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Las Vegas NV Area Real Estate Market June 2010 Concession Stand

Wed, 28 Jul 2010 13:36:29 -0400

If you are looking to buy a home and you want to know what the averages are for sellers concessions you will find it with Renee Burrows great summary posted here.

Via Renee Burrows - Las Vegas NV Valley - Homes For Sale - Real Estate Market News (The Force Realty -Realtor>Estate>Probate>REO>Short Sale):

Here is what buyers received in seller paid concessions on June 2010 Las Vegas Area (Henderson - N Las Vegas - Las Vegas) Closes:

Less than $500: 69% ($500 only buys you a home warranty or (no and) an appraisal)

Between $501-4000: 18%

Over $4001: 13%

This pretty much means that sellers aren't giving up much of anything since Las Vegas is a Seller's Market and in dire need of sellable inventory! Inventory levels are rising just slightly and we are seeing some movement/improvement in this sector which is good news, especially for buyers who want/need closing costs!

Last Month's Concession Stand

Blog Disclaimer Important Notice

© 2009 Renee Burrows Las Vegas Real Estate Market Report Blog

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

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!

Please try and help the "Wild Horses" in Nevada by Robert Swetz (Vegas Bob) - "Please re-blog"

Tue, 27 Jul 2010 09:56:48 -0400

Where is PETA when you need them!

Via ROBERT A.SWETZ - Commercial Real Estate (Commercial Real Estate - www.VegasBuildingsForSale.com):

The Rolling Stones- Wild Horses - The funniest bloopers are right here

Please try and help the "Wild Horses" in Nevada by Robert Swetz (Vegas Bob) - "Please re-blog"

The Feds are continuing to case "Wild Horses" in the State of Nevada because they say the horses are dying from lack of water, etc.

Most of this information is a lie and the helicopters that are casing the "Wild Horses" are causing the horses to break their legs which in turn gives them the right to be shot to death.

Please try and help the "Wild Horses" that are left by re-blogging this post, copying it and emailing it to friends.

"Thank You"

Roundup of "Wild Horses" continues in the State of Nevada (Please re-blog to help save the horses) by Vegas Bob

Federal roundup of wild horses resumes in Nevada - USATODAY.com

Jul 22, 2010 ... A federal roundup of wild horses in Nevada was scheduled to resume ... TheBLM says the roundup of wild horses is a necessity because the ...
www.usatoday.com/news/nation/2010-07-22-wild-horses_N.htm - Cached

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!

Daily Rate Lock Advice & Mortgage Market Update

Tue, 27 Jul 2010 09:53:46 -0400

Bill has provided a great blog on current rates and what external forces shape the current rate.

Via Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970:

DAILY MORTGAGE RATE LOCK ADVICE
July 27, 2010, 6:35 PT
Lock Advice is Updated Several Times Daily

Today's Short Term Mortgage Rate lock Advice: FLOAT with Caution.
MBS prices are up 0.15 point.
Points are the cost for a rate. One Point (1.000) equals 1% of the loan amount; i.e.: a cost of 1.000 point on a $125,000 loan is $1,250.
NOTE: MBS Prices are expressed as Basis Points (BPS) or in 32's and move opposite of mortgage rates. Neither make sense to most consumers so MBS prices here will be translated to Points, .

Long Term Mortgage Rate Lock or Float Advice: FLOAT
The MBS Market finally broke through a rock solid price resistance level in existence since 2008.   This is very positive for rates as the resistance level could turn in to a very solid support level. It will take a week or so to confirm the move but things look positive.

National Average Fixed Rate Mortgage
UP 0.01% at 4.54% on Jul.26

10 Year Treasury on Jul 26: 3.03% Up 0.01%

DJI Stocks Currently $10,563.20, Up 37.77, 0.36%

Asia & Europe Indexes Up 1.11%

Nymex Crude Oil Currently $79.40 Up $0.42

___________________________________________________________

California Rates 07-26-2010, 8:00 PT
30 Year Fixed to $417,000
Rate 4.250% Point 0.375, APR 4.362%
APR Based on $350,000 Loan at 80% LTV
740 Credit Score - 30 Day Lock.
Click for Quotes on FHA and VA loans With Detailed Cost Estimates.
No Application Fee or Credit Report required

____________________________________________________________________________________

MORTGAGE MARKET NEWS IN REVIEW

Tuesday, July 27
Consumer Confidence comes out this morning. It is expected to be slightly down.

