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www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"?

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 01 Jan 2011 14:11:03 -0500

www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"?

www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"? This is the argument that has been filed by National Community Reinvestment Coalition to FHA, The National Community Reinvestment Coalition has filed complaints against 22 lenders for having credit overlays that deny home loans to the poor and minorities. There are 17 other lenders that were not included in the complaint because they have agreed to meet with National Community Reinvestment Coalition.

It should be noted that the banks not named in this complaint are Bank Of America, JP Morgan Chase & Co, and Wells Fargo Bank. These banks have a lower credit score requirements for their institutions and higher requirements for their wholesale division. Wells Fargo Bank is part of the National Community Reinvestment Coalition Banker/Community Collaborative Counsel. Wells Fargo participation with the Council and not being named in the complaint is an interesting coincidence.

Redlining is the practice of arbitrarily denying or limiting financial services to specific neighborhoods, generally because its residents are people of color or are poor. The Government passed laws to eliminate this practice specifically The Fair Housing Act, Equal Credit Opportunity Act, and Community Reinvestment Act.

Credit Overlays are implemented by lenders to lower the risk of defaults that are shown to exist with lower credit scores. FHA minimum FICO scores is 580 and most lenders require a minimum of 620 or 640 minimum FICO scores. Even with the higher requirements by the lenders with credit overlays, there still will be hits to the rate based on FICO scores below 680 to 720 depending on the lenders overlay.

National Community Reinvestment Coalition argue that Credit Overlays are discriminatory against minorities and the poor. They argue that FHA loans are insured by the government so how can the lenders justify the overlays?

Lenders argue to lower the FICO score to FHA minimum of 580 the lenders will be incurring more costs and risks in underwriting the loans. FHA can also require the lender to buyback the loan when the borrower defaults if the review of the underwriting process has determined an error in any part of the application.

Redlining practices were wrong. Are Credit Overlays Redlining? I do not think so as it does not target certain geographical areas to deny access to financial resources. Poor Credit is not based on race or income level and can be caused from bad financial habits to circumstances beyond ones control.

Does it make sense to make FHA the new subprime loan as this will clearly be the case if we lower the FICO score to 580 to get a home loan? If Credit Overlays are going to be considered Redlining, then by what standards will be equitable to determine the ability to repay the loan? What do you think? Should we eliminate Credit Overlays? Will this increase the risk of more defaults on FHA loans? Will this create another sub prime product if enacted? I look forward to your opinions.

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

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Economic Conditions for the Las Vegas Valley (includes Henderson & North Las Vegas)

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Tue, 12 Jul 2011 17:29:45 -0400

www.lasvegasmtg.com Report: This small but very concise report from Renee Burrows providing an in depth market analysis of forces influencing Las Vegas and surronding cites housing market. The report covers Inventory, Residency and Employment outlook, tourist statistics, gaming revenue as well as rental properties saturation points.

Via Renee Burrows - Las Vegas Real Estate (702-580-1783) www.ShackDiva.com (The Force Realty -Realtor-Estate-Probate-REO-Short Sale):

Foreclosure/Short Sale Listings (6/15/2011): Total Listings 13926; Short Sales: 6401, 46% of all listings; Bank Owned Listings: 3365, 24% of all listings. Short sale and REO listings consume 70% of total listings

New Home Sales (May 2011, units sold): 282 Year Change -33.8% (excl condo conversions, highrises)

New Home Sales (May 2011, median price): $190,468 Year Change +2.0% (excl condo conversions, highrises)

Existing Home Sales (May 2011, units sold): 3841 Year Change +9.0%

Existing Home Sales (May 2011, median price): $111,000 Year Change: -11.2%

New Home Permits (May 2011): 435 Year Change +10.1%

Rental Rate (MLS Monthly Average May 2011): $1257/month

My analysis: Distressed listings (foreclosures and short sales) are 70% of total listings. Units of homes sold is impressive. Credit markets must be watched as underwriting guidelines continue to tighten. Condos are barely financeable. Inventory stopped it's slow increase in December and now spring time buyers are gobbling up inventory. The rental market is softening due to all the investor/first time buyer combination of activity. This adds more supply and creates less demand. I do believe the rental prices being pressured downward is also causing the resale prices to be pressured downward.

