Foreclosure
Real Estate
Foreclosure Flux
June 28th, 2012
Foreclosure figures have their layers. Many reports highlight foreclosure “activity” as being anything from a notice of default for a first missed payment to a foreclosure auction-sale listing. Some statistics include the number of actual formal bank repossessions, while others leave that figure out. RealtyTrac identifies new foreclosure activity using all three of these elements. Whether one publication uses all three or only one or two can create headlines using the most sensitive words in journalism today —“increase” and “decrease”—words that sway public views and confidence. Read more »
Trying Again
Is a second-chance mortgage really worth it?
March 22nd, 2012
Las Vegans who are losing their homes in the Valley’s continuing mortgage crisis may get their second chance at the American Dream sooner than they think. In the city of second chances, this seems like a good and reasonable thing. But one day out of short sale or foreclosure? It’s gimmicky all right, but crazy as it sounds, it could work for some. Read more »
The Week
Boss, Can You Spare a Down Payment?
January 12th, 2012
Blame it on New Year’s optimism, but good things could happen this year for both struggling homebuyers and those trying to keep their homes. Read more »
Real Estate
On the Flip Side
January 5th, 2012
For years, house-flippers have been chastised for their role in the real estate run-up. The Federal Reserve Bank of New York recently published a report confirming that “flipping” was a strong reason for the real estate bubble, especially in markets like Las Vegas. But what the Fed won’t be saying is that today’s market desperately needs flippers in order to restore real estate pricing stability. Read more »
Economy
The Price of Decay
December 22nd, 2011
For insight into why the city of Las Vegas created an ordinance Dec. 7 to fine banks that let foreclosed or abandoned houses fall into disrepair, pay a visit to 611 Lacy Lane near Valley View Boulevard and Alta Drive. Read more »
The Latest
Home Help, Close to Home
Our guide to resources for Las Vegans soaked by the housing bubble
December 15th, 2011
For the thousands of homeowners in the Valley trapped in houses they can’t afford—or just don’t want to pay for because they’ll never see an upside again—there is help. An alphabet soup of it: HAFA, HARP, HAMP, ERA, MHA, FMP, etc. Here’s a guide to finding what you need. Read more »
Real Estate
Bailing in Vegas
November 24th, 2011
It’s a morally dicey practice, for sure, but not one those with the means won’t consider. With Valley homes still losing value, those in severely underwater situations see “buy and bail” as a solution. Now called “strategic foreclosure” by many, it works like this: While still having good credit and money for a down payment, an underwater homeowner looks for a second home, buys it and moves in under the guise that he will rent out the first or carry both payments. But here’s the catch: Our clever homeowner then lets the first home fall into foreclosure. Read more »
Vegas Moment
Sealing the Deal
October 27th, 2011
Being a part of the White House presidential advance team means nailing every detail, right down to the decorations. Here, the team prepares for President Obama’s speech Oct. 24 in an east Las Vegas neighborhood, where he addressed the home foreclosure crisis as part of his three-hour visit. Read more »
Politics
How Not to Fix Nevada’s Problems
October 6th, 2011
The recent Nevada Legislature reacted to the state’s problems by doing virtually nothing. It failed to find new revenue streams or even complete redistricting. Our legislators sniped and snarled about how much they were willing to cut and gut until a court ruling forced lawmakers and the governor to work together. Read more »
Economy
It’s No Bargain
October 6th, 2011
We’ve all seen the listings—the nice-looking 1,500-square-foot-home for less than $100,000—and wondered: What’s the catch? In this historic buyer’s market, of course, we do see plenty of outrageous deals in Las Vegas. But sometimes a too-good-to-be-true price is, well, too good to be true. Read more »