Monday, July 26
New Home Sales report shows sales are up 24%.
Monday's best 30 year rate quote: 4.25%, .375 point, 4.362% APR

Friday, July 23
No economic data is scheduled today that would affect mortgage rates.

Thursday July 22
Jobless Claims were 464k, higher than the expected 450k..
June Existing Home Sales fell 5% to 5.37M,

Wednesday, July 21
No economic data will be released today. Fed Chief Bernanke will deliver the semi-annual testimony to Congress at 2:00 PM ET

Tuesday July 20,
Housing Starts came in at 549k, below expectations

Thursday, July 15,
today's Producer Price Index (PPI) is -0.5%, -0.1% was expected
Core PPI came in as predicted
Jobless Claims came in at 429K where 450k was expected

Wednesday, July 14
Import Prices ex-oil were down
Retail Sales are down more than expected

Tuesday, July 13
Trade Balance came in lower than expected without noticable affect on mortgage rates.

Friday, July 9
No economic date is scheduled today that could affect mortgage rates.

Thursday, July 8
Jobless claims were down 18,000 and slightly lower than expected. The good news pushed mortgage rates up a bit during the day.

Friday, July 2
The economy lost 125,000 jobs in June, which was close to expectations. The private sector added 83,000 jobs and 225,000 census workers lost their temporary work.

Thursday, July 1
Jobless claims came in higher than expected.
Construction Spending and Pending Home Sales were less than expected.
ISM Incex was also less than anticipated.
Typically, poor economic news is good for mortgage rates.

Wednesday, Jun 30
Chicago PMI came in at 59.1 as expected and indicates an expanding economy.

Tuesday, June 29,
Consumer Confidence was lower than expected.
The April Case-Shiller 20-city home price index showed a rise of 0.8% from March, the first monthly increase since September.

Monday, June 28
Personal Income came in close to expectations.
MBS prices closed up 16/32 and many lenders inproved their mortgage rates midday.

Friday, June 25
Consumer Sentiment rose to the highest level since January 2008.

Thursday, June 24
Durable Orders were -1.1% when they ware expected to be 2.8%
Jobless Claims imporved slightly.

Wednesday, June 23
New Home Sales dropped 33% from April, far below the consensus.

The Fed made no change in the fed funds rate and Mortgage rates showed little reaction.

Tuesday, June 22
Existing Home Sales came in at 5.66M which was lower than expected. CPI inflation came in close to expectations with almost no effect on mortgage rates..

Wednesday, June 16

Lots of news this morning and, so far, it has not significantly impacted mortgage rates.

May PPI fell -0.3% from April due to a decline in energy prices

PPI was 5.3% higher than one year ago

Core PPI was 1.3% higher than one year ago.

May Housing Starts fell 10% to 593K.

Building Permits declined 6% to 574K, the lowest level in a year

The Mortgage Bankers Association weekly purchase activity index rose 7%, while the refinancing

activity index increased by 21%

Tuesday, June 15
The Empire State index came in close to expectations

Friday, June 11
MBS prices jumped when Retail Sales came in lower than expected, lowering mortgage rates slightly at opening.

Thursday, June 10
Jobless claims came in at near expectations.
MBS prices dropped 25/32 causing several lenders to increase their mortgage rates mid day.

Friday, June 4
May Employment report showed a 431K job increase, which was lower than expected

Thursday, June 3
Lots of news that had no real effect on mortgage rates:
Jobless Claims came in close to expectations.
First quarter productivity was revised lower to 2.8% from 3.6%
The Fed's Lockhart said the Fed may have to begin hiking rates even while unemployment is considerably higher than before the recession.
Factory Orders were 1.2, close to expectations
ISM Services Index, 55.4 as predicted

Wednesday, June 2
April Pending Home Sales rose 6%, which was higher than expected.

Tuesday, June 1
Construction spending came in stronger than expected

Friday, May 28
Today's economic data was close to expectations and had little impact on mortgage rates today.
The Chicago PMI manufacturing index fell to 59.7.
April Personal Income rose 0.4%.
The Core PCE price index, the Fed's inflation measure, increased at a low 1.2% annual rate.

Thursday, May 27
Today's mortgage rates are being hammered by the strong stock market. Jobless Claims and GDP came in close to expectations and had little impact.

Wednesday, May 26
Durable Orders exceeded the consensus.
April New Home Sales rose to an annual rate of 504K units, way above the consensus forecast of 425K, and the highest level since May 2008.

