Anybody can crunch numbers and produce a result. The key is understanding what your results mean and then, requiring an even deeper understanding, acting on your results in the most productive way possible. Here in Las vegas we have two market gurus, a couple of real estate Nostradamus’, so to speak. Larry Murphy , and his colleague, Steve Bottfeld, of SalesTraq Inc. have for years now been producing numbers and interpretations of those numbers that have been right on the money. Larry & Steve chart the entire market and how all the different factors interact with each other and what it all means, and publishes all their insight in a monthly newsletter called FAST FACTS

This morning the numbers for July were posted and wow! They are both encouraging and profoundly interesting. Here are a few highlights:

EXISTING HOME MARKET: The total of 3,173 existing home sales in July was the highest total in any month since September 2006. July inventory edged up slightly (0.4%) from last month to 20,641.

More than three out of five (61%) of July existing home sales were bank owned homes with a median closing price of $193,000. The other 39% were non-bank owned homes with a median price of $235,000, yielding a blended median price of just $210,000.

But then we move on to the Foreclosure market, which is causing the most disruption all across the country right now…

According to them;

The number of foreclosures edged up in July to 2,281, an 8.4% increase over June.

Examining these foreclosure statistics does not suggest the situation will get better quickly. Yet, they strongly indicate Las Vegas is on the “mend.” Assuming we get through the next two subprime mortgage “reset” months with reasonable results, the Las Vegas resale market could be in full recovery before the end of the year. Certainly, its sales totals will exceed those of 2007.

As I have stated previously on this blog, Las Vegas is in a unique position to recover before the rest of the country. Take a drive down the Strip and be AMAZED at all the construction cranes perched high over-head. Yes, there have been some building projects delayed, but Vegas is still growing, our population is still swelling.

Once again Steve and Larry looked into the past to discover which path we will all be taking into the future. If you want to dig deeper on your own, or attend a Crystal Ball seminar, visit this site; www.crystalballseminars.com The next one is scheduled for October 23rd and is titled entitled “Getting through Hard Times: Coping with Adversity.” Guest speakers will include: (1) Fred Chin, President, Lake Las Vegas Resort; (2) Mark Stark, President of Prudential Realty; (3) and Mary Connelly, President of William Lyon Homes (tentatively confirmed).

David.

Hello again!

The last two times the Fed met to discuss the Prime rate they decided to leave it alone. This is great news for all of us in the real estate business, and, in fact, all of us within the United State’s economy. We are not back on track yet, and there are still some hard times ahead, but the first wave has washed over us and it appears there is only one more wave to endure.

Our government has published a list of the top ten things you can do to avoid foreclosure. I am reproducing the list here:
1. Don’t ignore the problem.

The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.

Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.

The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

5. Understand foreclosure prevention options.

Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL .
6. Contact a HUD-approved housing counselor.

The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.

After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other “unsecured” debt until you have paid your mortgage.

8. Use your assets.

Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.

9. Avoid foreclosure prevention companies.

You don’t need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month’s mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

10. Don’t lose your house to foreclosure recovery scams!

If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

Communication is crucial. Don’t just sit back and hope everything works out okay. Get involved and ask questions and get your government working for you.
Our Federal Government provides assistance equally to all of us. Here are our tax dollars at work. The HUD website is packed with useful information and advice, and if you have never visited it, I suggest you take a few minutes to look it over.
And while I’m on the subject of useful government sites, here is another website, http://www.usa.gov/About/tutorials/index.shtml , that has tutorials of almost every type, teaching us how to access almost EVERYTHING!

Lastly, maybe you managed to avoid most of the pitfalls that captured so many of us these last few years. If that’s the case, and you are ready now to buy, the federal Government has many options for you too.
Visit this site, http://www.usa.gov/shopping/realestate/mortgages/mortgages.shtml and be amazed.

Look around, click some links, ask some questions, and learn a lot.

Happy surfing!

David

Take a look at this spectacular home we have for sale in Southwest Las Vegas. It is located on a quiet cul-de-sac in the Foothills, a prestigious guarded and gated community with executive style homes and a community park and walking trails.

Some of the highlights of this home are its…..

Nearly 3,600 square feet of living space, 3 car attached garage, quarter acre lot
4 Bedrooms + Loft (with built in desk), 4.5 Baths
Exquisite kitchen with top of the line stainless appliances
Large first floor guest suite with private bath and walk in closet
Full length rear yard covered patio with second level balcony
Full sized in-ground pool and raised spa with sheer descents
Dramatic floating spiral staircase

I have included the virtual tour for you to see for yourself.

If you would like a live tour of this home, CLICK HERE

And, you can see pictures and explore links to virtual tours of every home for sale in Las Vegas, in all price ranges. Go to http://lasvegasmove.com/searchMLSform.asp.

We are here to provide you any information you might need or want regarding
life and living in Las Vegas.

Have a great day!

David Brownell

Hello everybody,

Every one of us, as home buyers and property investors, has a need for experienced expert assistance in times when there are so many bank owned properties that are priced to sell fast. Conversely, as home and property owners we have to explore options when facing a changing market.

David Brownell here again, and I noticed an article in the Las Vegas Review Journal this weekend that includes some poignant figures. If you are curious how current foreclosure figures compare to last year… take a look.

