Las Vegas Short Sales
No Foreclosure! Short Sale your House, Be Debt Free & Save Your Credit Short Sale your house in Las Vegas with experts who will make sure the job gets done! Free World Solutions Inc. are property investors specialising in Las Vegas short sales which prevent houses like yours from going into foreclosure. We buy houses with negative equity in Las Vegas and get the bank to agree to clear your debt with them for less than what you owe. In fact we can buy your house right now and prevent the house from going to Las Vegas foreclosure. You don’t have to ...
Foreclosure: What does it mean?
We all know that foreclosures are on the rise throughout the nation. In fact, at the time of writing (June 2009) there is a foreclosure happening in the US every 13 seconds. In Nevada 1:27 homes is in foreclosure and 1:11 of all borrowers are now behind on payments. Staggering, but true! Most people realize that a foreclosure means you will lose your home. They also know that having a foreclosure on their credit rating will give them an F rating, preventing them from having another home mortgage for between 7 to 10 years. It will also have a disastrous ...
What is a Short Sale?
If there is negative equity in a property (it is worth less than what is owed on it) and the owner is failing to make payments the lender will start foreclosure proceedings. Apart from curing the loan or a loan modification, a short sale is often the only alternative to foreclosure once the process has been started. A short sale is the quick sale of the property, after getting approval from the creditors, for less than what is owed on it. The bank or mortgage company (and any other lien holders for that matter) settles for less than what is ...
Feb 11
25
Vegas home prices still in free fall
Homes in Las Vegas, on average, have lost more than half their value since 2006. They now sell for less than they did in 2000. The city had a record-high 14.9 percent unemployment rate in December. It also led the nation in foreclosures last year.
Three out of every four sales in southern Nevada are foreclosures or “short sales.” These sales occur when a bank lets a homeowner sell a home for less than what’s owed on the mortgage.
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#1 In 2009, total wages, median wages, and average wages all declined in the United States.
#2 Since the year 2000, we have lost 10% of our middle class jobs. In the year 2000 there were about 72 million middle class jobs in the United States but today there are only about 65 million middle class jobs. Meanwhile, our population is getting larger.
#3 As 2007 began, only 26 million Americans were on food stamps, but now 42 million Americans are on food stamps and that number keeps rising every single month.
#4 Since 2001, over 42,000 U.S. factories have closed down for good.
#5 One out of every six Americans is now enrolled in at least one anti-poverty program run by the federal government.
#6 Half of all American workers now earn $505 or less per week.
#7 The number of Americans working part-time jobs “for economic reasons” is now the highest it has been in at least five decades.
#8 Ten years ago, the United States was ranked number one in average wealth per adult. In 2010, the United States has fallen to seventh.
#9 In 1976, the top 1 percent of earners in the United States took in 8.9 percent of all income. By 2007, that number had risen to 23.5 percent.
#10 According to one recent study, approximately 21 percent of all children in the United States are living below the poverty line in 2010.
The United States is becoming poorer as a nation even as the boys up on Wall Street are busy grabbing a bigger share for themselves.
We are rapidly becoming a nation that will have a very small privileged class of ultra-wealthy and a very large class of “workers” that is just barely trying to survive.
For more information on what’s going on check out www.prisonplanet.com
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Home sales in the Las Vegas region continued to fall in November as investors and first-time homebuyers dominated the market.
A total of 3,693 new and resale houses and condos sold in the Las Vegas metropolitan area in November, down 6.8% from October and down 22.9% from a year ago, according to San Diego-based MDA DataQuick.
MDA DataQuick tracks real estate trends nationally via public property records.
New home sales suffered the biggest drop in November, down 15.6% from October and 42.2% compared to November 2009. This is the slowest November DataQuick has recorded for new home sales since they started recording and distributing data in 1994.
Existing single-family home sales fell 7.3% from October and 20.9% from one year ago. Condos resales were down 14.4% from October and 14.1% from the same period in 2009.
DataQuick said current homeowners are on the sidelines because so many are upside down — they owe more on their homes than what they are worth and “therefore aren’t in a position to move.” A Campbell/Inside Mortgage Finance survey found this to be a nationwide trend.
The median home price in the Las Vegas metro area was $134,900 in November, up from $132,000 in October and almost equal with the price a year ago of $135,000. However, the current median home price is 59.1% below its peak in November 2006 at $312,000.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – rose to 53.3% of the Las Vegas resale market, up from 52.9% in October, but down from 64.2% a year earlier. Foreclosure resales peaked at 73.7% of the resale market in April 2009.
The number of homes foreclosed in November fell sharply. Lenders foreclosed 1,662 single-family homes and condos in Las Vegas, down 43.6% from October and down 17.8% from November 2009.
RealtyTrac recently reported that November foreclosure filings fell nationwide by 21% because of lender reviews of foreclosure affidavits that sparked foreclosure suspensions in several states. by CHRISTINE RICCIARDI
Nevada posted the nation’s highest foreclosure rate for the 47th straight month despite a 20% decrease in November, according to the data firm.
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Dec 10
27
Bank of America in Court Again
The attorneys general of both Nevada and Arizona have recently instituted yet another legal action. Last Friday (17th December 2010), they filed a lawsuit against lending giant Bank of America alleging both “widespread fraud” and “false promises” regarding eligibility/availability of mortgage modifications.
Specifically, the lawsuit accuses Bank of America of the following:
Falsely informing customers that mortgage modifications were only available to defaulting homeowners
Falsely promising that mortgage modifications would be permanent upon completion of a trial period
Falsely assuring customers that foreclosure proceedings would be halted while they were seeking mortgage modifications
Unjustly denying mortgage modifications
“Bank of America’s callous disregard for providing timely, correct information to people in their time of need is truly egregious,” said Nevada Attorney General Catherine Cortez Masto in a released statement. “[Because of Bank of America's actions, many homeowners made] mortgage payments they could not afford, running through their savings, their retirement funds or their children’s education funds.”
According to the attorneys general of Nevada and Arizona, the lawsuits were originally brought about after their offices were inundated with phone calls from angry customers who had unsuccessfully sought mortgage modifications. (A subsequent investigation – including interviews with customers and former employees and a review of documents – confirmed the allegations made by customers.)
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By Buck Wargo (contact)
Wednesday, Dec. 15, 2010 | 9 p.m.
Foreclosure filings in Las Vegas and the rest of Nevada dropped significantly in November but continue to outpace the same month last year by more than 20 percent.
California-based RealtyTrac released its monthly report Wednesday that showed the state’s foreclosure filings fell 20 percent between October and November. Las Vegas’s numbers fell 19 percent in the same period.
Despite the drop, foreclosure filings rose 22 percent over November 2009 in Nevada and 21 percent in Las Vegas.
What happened in Nevada mirrored the rest of the nation, where foreclosures fell 21 percent from October to November. RealtyTrac said that’s the fewest number of foreclosure filings since February 2009.
The firm attributed the decline to a seasonal fall off and fallout from controversy over lenders not ensuring their foreclosure documents were properly vetted. That caused some lenders to revamp their procedures on their filings.
Nevada has led the nation in the rate of foreclosure filings for 47 consecutive months, dating to January 2007. The state had one filing for every 99 households, besting second place Utah, which had one filing for every 221 households.
Utah was followed by California, Arizona and Florida.
Nevada had 4,700 notices of default issued in November for late payments, 4,904 notices of a trustee sale and 1,767 homes repossessed.
California-based CoreLogic reported this week that 71.1 percent of residential properties in Las Vegas are underwater — meaning owners owe more on their mortgages than the homes are worth. Another 3.7 percent were near negative equity, the firm reported.
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