New Residents/Employment Conditions:

New Residents (May 2011): 4676, Year Change +24.5%

Total Employment (May 2011): 805,300 Year Change -0.7%

Unemployment Rate (May 2011) 12.4%, Year Change -2.5%

My analysis: This sector is FINALLY seeing stabilization thus improvement. It is VERY encouraging to seem these numbers improve - even if slightly! Unemployment rate is still painful however the total employed numbers have remained stable for a year.

Tourism/Gaming Conditions:

McCarran Airport Total Passengers (April 2011): 3,462,134 Year Change +2.3%

Gaming Revenue (April 2011): $682,945,076, Year Change -1.0%

Visitor Volume (April 2011): 3,462,134, Year Change +2.3%

Convention Attendance (April 2011): 435,934, Year Change +2.2%

Hotel/Motel Occupancy (April 2011): 87.7% Year Change +3.7%

My analysis: This sector (tourism) needs to see some serious price corrections before we see a comeback. Corporate credit is not coming back any time soon. It will be hard to get convention attendance back up without corporate credit. Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers. Visitor Volume, Gaming Revenue & Convention Attendance are encouraging and hopefully sustainable.

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation. Information deemed reliable but not guaranteed. My analysis is my humble opinion

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty 702-966-2494

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John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

Las Vegas NV Area Short Sale Real Estate Market Report & Homes for Sale May 2011

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Thu, 16 Jun 2011 11:31:07 -0400

www.lasvegasmtg.com Report: Home buyers in Las Vegas, Nevada are seeing a small change in Real Estate Market conditions related to Short Sales. Just a few months ago with inventories high it was a buyers market but now it has stabilized for the time being. Renee Burrows has posted a concise assesment of market conditions that affect the Las Vegas Market.

Via Renee Burrows - Las Vegas Real Estate (702-580-1783) www.ShackDiva.com (The Force Realty -Realtor-Estate-Probate-REO-Short Sale):

The absorption rate for Las Vegas Valley Area Short Sales has swung from a buyer's market back to a stable market. Inventory has DECREASED by -259 units. Under Contract has INCREASED by +104 units. Sold units have INCREASED by +16 units.

There are many reasons for the lack of closings in this market and it is outlined in this post .

Short Sale Synopsis:

Listings 6/15/2011: 6401

Pending 6/15/2011: 8329

Closed May 2011: 916

Short Sales Currently Account for:

46% of All Las Vegas Valley Listings

24% of All Las Vegas Valley Sales

Read here for last month's report on Las Vegas Area Short Sales.

Most Current Market Report For Short Sales

Information About the Short Sale Process for Las Vegas Area Short Sale Buyers & Sellers

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

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Las Vegas Realty News

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com report: FHA Loan Limits will be drastically cut back for Clark County, Nevada

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 11 Jun 2011 16:19:10 -0400

www.lasvegasmtg.com report: FHA Loan Limits will be drastically cut back for Clark County, Nevada (Las Vegas, Henderson, North Las Vegas, Boulder City) starting October 1, 2011. Currently FHA loan limits for Clark County, Nevada is $400,000.00, but this will be reduced to $271,050.00, a reduction of $128,950.00!

In previous changes with FHA Mortgage Insurance or loan limits the rule has been if the property was assigned a FHA case number prior to the FHA rule change date then it would fall under the old guidelines.

What does this all mean? Qualified home buyers that are seeking a FHA loan to purchase a home over the $271,050.00 loan limit set for October 1, 2011 will need to enter under contract and have the FHA Case Number assigned to the property prior to the change date.

Many currently qualified FHA home buyers that are wanting to purchase higher priced home after October 1, 2011 will be required to have 20% down or a 720 or higher credit score for PMI to be able to have less down payment because FHA will not be available for there home loan option.

