Six questions Economist delves into foreclosure fallout

2011-03-29T02:30:34Z

Economist delves into foreclosure fallout

Nasser Daneshvary took a roundabout route to Las Vegas real estate expertise.

He left Iran more than 35 years ago to pursue a degree in economics in the United States with the intention of returning to teach there.

SUNDAY CONVERSATION Housing recovery appears years away

2011-01-05T02:30:48Z

Housing recovery appears years away

Las Vegas has been stricken by an unfathomable number of home foreclosures. Most of the surviving homeowners owe more on their homes than they're worth in today's marketplace. Young families that thought they were buying homes on the cheap two or three years ago are now finding that they, too, are underwater.

On the other hand, this is all good news for buyer...

Foreclosures made up 25 pct of US home sales in 3Q

2010-12-01T21:30:20Z

Report: US foreclosure sales fell, discounts rose in 3rd-qtr; further slowing likely in 4Q

The worst summer for home sales in decades also put a chill on foreclosure sales, even as the average discounts on the distressed properties got bigger compared with other types of homes.

Foreclosure sales plunged 25 percent in the July-September quarter versus the April-June period and tumbled 31 percent from t...

How to Find Las Vegas Homes for Sale

2010-11-30T13:12:24Z

...

US cities the most affected by foreclosures

2010-11-29T15:29:50Z

...

Investing in a niche market: Foreclosures

2010-11-29T15:36:07Z

...

Foreclosures push home prices down in many cities

2010-11-05T06:51:28Z

...

How to buy foreclosures

2010-11-29T15:05:25Z

...

Fighting over the foreclosure paperwork

2010-10-26T02:30:35Z

Nevadans in default

Many times a lender's representative shows up at a home foreclosure mediation hearing with the wrong documents, a homeowners' lawyer says. Not true, a banking executive counters: The percentage of foreclosures based on flawed paperwork is virtually nil.

The wide gulf between these observations shows how hard it will be for the Nevada attorney general's office to determine whether ...

For many, gamble lost in once-booming Las Vegas

2010-10-21T22:30:16Z

The rest of her neighbors have seen their homes repossessed by lenders, and she's already behind two months on her mortgage after her husband lost his job with a local construction company.

"I think we may need to move back to Denver," said Howard, 42, who uprooted to Las Vegas in 2005 because jobs were plentiful here then. "This city is not in good shape. Not at all."

Howard lives in the epicenter of America's pr...

Flipping Houses in the Current Market

2010-11-03T03:41:23Z

...

Benefits of Buying Property in Las Vegas and How to Purchase a Suitable Property through Las Vegas Foreclosures

2010-11-02T18:04:52Z

...

Stop Las Vegas Foreclosures

2010-11-02T18:23:49Z

...

What are the advantages of investing in Las Vegas Foreclosures and how to arrange financing?

2010-11-02T18:04:52Z

...

Which Cities Face Biggest Housing Risks?

2010-10-01T20:49:55Z

...

THE SUN'S MOST READ STORIES*

2010-09-21T15:51:15Z

1. Wynn severs ties with two more nightlife executives. Larry Murphy and Dave Pappas are among five to leave the company in less than three weeks.

2. Car smashes into pizzeria in Summerlin area. Metro Police said the driver accidentally hit the gas pedal instead of the brake and ran into Eastside Pizza, 1000 S. Rampart Blvd.

3. Former fire captain pleads guilty to child sex crime. Mart...

LASVEGASSUN.COM

2010-09-21T12:06:53Z

Former Lady Luck owner gets license, plans entry into Las Vegas market

The Nevada Gaming Commission on Thursday approved the licensing of Isle of Capri Casinos Inc.

How To Successfully Buy REO Las Vegas Foreclosed Homes

2010-09-22T08:29:12Z

When buying REO Las Vegas foreclosed homes, it is necessary that you know some basic and essential considerations that are crucial to your bank transaction. REO homes refer to those that revert back to the mortgage company or bank's ownership following an unsuccessful foreclosure auction. The reason why many people prefer REO homes is because they are generally safer to buy as the bank can give you a clean, good title to the property. In addition, banks also typically handle any necessary evi...

