nevada join this settlement....read more
http://www.lvrj.com/business/foreclosure-settlement-gains-three-more-takers-138916979.html
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Positive Outlook for Housing

The consumer outlook for U.S. home prices improved again in January, extending a recent upward trend in housing market sentiment, according to mortgage market firm Fannie Mae.
For its monthly reading, Fannie Mae said respondents in its January survey predicted home prices will rise by 1% over the next year, up from the 0.8% gain forecast in December. To read full article http://blogs.wsj.com/developments/2012/02/07/fannie-mae-outlook-for-home-prices-rises-again/#
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Housing Inventory Ends Year Down 22%.

Per WSJ dated 1/19/2011--There were fewer homes listed for sale at the end of 2011 than in any of the previous four years, a positive sign for the housing sector.......Still, some real-estate agents aren’t celebrating because there’s a large backlog of potential foreclosures that haven’t yet been taken back and listed by banks. The inventory declines are particularly pronounced in certain states where banks have sharply slowed down foreclosures to correct document-handling abuses.
Read Full article http://blogs.wsj.com/developments/2012/01/19/housing-inventory-ends-year-down-22/#
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Mortgage Principal Reduction

Congressional Democrats are expected to continue pushing a federal housing regulator to write down mortgage principal for government-backed loans if a settlement with banks doesn't help out enough homeowners.
The federal government is "very close" to an agreement with mortgage servicers that could help about a million homeowners, Housing and Urban Development Secretary Shaun Donovan said this week.
The deal, which also includes states' attorneys general, would require the nation's five largest banks — Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial — to spend upward of $25 billion to help borrowers caught up in so-called robo-signing practices where servicers signed-off on foreclosure paperwork without properly reviewing documents. ... to read more click link below

Dems push Fannie, Freddie regulator on mortgage write-downs - The Hill's On The Money
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30 Fixed Rate Mortgage NOT for Everyone

Choosing a loan can be simple- you need to ask yourself what is my 5, 15 or 30 year plan? Am I going to live here for a few years, is my family size going to grow or decrease, am I retiring, or unsure what your going to be doing. One thing is for sure banks are scared of getting burned with crazy mortgage options, but choices are still available with a conservative approach.
  • If you know you will be moving in less than 5 years- a 5/1ARM would still be your best option. This loan is fixed for the first 5 years but will jump if you don't sell by the 5th year. This loan is still a risk in a shaky market so have a cash cushion just in case.
  • If you want to build equity faster and may be retiring- a 15 year fixed rate loan is your best option. Not only do you get a break in the interest rate but you save big in long run. You can save an estimated $177,000 on a loan of $300,000.
  • If you have little down and uncertain of future plans - a 30 year fixed rate loan is the best option.. these loans allow you to pay a comfortable mortgage payment and allow lower down payments- FHA loan allows borrowers to put down as little as 3.5%. This loan currently is the most popular option.

So as your shopping for your loan ask for a comparison of what your options are and discuss what is right for you. Be educated and make a choice that fits your mortgage needs.

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Record Numbers in Real Estate

I have been saying to everyone that the market in Las Vegas is booming... here are the comparison numbers from October and November 2005 compared to present:

2005 October - Sales Volume = 2,574
2005 November - Sales Volume = 2,441

2009 October - Sales Volume = 3,535
2009 November - sales Volume = 3,117

We are selling more homes in Vegas than the real estate boom... get your share of the pie.
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Don't Miss the Las Vegas Hot Market?

According to reports by Applied Analysis the current real estate market looks like such:
Homes available are at a low of 11372 and 39% of sellers are non distressed owners.
Homes that have contracts and are waiting to clear the contingency are at an all time high of 11033 with 74% being short sales probably awaiting approval from the banks.
The market seems to rebounding back but will the short sales be approved or will they be place back on the market as bank owned. This market makes for interesting conversation. How many cities can say sales are up and inventory is down.. let's see if it is a phase or are we getting back on track.
It is a good time to buy, prices are great, interest rates are low and you get a tax credit. Don't pass up this opportunity, the market appears to be changing. call me to get your maximum buying power.
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