Currently FHA 30 year rates are a .5% better pricing then a conventional 30 year loans due all of the pricing hits that Conventional loans have. Read my blog regarding "The untold Truth about Par Rate" to see all of the factors that drives conventional loan rates up.

If you are a potential buyer in this market price range time is running out for you to use the FHA loan option. What would you want to do? Only need 3.5% down or have to pay 20% down and have higher interest rates? Call Me Now at 702-271-2659 to see what your options are now and what they will be after October 1, 2011.

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

Sun City Anthem (Henderson NV) Real Estate Market Report & Homes for Sale April 2011

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 11 Jun 2011 11:48:54 -0400

Are you an Empty Nester? Are you 55 and over and looking for a more quiet neighborhood without sacrificing activies or amenities? Then you need to look at Henderson, Nevada premiere age restricted adult communities that Sun City Anthem has to offer. Call me 702-27-2659 if you want to see if you can qualify for one these great deals in Sun City Anthem.

Via Renee Burrows - Las Vegas Real Estate (702-580-1783) www.ShackDiva.com (The Force Realty -Realtor-Estate-Probate-REO-Short Sale):

Age Restricted (55+) Communities are scattered throughout the valley. Many offer a variety community amenities for Seniors who enjoy active lifestyles.

Sun City Anthem is located in the Anthem Area of Henderson, NV (zip 89052 and 89044). There are 7312 Homes in Sun City Anthem ranging from 1080-4567 Square Feet. Community Amenities Include: Community Golf, Gym, Pool, Spa, Tennis, Clubhouse and Recroom

Sun City Anthem Market Report:

Listings (5/15/2011): 152

Under Contract (5/15/2011): 59

Sold April 2011: 23

Since Last Month's Report: Listings UP +13, Contracted Escrows UP +1, Solds DOWN -10. Sun City Anthem is currently enjoying a stable market.

For Current and Past Sun City Anthem Market Reports

View Sun City Anthem Homes For Sale Here (Updated Daily)

More Information on Sun City Anthem Real Estate Here

More Las Vegas Communities Here

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Las Vegas Realty News

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

Classic Rock Lovers: Here's a Cool Las Vegas Neighborhood for You!

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sat, 11 Jun 2011 11:41:12 -0400

Springs Ranch is by far the coolest themed gated community in Las Vegas, Nevada. Why is it so cool? Every street is named after a Classic Rock Musician, If you really want to show you are a die hard fan for your favorite Classic Rock Star then you need to look at Springs Ranch. Thank you Renee Burrows for highlighting this community.

Via Renee Burrows - Las Vegas Real Estate (702-580-1783) www.ShackDiva.com (The Force Realty -Realtor-Estate-Probate-REO-Short Sale):

OK I usually title my neighborhood posts with "Welcome Home to Gated Community: Springs Ranch". Not this time. I don't know why I crack up whenever I go to this neighborhood. It seems almost all neighborhoods are themed here but this one just just extra cool with classic rock names for the streets: Borland, Burrell, Claption, Knopfler, Stills, Van Eps, Van Halen. I guess if you are a die hard fan of classic rock - this is the Las Vegas neighborhood for you!

To View Springs Ranch Newest Listings & Homes for Sale click here!

Welcome Home To Gated Southwest Las Vegas Community: Springs Ranch! (aka Springs on Post Road)

117 Single Family Detached Homes

Ranging from 1319-1792 Square Feet

Built in 2006-2011 by Distinctive Builders

Springs Ranch is Close to Southern Hills Hospital Retail, Restaurants, Professional Offices & Local Gaming. Also Close to the 215 Beltway & Summerlin Parkway for Easy Access to UNLV, McCarran Airport and South Strip Employment & Entertainment Centers!

Please take a moment to fill out our questionnaires if you would like to:

Sell a Springs Ranch Home

Buy a Springs Ranch Home

Rent a Springs Ranch Home

Blog Disclaimer Important Notice

Search Las Vegas Homes For Sale and Rental Homes Right Here!