Metro Regions See a Rise in Foreclosures

2010-10-13T09:28:33Z

The title of this article can be somewhat deceiving. It isn't just the metro regions throughout the country that are seeing this rise in foreclosures, but in 75 percent of the metro regions through the United States, foreclosure filings increased during the first half of 2010. While toxic mortgages were the initial cause of the incredible influx of foreclosures during the past two years, it is now unemployment that is driving the new wave or foreclosures.

What led to so many foreclosur...

RELIEF NOW, A PRICE LATER

2010-10-27T14:29:29Z

Walking away from a mortgage you can afford won't be the end of the story

The news is bad enough that three homeowners out of four in the Las Vegas Valley owe more on their houses than they're worth.

And there's no comfort in the prediction that the local real estate market won't recover for years.

For those two reasons, hushed discussions can be heard around the office water cooler, betw...

What To Do Before Buying Las Vegas Home Foreclosures

2010-09-09T09:28:21Z

Many beginning investors and first time buyers commit the mistake of plunging ahead into the real estate market even without exercising necessary precaution to avoid its pitfalls. While it is true that the foreclosures market is generally a buyers' market, one should not take this as an excuse for laxity when it comes to protecting one's investment. The same rule applies to avoiding any hassle when buying Las Vegas home foreclosures. While there are undoubtedly many financial opportunities to...

How do I Find Foreclosures in Las Vegas?

2010-11-02T14:35:24Z

...

How do I Stop Foreclosure in Las Vegas?

2010-11-02T14:35:05Z

...

Foreclosure activity up across most US metro areas

2010-07-28T21:15:09Z

Report: Most large US metro areas saw spike in foreclosure warnings between January-June

Households across a majority of large U.S. cities received more foreclosure warnings in the first six months of this year than in the first half of 2009, new data shows.

The trend is the latest sign that the nation's foreclosure crisis is worsening as homeowners battling high unemployment, slow job growth and an u...

Focusing on foreclosures

2010-07-28T02:15:58Z

Some cities think Clark county's fines go too far

Across the valley, local governments are using fines and other tactics to pressure owners and lenders to more quickly repair and sell abandoned houses before they become eyesores. ¶ Clark County, for instance, has begun requiring owners to submit a plan for rehabilitating properties that have fallen into disrepair or face a $1,000-a-day penalty. Unpaid f...

Falling Housing Values: No Longer Just a Detroit Problem

2010-10-25T11:23:30Z

...

Underwater homeowners leave behind mortgages, but lenders can still come calling

2010-10-27T07:12:12Z

...

APARTMENT MARKET STILL IN GRIP OF RECESSION

2010-06-16T11:09:49Z

Las Vegas Valley has highest rate in nation on delinquent loans on complexes; low rent rates persist with high unemployment $40,300 The average price per unit of apartment complexes sold in Las Vegas in 2009. Average price per unit was $72,200 in 2008, and $108,500 in 2007. 11 The number of Las Vegas apartment complexes — with 100 units or more — that were sold in 2009. In 2007, 42 complexes were sold. $525 ...

Nevada Housing: More Reasons for Pessimism

2010-10-25T07:54:48Z

...

Report: Fewer people falling behind on home loans

2010-06-15T09:06:52Z

&lt;div id="subtitle"&gt;New mortgage delinquencies fell at end of 2009 as foreclosure crisis begins to ebb&lt;/div&gt;&lt;div&gt;&lt;p&gt;The end of the foreclosure crisis is finally in sight. For the first time in almost three years, the number of homeowners falling behind on their loans is declining.&lt;/p&gt;&lt;p&gt;The drop means the number of people losing their homes will start to fall. But so...

