BluefoxToday blog : February 2012

Cash REMAINS KING in the Las Vegas Area Real Estate Market!!! It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is enjoying! It is important to understand how a seller looks at each financing type:

Cash Offers: Generally have less contingencies and quicker close times. A cash offer may be accepted even if it is lower than a financed offer.

Conventional Financing: Less strict with lender required repairs but larger down payments and more strict credit guidelines.

FHA/VA Financing: Requires more scrutiny with lender required repairs via appraisal. In general these take longer to underwrite and close so a cash or conventional offer looks more enticing to the seller. FHA Requires the deed to be seasoned for several months so some flips bought at trustee's sales are generally out as options when competing with multiple offers!

Other: Less common and creative financing types such as Lease Options, OWC (Owner Will Carry), etc. The "other" category INCLUDES auction terms!!

Last Month's Report

Most Current Las Vegas Sold Terms and Trends Report

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

Blog Disclaimer Important Notice

 

              

     

         

 

 

 

 

Las Vegas Real Estate Inventory is seeing a major decrease as the aftermath of NV AB 284. Active listings are down again for the 14th month in a row! 2012 will be another interesting year for Las Vegas Real Estate!

Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)

• Listings (2/15/2012): 9180
• Under Contract (2/15/2012): 13373
• Sold January 2012: 3483

Short Sales:

• 45% of Listings
• 28% of Sales

REO (Foreclosures, Bank Owned:)

• 19% of Listings
• 48% of Sales

In One Month: Listings are DOWN -1266 units, Contracted Listings UP +993 units, Sales are DOWN -615 units. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times.

DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!

Last Month's Pending Report

For Most Current Las Vegas Real Estate Inventory Market Report Click Here.

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

Blog Disclaimer Important Notice

 

              

     

         

 

 

 

 

MORTGAGE LOCK ADVISORY

February 22, 2012, 6:30 AM PST

Click for Lock Advice Updated Several Times Daily

Mortgage Interest Rate lock Advice for locks within 8 days: LOCK

Mortgage Points based on 3.5% Mortgage Backed Securities are up 0.09.

30 Day Mortgage Interest Rate Lock or Float Advice: LOCK

MORTGAGE MARKET INDICATORS

National Average Fixed Rate Mortgage 3.87%
MBS (3.5%) - 103.06, High: 103.06, Low: 102.97
DJI Stocks currently $12,955.40, Down $-10.29, Change -0.079%
Asian & European Stock Market Indexes Down -0.107%
Nymex Crude Oil Currently $106.00 Down $0.25
Gold 1 Once - Bid: 1,752.50 

MORTGAGE NEWS BRIEFS

FHFA Proposes Remaking Secondary Mortgage Market
The federal agency responsible for Fannie Mae and Freddie Mac released a proposal Tuesday that calls for lawmakers to gradually wean the GSEs off taxpayer funds and stand up a new secondary market, » Read More MReport

New housing construction exceeds January forecast by Shobhana Chandra
Builders broke ground on more homes than forecast in January, helped by warmer weather and adding to signs the residential real estate market is stabilizing. Read More San Francisco Chronicle

RealtyTrac reports foreclosure filings rise 3% in January
U.S. foreclosure filings edged up 3% in January as judicial foreclosure states began to see a thaw in delayed foreclosure activity, RealtyTrac said. The Irvine,Calif.-based firm said foreclosure starts picked up for the first time since the fall 2010 robo-signing crisis in the states of Indiana,... Read More Housing Wire

Housing inventory declines may prove temporary By Jon Prior
Crucial housing market metrics are beginning to look better to start the year, but the recent uptick may only be the result of a delayed foreclosure process. At the end of January, most metro areas saw prices stabilizing, even picking up in some of the hardest hit areas like Miami and Las Vegas, according to Altos Research.>>Read More Housing Wire

B of A Settles Allegations of Mortgage Fraud for $1B
Bank of America has agreed to pay $1 billion to settle allegations of underwriting and origination mortgage fraud, U.S. Attorney Loretta Lynch said in a recent statement.
» Read More MReport

Mortgage Applications Up 7.5%
Mortgage applications increased 7.5% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Feb. 3. >>Read More Mortgage Orb

Fixed-Rate Mortgages in U.S. Hover at All-Time Record Lows
by Michael Gerrity
Based on Freddie Mac's latest Primary Mortgage Market Survey (PMMS), while most average mortgage rates inched higher on January's positive employment data, the 30-year fixed remained unchanged and at its all-time record low. One year ago at this time, the 30-year fixed averaged 5.05 percent Read More WPC

FHA 203k Renovation Loans - All You Need To Know - Nine Minute Video

Provide Your Clients With Options - Energy Efficient Mortgages - 4 Minute Video