Las Vegas Realty News

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

Charleston Heights (Las Vegas NV) Real Estate Market Report & Homes for Sale April 2011

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Wed, 08 Jun 2011 16:01:38 -0400

www.lasvegasmtg.com Report: Are you looking to purchase a home or just curious on the home market for Charleston Heights? Then you need not look any further then Renee Burrows concise and yet very detailed market report for Charleston Heights, Las Vegas, NV.

Via Renee Burrows - Las Vegas Real Estate (702-580-1783) www.ShackDiva.com (The Force Realty -Realtor-Estate-Probate-REO-Short Sale):

Charleston Heights March 2011 Real Estate Resale Market Report:

Listings (5/15/2011): 181

Under Contract (5/15/2011): 147

Sold April 2011: 39

Since Last Month: Listings are UP +17 units, Pendings are DOWN -7 units, Solds are UP +2 units.

For Current and Past Charleston Heights Market Reports

View Charleston Heights Homes For Sale Here (Updated Daily)

More Information on Charleston Heights Real Estate Here

More Las Vegas Communities Here

Blog Disclaimer Important Notice

Search Las Vegas Homes For Sale and Rental Homes Right Here!

Las Vegas Realty News

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

Silverado Ranch (Las Vegas NV) Real Estate Market Report & Homes for Sale April 2011

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Wed, 01 Jun 2011 13:57:13 -0400

www.lasvegasmtg.com Report: Las Vegas a seller's market? Well certain areas are experiencing just that a seller's market. Silverado Ranch is experiencing the same demand as the previous month but the number of listing has decreased. This has created for the time being a sellers market. Thanks for the great information Renee Burrows.

Via Renee Burrows - Las Vegas Real Estate (702-580-1783) www.ShackDiva.com (The Force Realty -Realtor-Estate-Probate-REO-Short Sale):

Silverado Ranch April 2011 Real Estate Resale Market Report (Homes For Sale, Pending, Sold):

Listings (5/15/2011): 176

Under Contract (5/15/2011): 227

Sold April 2011: 67

Since last month: Listings are DOWN -11, Under Contract UP +15, Sales are DOWN -1. The Silverado Ranch Area is Currently Enjoying a Seller's Market.

For Current and Past Silverado Ranch Market Reports

View Silverado Ranch Homes For Sale Here (Updated Daily)

More Information on Silverado Ranch Real Estate Here

More Las Vegas Communities Here

Blog Disclaimer Important Notice

Search Las Vegas Homes For Sale and Rental Homes Right Here!

Las Vegas Realty News

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com Report: Republicans target increasing FHA Down Payment Part 2

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Thu, 26 May 2011 14:45:52 -0400

www.lasvegasmtg.com Report: Republicans target increasing FHA Down Payment Part 2

by John Le Francois

www.lasvegasmtg.com Report: Republicans target increasing FHA Down Payment was the main discussion held yesterday in the Republican led House Financial Services Committee. The Draft Legislation "FHA Rural Regulatory Improvement Act of 2011" Chairman Spencer Bachus (R) "This hearing is necessary to insure that government home loan programs do not expose taxpayers to significant losses."

In a previous article "Republican Politicians want FHA to Increase Down Payment" I wrote prior to the House Financial Service Committee hearing briefly outlined the increase from 3.5% to 5% for a FHA down Payment. It appears from testimony from the hearing there would a more restrictions being imposed with the new legislation if the proposal gets out of the Committee.

Micheal Berman Chairman of the Mortgage Banker Association and Ron Phillips President of National Realtors Association are strongly opposed to any increases in the required FHA down payment. Both Micheal Berman and Ron Phillips sited statistics that FHA default are considerably less then conventional loan defaults. What is more important then the amount of down payment is having strong underwriting requirements, which FHA does have.

The Cato Institute a Conservative Think Tank, disagrees and has provided a list of proposed changes that the House Financial Service Committee has eagerly endorsed.

Immediately increase to 5% Cash Down Payments on the part of the borrower.
Require FHA to only allow reasonable debt to income levels. (What that is has not been determined at time of this writing.)
Restrict borrowers eligibility to a credit history above a 600 FICO score.
Require pre purchase counseling for borrowers with FICO scores between 600 to 680.
Require a 10% down for all borrowers with a credit scores lower then 680.
Require income limits on borrowers eligibility to FHA loans to not exceed 115% of the Median Income for the Area.