THE SUNÕS MOST READ STORIES*

2010-06-15T09:08:01Z

THE SUNÕS MOST

READ STORIES*

Miss Virginia takes crown at Miss America Pageant. Miss Nevada not a semifinalist.

Small oversight threatens big water pipeline proposal. Court cites wording error in legislation.

Obama to zero out Yucca Mountain funding, pull license. ÒPresident Obama is keeping his word t...

Even the kitchen sink

2010-06-15T09:09:44Z

People facing foreclosure legally stripping their soon-to-be former homes

The foreclosure crisis in Nevada has led to a rash of what lenders and real estate agents call vandalism. People are taking everything — tiles, electrical fixtures, bathtubs, wiring and, yes, even kitchen sinks — down to the drywall.

That may sound like a crime, but it isnÕt in Nevada if the soon-to-be former owner is the...

Foreclosures weigh on home appraisals

2010-06-15T09:10:01Z

Foreclosures crimp home value estimates &amp; sabotage sales, appraisers are left on the defensive

It wasn't the first time that Katherine Scheri ruined a real estate agent's day with a low property appraisal.

Scheri, a real estate appraiser, had sized up a three-bedroom, two-bath house in Santa Ana, Obama team makes smart revisions to mortgage modification program

An announcement Monday by the Obama administration that it would do more to help struggling homeowners obtain affordable mortgages could not have come at a better time for Southern Nevadans who are finding it increasingly difficult to stay in their homes.

Steve Green, reporting for

Investing in Las Vegas bank foreclosures Instead of Stock

2010-09-21T23:03:18Z

Not only has the stock market proven to be shaky and a scary investment but when you purchase stock in a company you are investing in an intangible asset that can be lost entirely. Las Vegas bank foreclosures are tangible investments that many people are finding is a very good decision.

When you purchase stock options, you are giving your money to a company as a belief that they will be successful in the long or short term and make you a bit of profit. Stock was designed as a...

LawyersÕ role in mediations with lenders sparks debate

2010-06-15T09:30:42Z

At issue: Are homeowners buying what they donÕt need?

One way the state can help in the foreclosure crisis, lawmakers decided a few months ago, is allowing homeowners to compel their lenders to sit down with them at the negotiating table to see if a resolution short of foreclosure can be struck.

Some attorneys are now being criticized for exploiting the new law by trying to get hired by homeowners as their advocates.

Indeed, in other states that offer...

Titus seeks the story of your loan

2010-06-15T09:32:46Z

Nevadan says goal is to identify lenders that are helpful — or not

BY THE NUMBERS

1.4 million

Total requests for loan modifications since March

400,000

Total offers extended for loan

modifications

230,000

Total trial loan modifications

under way

ÒIt is important that we know

which servicers

are doing their part to help Nevada

and which s...

Along with growth, suburban town limited housing pain

2010-06-15T09:32:44Z

Few speculators rolled the dice on real estate in Boulder City during Clark CountyÕs housing boom — and not because gambling is illegal there.

The town of about 17,000 can thank its slow-growth ordinance for keeping investors at bay and helping stem real estate market losses.

ÒIn Las Vegas and Henderson, so many...

Home-price declineÕs halt may be final, or just pause

2010-10-27T14:26:39Z

But expert says fall of median from current $125,000 all the way to $100,000 is unlikely

The chances are growing less likely that Las Vegas median home prices will fall to $100,000, according to a Las Vegas housing analyst.

But no one should expect prices to shoot up anytime soon despite a lack of inventory, said Larry Murphy, president of SalesTraq, a ...

Police ask — gasp — that we be neighborly

2010-06-15T09:34:14Z

Caring might prevent crime as stresses mount, they say

Tuesday night, Metro Police invited the public to its training facility in the northwest to be briefed on the latest crime problem: home foreclosures.

This was Metros message: We think of foreclosures as an economic problem, but like other economic problems they can lead to social problems. Like crime. As in, financial stress might lead to drug or alcohol abuse and domestic violence. As in, squatters an...

