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Las Vegas Homes BlogLas Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Wednesday, January 03, 2007Predictions for 2007
Statistics show that just over 7,000 people a month are making the pilgrimage to Las Vegas.
According to Stephen Bottfeld, a Las Vegas real estate analysts, Vegas has the best brand name of any city in the United States, it's a hangout for movie stars and celebrities and has everything necessary to make the average Joe want to be there. Due to these facts and others, many have stepped forward to let the country know that the Las Vegas housing market is far from dead. Some predictions have Las Vegas falling off in 2007, but now more than ever, the consensus seems to be that the Las Vegas housing market is far from dead. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Wednesday, December 20, 2006Home Defaults: A Growing Problem
There have been concerns rippling through the real estate industry over the rising rate of defaults and foreclosures occurring in many areas around the country.
Recently the National Association of Realtors express concerns publicly saying that some families aren't understanding the risks of taking out exotic mortgages. There have been many statistics that show many families get in over their heads when buying a new home for their family. NAR president Pat Vredevoogd Combs participated this past week with representatives from Responsible Lending and the Leadership Conference on Civil Rights. An announcement was released that "urged consumers to make sure they understand the risks and rewards of all types of mortgages before they make a decision on a loan". According to a report released earlier this month by the Mortgage Bankers Association there has been a rise in housing delinquencies by 28 basis points in the third quarter alone. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Tuesday, December 19, 2006Foreclosure Convention
A brochure released last month hits on predatory lending and offers consumers tips on how to avoid those lending practices.
The five page brochure is titled "Shopping For A Mortgage? Do Your Homework First" and was released to an audience listening to speakers at a real estate convention. The National Association of Realtors President, Pat Combs, was at the convention and offered a bit of insight to the growing mortgage problem. Combs said, "Foreclosures can lead to high vacancy rates, which in turn, can cause all homes in the neighborhood to lose value". The theme of the convention was realtors informing consumers that foreclosures are not only devastating for them, but that foreclosures also have a devastating impact on local communities. Concentrated areas and clustered cities have always had problems with loans. Some areas are susceptible to high foreclosure rates and can seriously threaten a neighborhood's stability. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Monday, December 18, 2006Former Fannie Mae Executives Face Charges
Three former Fannie Mae executives are being accused of submitting inaccurate accounting reports.
The government said they will seek more than $100 million in civil penalties from the accused and the return of more than $115 million in bonuses. There were 101 charges filed against the former Fannie Mae Chairman and Chief Executive Officer Franklin Raines, former Chief Financial Officer J. Timothy Howard and former controller Leanne G. Spencer. The charges will be filed by the Office of Federal Housing Enterprise Oversight which released a statement saying that the case will be heard by an administrative law judge. The Office of Federal Housing Enterprise Oversight filed charges after a long investigation of the management and accounting practices from 1998 through 2004. According to James Lockhart, Director of the Office of Federal Housing Enterprise Oversight, there are other current and former Fannie Mae executives who could be facing similar charges. According to Howard and Raines attorneys these charges are politically motivated and are part of a conspiracy for the Office of Federal Housing Enterprise Oversight's attempts to persuade Congress to pass legislation that will allow the office to have more regulatory power. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Sunday, December 17, 2006What Will 2007 Bring For Real Estate?
There have been many conflicting reports about the future of the housing market in 2007.
There are those who say that the market will continue to slide, that the market will continue to be a buyer's market throughout most of the year. And there are those experts who say that home sales will increase that with the national economy doing well and unemployment dropping to historical lows that real estate is in for another historic year in 2007. Recently the National Association of Realtors forecasted that there will be an increase in existing home sales. The forecast comes with reasoning that annual totals will be slightly lower than 2006 and the prediction that new home sales will continue to go by the way side. Numbers that were released showed that NAR is anticipating that roughly three-quarters of the country will experience sluggish real estate expansion. NAR's chief economist, David Lereah has said that the market across the nation will be sketchy, however he also said, "Most of the correction in home prices is behind us, but general gains in value next year will be modest by historical standards". We will just have to wait and see what 2007 holds for the real estate market. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Saturday, December 16, 2006Harrah's Entertainment Welcomes Two Equity Firms To The Family
Rumors have been in the pipe that Harrah's Entertainment had intentions of purchasing two equity firms.
Well those rumors have become reality as Harrah's Entertainment announced Tuesday that there had been an agreement reached to acquire two firms. The two firms, Texas Pacific Group and Apollo Management are now part of the Harrah’s family. And what a large family it is. Harrah's Entertainment already boasts the largest casino business around today. The two firms were acquired with an all cash transaction that totaled almost $28 billion. Also acquired was over $10 billion in debt. There will be no complaints from the stockholders; they received $90.00 per share. This is a premium of approximately 36 percent over the closing share price from when the deal was announced. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Friday, December 15, 2006Las Vegas's Local Economy Will Do Well In 2007
There are still rumors of a recession going about in Las Vegas. However, some experts are having a hard time recognizing it.
People are working, consumers are spending money, the housing market is a buyer's market and things, frankly, are looking good. Yet there are still those who predict a bursting of the housing bubble and a recession. It's obvious that while the housing market sometimes seems like a recession, there are many sectors of the economy that remain strong and help the market move along. Recently Dr. Keith Schwer, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas spoke at the Economic Outlook 2007 presentation at Green Valley Ranch Resort. The message he sent was clear, Las Vegas is not in trouble. Not the housing market, not the economy, Las Vegas economically will do fine in 2007. According to Schwer steady growth nationally should help spur another strong year for tourism. About tourism Schwer pointed out that tourism usually follows capacity. The number of available rooms has recently tightened and that of course allows resorts to increase prices. However that is not necessarily a bad thing, with the increased rates, comes a more sustained development.
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