Are these proposal going to make FHA immune to defaults? No! Will requiring 10% down for borrowers with a a credit score less the 680 protect the FHA loan Program? No! Will not allowing a borrowers ability to use a FHA loan program based on Income exceeding the median income limit strengthen the FHA loan program? No!

The good news is you would be more likely to put the fires of hell out with a squirt gun then this bill ever passing the Senate!

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com Report: Republican Politicians want FHA To Increase Down Payment

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Tue, 24 May 2011 16:05:33 -0400

www.lasvegasmtg.com Report: Republican Politician want FHA To Increase Down Payment

by John Le Francois

www.lasvegasmtg.com Report: Republican Politicians want FHA To Increase Down Payment from the current 3.5% to 5% and are proposing this through discussion on Wednesday Housing Financial Services Committee hearing led by Judy Biggert (R-Ill.) Last year Congress tried to increase the FHA Down Payment required, but it was removed from the bill when the President Obama threatened to veto the bill if left in.

The Republican led proposed increase to the down payment is based on the argument that FHA would not be in jeopardy of Government assistance if the borrower were required to have more skin in the game with a higher down payment. FHA has had two increases in the Upfront Mortgage Premium and the annual premium in the last year to increase the required reserves that Congress has mandated to cover mortgage defaults.

Last year Congress mandated these changes to UFMIP and MIP to secure solvency of FHA without government assistance. Borrowers with FICO score less the 580 would need to put 10% down before they could get a FHA approval.

Most of the FHA defaults were the result from the Down Payment Assistance program that was approved by Congress back in 2000 and was eliminated in 2008 when it became apparent that over 60% of these types of loans were in default in the first two years. Current FHA defaults are the results of high unemployment across the nation and would be the same regardless of the percentage of down payment required.

What is a fact is that current statistics show that Fannie Mae and Freddie Mac have an average default rate of 17% while FHA defaults are at 6.2% and VA that does not require any down payment is less then 2% in defaults.

Given VA has the lowest default rates of any mortgage loan program and does not require a down payment then logic would show that down payment is not the only determining factor for defaults.

What we do know is that the increase in down payment from 3.5% to 5% for a FHA loan would eliminate first time home buyers of at least 300,000 in the first year alone.

We know that this proposal would never come to the floor as a bill without bipartisan approval, but with banks feeling the pressure with 40% of all loans being underwritten with FHA loans, do not be surprised the banking lobby can get that bipartisan support needed to get the bill to the floor of Congress.

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

Las Vegas NV Area REO Real Estate Market Report & Homes for Sale April 2011 (includes Henderson & North Las Vegas)

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Thu, 19 May 2011 18:48:05 -0400

Renee Burrows has provided a break down for REO Retail Marketing Statistic for Las Vegas, Nevada, North Las Vegas, and Henderson for April 2011. Inventory has shown a small increase from the month before. Offers have increased as well over last month contingent offers. Closing have seen a slight decrease due to a number of factors with underwriting, title issues, HOA demand delays and short sales all having it toll in the number of closings. To see if you can qualify for a home loan please contact me at 702-271-2659 or apply online.

Via Renee Burrows - Las Vegas Real Estate (702-580-1783) www.ShackDiva.com (The Force Realty -Realtor-Estate-Probate-REO-Short Sale):

Las Vegas Area REO Inventory has RISEN since last report (+255 units), Under Contracts have RISEN by (+102) units Closing data has FALLEN by (-283) units. Low interest rates have spurred a flurry of buyer interest & activity and it continues.

REO sales accounted for 48% of all Las Vegas Area Valley resale closings in April 2011. REO listings account for only 22% of total resale listings.

Current Listed Bank Owned Statistics:

Listings (5/15/2011): 3077

Under Contract (5/15/2011): 3265

Sold April 2011: 1816

View Last Month's Report Here

For Most Current Las Vegas REO Inventory Market Report.