The need for refinancing

2010-06-15T09:37:46Z

Obama administration should continue to keep close tabs on Las Vegas housing market

Many Las Vegans could avoid becoming victims of home foreclosure if made eligible for reasonable refinancing. It is a message the Obama administration has heard loud and clear.

As pointed out in a story Monday by Las ...

Swelling default, foreclosure figures ominous

2010-06-15T09:40:19Z

The number of commercial properties facing foreclosure in the Las Vegas Valley is growing rapidly, leading to expectations of a massive bank takeover of office and retail buildings in coming months.

The number of properties in default, foreclosure or involved in bankruptcy in April was the largest monthly increase so far in this recession, according to New York-based Gov. Jim Gibbons and which takes effect in July, allows homeowner-occupants facing foreclosure to demand a sit-down mediation with lenders, overseen by a retired judge or an attorney.

ItÕll cost homeowners up to $200, but it might help them save their homes.

At the least...

Banks may release more homes

2010-06-15T09:43:00Z

Foreclosed properties from hidden stockpiles could hit market within weeks

The flood of foreclosed homes in the Las Vegas real estate market has triggered the biggest house-buying spree since June 2006. And with that pool of deeply discounted homes shrinking, banks are expected in coming weeks to release their backlog of foreclosed homes by putting thousands more on the market.

Their challenge is to dole the...

Existing home sales in Vegas reach boom levels

2010-10-27T14:26:57Z

With prices still dropping, analysts cautious not to say recovery is on

Driven by first-time homebuyers and investors, existing-home sales in March reached their highest level since August 2006, raising the question of how close the Las Vegas housing market is to recovery.

March was the 12th consecutive month in which existing-homes sales increased on a year-over-year comparison. The 3,626 sales were 86 perc...

SHORT STACK

2010-06-15T09:48:57Z

Las Vegas Assemblyman Morse Arberry’s lender is holding off foreclosure proceedings on two of his rental properties.

An attorney for Bank of America Home Loans (previously known as Countrywide Home Loans) told Las Vegas Assemblyman Morse Arberry, longtime chairman of one of the Legislature’s influential money committees, is going to court to try to stop foreclosures on two of his rental properties and pushing for state laws that would address situations like his.

The Las Vegas Democrat, first elected in 1984, said the lawsuit is part of his efforts to stay afloat in tough economic times.

He said the declining real estate ...

Outlook dim for apartment complexes As foreclosures continue, single-family home rentals keeping squeeze on industry

2010-06-16T10:38:37Z

As foreclosures continue, single-family home rentals keeping squeeze on industry

When the foreclosure crisis hit Las Vegas, many expected the owners of apartment complexes to benefit because those out-on-the-street homeowners needed to live somewhere.

The reality is that the shadow rental market of homes and condominiums continues to put pressure on apartment-complex owners, whose vacancies are increasing. T...

Fighting the foreclosers

2010-06-16T10:38:38Z

Ian Hirsch has built a growing business by helping borrowers in distress hang on to their homes

Ian Hirsch is just getting warmed up. He turns on the speakerphone and a Cheshire cat grin crosses his face at a point when most people would slam down the phone in disgust.

He is unleashing a mix of hectoring and schmoozing, slowly but definitely bending back a huge, faceless company’s resistance to making it easier for a 71-year-old widow to live out h...

Local banks gird for 2nd foreclosure wave

2010-06-16T10:38:39Z

Southern Nevada’s housing collapse likely to give way to commercial nose-dive

Banks across the country have been battered by plummeting real estate values and skyrocketing foreclosures, and Southern Nevada-based banks have had it worse than most.

With commercial real estate loans looming as foreclosure candidates, industry experts warn Southern Nevada-based banks are about to be hit with the second of a ...