This article is written by reporter John G. Edwards for the Review Journal:

“Sessions aim to help prevent foreclosures”

In Clark County, one in 96 homeowners gets notice in May

Nevada led the nation in foreclosures for the 17th consecutive month in May, according to RealtyTrac, but local leaders say they can help some homeowners dig their way out of financial quicksand and sometimes save their homes.

A group led by Sen. Harry Reid, D-Nev., will hold its third foreclosure prevention counseling program for homeowners today and Saturday at Cashman Center.

The counseling sessions can help homeowners determine if they can avoid foreclosure and, if not, explain how homeowners can reduce the financial pain.

“This resource center cannot solve everybody’s problem,” Reid said. “But it will provide useful information.”

About 1.8 million Americans are being foreclosed, Reid said in a press conference Thursday.

“Sadly, a lot of them are in Nevada,” he said.

Statewide, one in every 118 households received a foreclosure notice last month, Irvine, Calif.-based RealtyTrac reported Thursday.

In Clark County, the hardest-hit area of the Silver State, one out of every 96 homeowners received foreclosure notices in May. That’s a 66 percent increase from May of last year and 21 percent more than in April, RealtyTrac reported.

Foreclosure notices were filed on 7,880 houses in Clark County in May, including 4,286 notices of default, RealtyTrac reported.

While Nevada leads in home foreclosure, “we also carry the highest consumer debt load of any city in the nation, and that drives bankruptcy, where we’re number one,” Michele Johnson, president of Consumer Credit Counseling Service.

Yet, foreclosure isn’t always inevitable.

Teams of 20 lenders at the counseling sessions “are really geared to help people stay in their home,” said Kirk Clausen, regional president of Wells Fargo Bank.

Home lenders sometimes will refinance homes at lower rates, consolidate loans or freeze rates, Clausen said. He urged homeowners to contact counselors at Cashman Center or their lender as soon as they encounter financial problems, because foreclosure may be unavoidable if they wait too long.

Other advisers will help homeowners deal with the repercussions if they cannot keep their homes, Johnson said. She mentioned short sales where lenders allow an owner to sell the home for less than the amount owed, and deeds in lieu of foreclosure where the borrower turns over the house without foreclosure.

The counseling service outlines strategies homeowners can use to prepare for rental housing and reduce foreclosure-related expenses.

The free counseling is being provided by the Foreclosure Prevention Resource Center and sessions will be held from 10 a.m. to 7 p.m. today and from 10 a.m. to 5 p.m. Saturday. The program will be conducted in the first-floor conference room at Cashman Center, 850 Las Vegas Blvd. North.

Thanks for stopping by my website everybody and I hope you found this information to be useful. A special thank you goes to reporter John G. Edwards @ The Las Vegas Review Journal for providing the facts and figures.

If your interested in viewing photos and information on any homes in the Las Vegas area, stop over to our website, LasVegasMove.com and try out our free MLS search. It will give you instant access to all available properties.

Get in touch with me, if the time is right for you to take action.
Have a great week everybody,

David

We had our first “State of the Market” phone conference with all our Las Vegas home sellers last week and it was fantastic!  Our clients absolutely loved it.  I attended a few conference calls recently and the light-bulb turned on. What an excellent tool to communicate with our clients and keep them informed about the Las Vegas real estate market.  These statistics empower our clients to make intelligent decisions regarding their property. We have received two additional offers already from re-focused and re-motivated clients.  

I believe it takes this kind of thinking in today’s market to become a success story.After the conference call, I engaged each of my clients in one-on-one conversations. The most common questions were, “When will things turn around for us as a seller in the Las Vegas real estate market?”  And “What is going on in the mortgage business?” Today I want to address the first question, in my next blog I will address the second.

The market is adjusting to conditions created in the run on real estate during the past six or seven years.  In the late ‘90’s, Las Vegas was an undervalued market when compared to surrounding areas, especially California.  Additionally, Las Vegas is quickly running out of land within its main Valley.  Of course we saw prices increase.

Another variable which caused havoc was the “Gold Rush” mentality of investors that came flocking to Las Vegas, buying-up houses in multiples. . . . Looking for a short term hold . . . . And an opportunity to cash in on this previously undervalued market as it was gaining momentum. Almost everybody got caught-up in the buying frenzy.  Home prices sky-rocketed. Builders went wild constructing new homes as fast as they could, trying to cash in on the run-away equity phenomenon.  All of this was something very few, if any, had expected or even predicted.

Until the effects of this incredible run by investors shakes out in the Las Vegas market, things are going to feel stressed.  It’s only natural for it to feel like “the sky is falling” as this market settles back down…But once that happens, and it will, we may see another run, albeit nothing like that of the 2004-2005 spike, on home values. Most experts are predicting such a turnaround toward the end of 2008/early 2009.

There are so many factors that are causing me to feel strongly on this point…from the slow-down in permits being pulled by new home builders, to the incredible amount of capital being infused into new developments in Las Vegas ($30 billion alone along the “Strip”), to the thousands of new jobs that are coming late 2008 through early 2010 as a large number of new hotel/casino projects reach completion…Las Vegas is still growing rapidly.

Contrary to many gloom and doom reports recently published in local and national media about Las Vegas, I am not so “gloomy” or “doomy.”  As markets cycle it is important to keep it all in perspective.  And for many, even in these slower times, great profits are being realized in the sale of Las Vegas homes.

Please feel free to contact us with any questions or Las Vegas real estate needs you may have.  We are here to help.You can reach me at David@LasVegasMove.com And, to see every home for sale in