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.



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Las Vegas Realty News

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

Welcome Home to GATED SW Las Vegas Community: Cottages at Southern Hills!

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Wed, 18 May 2011 10:02:16 -0400

Renee Burrows has posted this great introduction to Cottages at Southern Hills a gated community. With greenbelt areas, close to schools, hospitals and the 215 will make coming home more enjoyable. Built by Ryland Homes in 2004 to 2005 this 136 home community is priced right in the mid $90,000 range. To see if you can qualify for a home loan call me at 702-271-2659 or apply on my secure online website.

Via Renee Burrows - Las Vegas Real Estate (702-580-1783) www.ShackDiva.com (The Force Realty -Realtor-Estate-Probate-REO-Short Sale):

To View Cottages at Southern Hills’ Newest Listings & Homes for Sale Click Here

Welcome Home To Gated SW Las Vegas Community: Cottages at Southern Hills!

136 Single Family Detached Homes

Ranging from 1323-1557 Square Feet

Built in 2004-2005 by Ryland

Cottages at Southern Hills Community Amenities Include: Greenbelt Areas.

Close to Southern Hills Hospital, Faiss Middle School, Tenaka Elementary School, Red Ridge Park, Retail, Restaurants & Professional Offices. Also Close to the 215 Freeway Which Provides Good Proximity to UNLV, McCarran Airport & South Strip Employment and Entertainment Centers.

Blog Disclaimer Important Notice

Search Las Vegas Homes For Sale and Rental Homes Right Here!

Las Vegas Realty News

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

Banks in Las Vegas dumping 1000s of Foreclosed Homes

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Mon, 16 May 2011 10:42:21 -0400

Vegas Bob's post that Banks in Las Vegas will be dumping 1000's of homes will be welcome news for home-buyers but bad news for homeowners. With a flood of new homes coming on to the market it would be expected to see a decrease in home prices. With this added to more defaults when the 5 year ARM'S start to reset expect to see a glut of new listings.

Via ROBERT (Vegas Bob) A.SWETZ - Commercial RE - Investments (REALTY ONE GROUP - LAS VEGAS, NEVADA ):

Harmon Building MGM City Center - Photo taken by Robert Swetz

Robert (Vegas Bob) Swetz spoke with some Broker’s from some major Real Estate companies with some connections to banks in the Las Vegas Valley.

Word has it banks across the LV Valley are going to be bringing thousands of new foreclosed home into the RE market. Banks have been sitting on so many foreclosed homes, many from years ago hoping that more would sell so they wouldn’t have to flood the market more then it is.

Great news for home buyers is with these new foreclosed homes coming into the market prices are going to be dropping ago later in the year.

Robert Swetz May 15th 2011

May 15th, 2011 | Tags: Banks, Foreclosed Homes, las vegas nevada, RE Market | Category: Las Vegas Nevada Real Estate Market

Banks in Las Vegas dumping 1000s of Foreclosed Homes

Photographs & Videos by Robert Swetz (Vegas Bob) - ©All rights reserved - All photographs for sale

Direct: 702.443.7156

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Books by Vegas Bob! « Videos By Vegas Bob

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Robert (Vegas Bob) Swetz

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com report: $400 Billion Adjustable Rate Mortgages to reset.

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Sun, 15 May 2011 18:12:38 -0400

www.lasvegasmtg.com Report: $400 Billion Adjustable Rate Mortgages to reset.

by John Le Francois

Linda Sterns a Journalist for Rueters this weekend reported that $400 Billion, that's Right $400 Billion in Adjustable rate Mortgages will be starting to reset. In 2006 at the height of home purchases the adjustable rate mortgage was the loan of choice and the most widely used ARMS were the two, three and five year ARM. In the last five years since the housing bubble started we have seen over 5 million homes foreclosed on across the United States. The next round may start when the five year ARMS start to adjust.