Government help can’t come too soon for 89131 families

2010-06-16T10:45:35Z

Blight in Vegas neighborhood chasing homeowners away

Maria Krieghs two daughters signed up about 20 neighbors for Girl Scout cookies in late February, but when they returned to deliver the boxes two weeks later, the mother of four was shocked to find that a few of the homes were empty, bare living rooms glimpsed through window panes.

Local allies in public health: Fish

2010-06-16T10:43:59Z

In stagnant swimming pools of foreclosed homes, they devour disease-carrying mosquitoes before they hatch

The newest sign of these economic times can be found hanging on back-yard gates throughout the valley:

Fish at work.

Its public health authorities way of alerting neighbors that, yes, the algae-filled swimming pool in the back yard of that foreclosed or abandoned home is a potential breeding ground for mosquitoes but not to worry, our fish are on...

A little late, foreclosure crisis addressed

2010-06-16T10:46:56Z

There’s often a horse-out-of-the-barn quality to the work of Nevada’s Legislature, as it is often forced to react to problems months or even years after the original effects are felt.

So two years after thousands of Nevadans began losing their homes to foreclosure, the Legislature is moving a package of bills to ease the crisis while toughening regulation of the mortgage industry.

Assembly Values plummeting with no end in sight

Some Las Vegas residential land has no underlying value, and it’s only going to get worse, one land expert says.

The slowdown in home construction that saw builders close on 284 homes in January and fewer than 10,000 in 2008 is depressing the market to the point some residential land in essence has no value once improvements are excluded, says Assembly bill would provide for mediation between lenders and distressed homeowners

A bill working its way through the Nevada Legislature offers some hope for homeowners who are trying to stave off foreclosure.

Assembly Bill 149 would give them the option of requesting a court-supervised meeting with their mortgage holder. Before any further effort to take possession of the home...

A success story

2010-06-16T10:26:41Z

Nevada legislators should do what it takes to save vital consumer health office

Common sense dictates that if a state program must be cut to save money, the best choice would be something that isn’t serving the public well. Don’t eliminate a program that has been a success.

Then again, we’re talking about Gov. Jim Gibbons. Displayi...

Sales Letter: Based on the Number of Investor Foreclosures and Auctions Salesf

2010-10-08T10:11:29Z

As a real estate appraiser I am often asked the question, "does the low sales price of the foreclosure or auction sale transacted in my neighborhood negatively influence the appraised value of my home?" It's a difficult question to answer, especially when you are answering it to a woman on the phone with you who are already crying because she lost her entire life savings when she lost the equity in her home. Sadly the answer to that question is often yes. If the foreclosure or auction sale wa...

December Brings Better Housing News, But Still No Signal of True Bottom

2010-10-21T09:17:06Z

...

Builders below $100 a square foot

2010-10-27T14:27:08Z

Foreclosures — and need for cash — force dramatic price cuts

The competition from foreclosures continues to force Las Vegas homebuilders to cut prices and build smaller, more affordable homes and in some cases not build any.

“This is the worst financial situation we have been in since the Depression, and what builders have begun to do is recognize the world is changing around th...

Sacramento, Heart of Foreclosure Activity, Hits Holiday Slow Down

2010-10-21T09:15:28Z

...

Irrational Housing Market Exuberance

2010-10-21T09:14:48Z

...

Council seeks foreclosure grant

2010-06-15T10:10:05Z

City would buy homes in distressed neighborhoods to then either sell or rent

Las Vegas is doing what it can to address the home foreclosure crisis. In part, that means requesting millions of dollars from the federal agency on the front lines of assistance.

The City Council on Nov. 19 unanimously approved a plan to request $20.6 million from the

Clean up foreclosed home, or city will

2010-06-16T10:24:08Z

And owner will pay Las Vegas — or face fines of $500 a day

As a growing number of cities across the country are aggressively forcing owners of foreclosed and abandoned properties to clean them up, Las Vegas is going after them with the help of a three-year-old ordinance that, until recently, wasn’t much needed.

