Las Vegas Market Update – September 2010

 

A New HomePath Program from Fannie Mae!

The mortgage giant quietly launches the HomePath program, which offers subprime-era terms for buyers: minimal down payments, no appraisals, no mortgage insurance and low minimum credit scores.  For the full story see the Los Angeles Times Business article, written by Kenneth R. Harney, dated September 5, 2010 titled: “Fannie Mae tries to stimulate market for foreclosed homes”

The HomePath home page is: http://www.homepath.com/.

Single family residential (SFR) closings declined by only 129 units (–4.4%) from July sales and 410 units (-12.7%) from August 2009.  The number of units closed remains at very good levels, but certainly we are feeling the effects of not having a first time home buyer tax credit, along with tougher FHA underwriting standards, and the continuing saga of inconsistent appraisals.  The median SFR sales price came back to $140,000 from $135,000.  The last page of this report shows that closed sales prices for SFRs rose in every part of Greater Las Vegas with the exception of homes in the North, the East and Boulder City. The year to date median is $138,000 and represents an overall 1.25% decline for SFR sales.

For the complete Equity Title Market Update Report for August 2010 – Click Here.

Available REO properties now exceed 3000, but market values have continued to hold relatively steady for nearly 18 months.  Inventory levels grew in August primarily because of the sharp rise in short sale listings.  Both Fannie Mae and Freddie Mac launched new short sale programs under the Home Affordable Foreclosure Alternative (HAFA) program in early August.  We are beginning to see agents, buyers, and sellers genuinely embrace short sales as there have been clear signs of more efficient negotiations and closings within this market segment.  Obviously we need more legislative attention to the need for dealing with deficiency judgments in Nevada for even better results.

Please keep in mind that Early Voting in Nevada begins next month on October 16, 2010 and runs through October 29, 2010.  Every single vote counts, so please VOTE and you will MAKE A DIFFERENCE!

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