In the next 13 months we will see over $20 Billion in loans adjust every month. While some of these resets would be a positive for the borrower seeing an average of $300 to $500 per month decrease at current rates some will not due to the specific ARM they hold. Borrowers that had 5 Year ARMS that were Interest Only payments will se an increase in their mortgage payment.

With 1 in 25 homes are under water across the nation and in Las Vegas that number is down to 1 out of 2 homes are upside down there is little chance of converting to fixed rate at the current low interest rates. Could we see a next wave of foreclosures with the adjustment of the 5 year ARM? Could we see more strategic defaults coming due to the ARMS resets? Only time will tell.

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

www.lasvegasmtg.com Report: Scam to Defraud Las Vegas Home Buyers

John Le Francois NMLS #333903 (All Western Mortgage Broker # 14210) — Thu, 28 Apr 2011 19:54:13 -0400

www.lasvegasmtg.com Report: Scam to Defraud Las Vegas Home Buyers

By John Le Francois

www.lasvegasmtg.com Report: Scam to Defraud Las Vegas Home Buyers with an ominous letter they receive in the mail that looks and reads like a government letter from the recording office. It includes a payment coupon for $87.00 and states if you do not return within the required date (see the calender on the letter) there will be additional charge of $35.00 will be required before processing.

What do you get for the $87.00? You get a copy of the recorded Grant Deed that was recorded on your current property you purchased and a property profile.

At the end of the letter it discloses that Record Retrieval is not affiliated with the county, state or with any government agency and the offer is not being made for an agency of the government. In even smaller print it states you can obtain the Grant Deed from your county recorders where your property is located in for up to $87.00. What they don't state is you can go online and search by name, address or APN and print your own Grant Deed for FREE!

Please note that the bottom of the footer states that Record Retrieval operates in accordance to both Business and Profession Code 17533.6 & Civil Code 1716. In reality it does not comply to the letter of the law and I have provided the link to that specific California Business Law and Civil Code. The only reason they include this is to give validity to the solicitation of the letter. The Record Retrieval return mailing adress is located in Reno and is a UPS Store and the original letter shows a bulk presort stamp from Corona, Ca. Please inform your buyers that there is no reason to pay the $87.00 for this service from Record Retrieval.

John Le Francois

Senior Loan Officer

All Western Mortgage Inc.

8345 W. Sunset Rd.
Suite 200
Las Vegas, NV, 89113
US

Work: 702-947-0648

Mobile: 702-271-2659

Fax: 702-541-9901

jlefrancois@awmlv.com

http://www.lasvegasmtg.com

Visit MyBlogLog and get a signature like this!

My New Outside Blog

www.lasvegasmtg.com Report: Are Credit Overlays another way of "Redlining"?

Economic Conditions for the Las Vegas Valley (includes Henderson & North Las Vegas)

Las Vegas NV Area Short Sale Real Estate Market Report & Homes for Sale May 2011

www.lasvegasmtg.com report: FHA Loan Limits will be drastically cut back for Clark County, Nevada

Sun City Anthem (Henderson NV) Real Estate Market Report & Homes for Sale April 2011

Classic Rock Lovers: Here's a Cool Las Vegas Neighborhood for You!

Charleston Heights (Las Vegas NV) Real Estate Market Report & Homes for Sale April 2011

Silverado Ranch (Las Vegas NV) Real Estate Market Report & Homes for Sale April 2011

www.lasvegasmtg.com Report: Republicans target increasing FHA Down Payment Part 2

www.lasvegasmtg.com Report: Republican Politicians want FHA To Increase Down Payment

Las Vegas NV Area REO Real Estate Market Report & Homes for Sale April 2011 (includes Henderson & North Las Vegas)

Welcome Home to GATED SW Las Vegas Community: Cottages at Southern Hills!

Banks in Las Vegas dumping 1000s of Foreclosed Homes

Banks in Las Vegas dumping 1000s of Foreclosed Homes

Books by Vegas Bob! « Videos By Vegas Bob

www.lasvegasmtg.com report: $400 Billion Adjustable Rate Mortgages to reset.

www.lasvegasmtg.com Report: Scam to Defraud Las Vegas Home Buyers