Under the law, Las Vegas’ NLV proposes to buy, demolish complex at cost of moving people into homes

North Las Vegas wants to spend about $7.6 million of foreclosure crisis aid money to buy and demolish a failed apartment complex, the only idea of its kind among the plans for the $54 million allocated to Southern Nevada.

A divided Program will help revive neighborhoods and provide more affordable housing

One of the unfortunate outcomes of the housing slump in the Las Vegas Valley is the effect the record number of foreclosures is having on neighborhoods. Entire city blocks resemble checkerboards of properties for sale or in foreclosure mixed with homes that aren’t on the market.

Sadly, many of the foreclosed homes have ya...

Hardest And Easiest Places To Sell A Home

2010-10-21T09:41:49Z

...

Federal money might help fill valley’s empty houses

2010-06-15T09:56:43Z

Cities, Clark County could buy, resell foreclosed homes in blighted neighborhoods

Nevada housing officials are plotting this week how to spend $72 million in federal funding to resuscitate neighborhoods blighted by foreclosures.

The money might seem but a morsel of help in comparison with the $700 billion bailout package to rescue the financial industry that ...

Foreclosure central

2010-06-16T10:49:38Z

Neighborhoods need protection in light of area’s leading foreclosure rate

A national real estate company whose online tracking of the foreclosure market is used by many news services published grim facts last week about Nevada.

In its “U.S. Foreclosure Market Report” covering April, May and June, RealtyTrac reported: &am...

When renter pays, owner doesn’t: You’re out, tenant

2010-06-16T10:50:38Z

The six senior citizens were strung to IV drips in a Henderson home converted into a geriatric care facility.

The hospice home, a big stucco beast, was leased. The tenants, a couple who cared for the aging adults, never missed a rent payment. The owner of the house, however, was hardly so diligent. He lived outside the state and beyond his means. He stopped paying the mortgage and never said a word.

Hello, foreclosure.

...

If they want money to fight foreclosure, it may be scam

2010-06-16T10:55:15Z

State attorney general targets fraudulent ‘consultants’

Jeffery Brown offered a lifeline to homeowners swamped by the rising tide of foreclosures.

For an upfront fee, Brown’s DB Financial Group would agree to negotiate with lenders on behalf of those who had fallen behind on their mortgage payments. I...

Gadget Show Future of Chips

2011-01-04T14:01:51Z

FILE - In this Sept. 13, 2010 file photo, Intel CEO Paul Otellini gives the keynote address at a conference in San Francisco. Intel Corp. and Advanced Micro Devices Inc., whose processors are the “brains” of PCs, are bot...

Las Vegas Snow

2011-01-05T08:05:30Z

A thin layer of snow sits on rooftops west of The Strip, Monday, Jan. 3, 2011 in Las Vegas, Nev. Between one and two inches of snow fell on the west side of town. (AP Photo/Julie Jacobson)

...

Toshiba Tablet

2011-01-04T08:31:01Z

An image provided by Toshiba shows the Toshiba Tablet. The Japanese computer and flat-screen TV maker is set to unveil the tablet at the annual International Consumer Electronics Show in Las Vegas this week. (AP Photo/Toshiba)

Copyrigh...

UFC 125 Mixed Martial Arts

2011-01-02T00:00:58Z

Frankie Edgar reacts as his fight against Gray Maynard is declared a draw shortly after their UFC lightweight mixed martial arts title match Saturday, Jan. 1, 2011 at The MGM Grand Garden Arena in

Nevada Pot Shops

2010-12-29T15:01:29Z

In this photo taken Thursday, Dec. 9, 2010, empty bottles for cola containing THC, known as consumables, are pictured in Las Vegas. (AP Photo/Isaac Brekken)

...

News on Las Vegas

Special report: The watchdogs that didn't bark

Helping homeowners

THE ELEPHANT IN THE ROOM

National media here for the debate should look into the big story

Plan would turn repossessed homes into rentals

Clean up neighborhoods

Juvenile offenders pitch in with foreclosures

Another low ranking