Tuesday, May 25
Tensions between North and South Korea have caused money to fly to safety. from stocks to bonds which helps mortgage rates.
Consumer Confidence came in at 63.3, above the consensus forecast of 58.5 which helped Stocks recover from down almost 300 earlier in the day.

Monday, May 24
Existing Home Sales were 5.77M, higher than the consensus of 5.65M. The news did not effect mortgage rates.

Friday, May 21
No economic reports are scheduled today so mortgage rates will be primarily driven by the stock market. DJI has recovered from down 148.73 shortly after the opening bell.

Thursday, May 20
Jobless claims higher than expected.   Stock market weakness is pushing Mortgage Rates down this morning.
Oil prices fell as low as $65 per barrel, reaching the lowest level since July 2009.

Wednesday, May 19
CPI inflation was very close to expectations at low levels.

Tuesday, May 18
Mixed Producer Price Index (PPI) and slightly increased Housing Starts which initially had little effect on MBS.   Later, the stock market turned negative, which lifted MBS markets and lowered rates.

Monday, May 17,
The Empire State index fell short of the consensus forecast

Friday, May 14
Retail Sales came in close to expectations

Thursday, May 13
Weekly Jobless Claims at 444K, close to the consensus forecast of 440K.
Demand was close to average for the 30-yr auction.

Wednesday, May 12
The March Trade Deficit rose to $40.4 billion, which was a little higher than the consensus forecast.

Tuesday, May 11
Demand was stronger than average for the 3-yr auction,

Monday, May 10
The big news effecting stocks this morning is that the European Union will make available $1 trillion to support Greece and other European Union members which are experiencing economic troubles.

Friday, May 7
The economy added 290K jobs, above the consensus of 190K, while the Unemployment Rate rose to 9.9% from 9.7%.

Thursday, May 6
This morning, weekly Jobless Claims fell to 444K, close to the consensus forecast of 440K.

Wednesday, May 5 - Bad news for EU is good news for US Mortgage Rates.
Early this morning the ADP jobs estimate for April was expected at +30K, as reported +32K; March was revised by ADP from -23K to +19K. A good report on jobs but there was no reaction to it in markets that are completely consumed with the unraveling of events in Europe and concerns that the EU may be permanently altered as the crisis of debt defaults has not been contained. All focus now is on safety to US treasuries and fears of a stock market decline. US stock markets will suffer as the euro currency falls against the dollar, investors will be leery of buying US equities as the dollar strengthening takes away buying from European and foreign investors in general.
Education is Consumer's Only Real Protection.

What You Should Know About APR

How To Shop for Mortgage Rates.

Beware of Misleading Lender Advertising

Education is the best consumer protection

Rates and Point Relationship Explained

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage Ultimate Mortgage Calculator

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: Las Vegas, Nevada FHA Refinance Loans important facts!

Sun, 25 Jul 2010 16:22:18 -0400

www.lasvegasmtg.com Report: Las Vegas, Nevada FHA Refinance Loans important facts!

www.lasvegasmtg.com Report: Las Vegas, Nevada FHA Refinance Loans important facts! With Las Vegas, Nevada experiencing declining home values many FHA borrowers are under the mistaken believe they cannot Refinanced their FHA home loans to get a better rate. Borrowers that have FHA loans from 2007 or before, typically have 6% or higher loan rates, and with rates now at historic lows, now is the time to refinance to reduce the payment amount or shorten the time to payoff.

Las Vegas, Nevada FHA Refinance Loan Important Facts:

FHA Refinance Loans will provide benefits that are not allowed with Conventional Home Loan Refinances or even VA loan Refinances.

Las Vegas, Nevada FHA Streamlined Refinance allows any existing FHA Home Loan borrowers to do an FHA Streamline Home Loan if the following criteria is met:

The FHA Home Loan Refinance must either reduce the overall monthly payments or shorten the payment terms to show a benefit to the borrowers.
You must have an existing FHA Home Loan and must be current in the last 12 months with no 30 day or greater late payments showing on the mortgage rating.

What is a Las Vegas, Nevada FHA Streamline Home Loan?

Las Vegas, Nevada FHA Streamline Home Loan means there is limited documentation needed to complete a FHA Refinance Home Loan.
On a FHA Streamline Home Loan there is no credit report run, but there is a mortgage rating that is done to ensure the mortgage is current and has not had any late payments for the last 12 months.
There is no income qualifications needed for FHA Streamline Home Loans, so borrowers will not need to prove income with tax returns or pay stubs.
A FHA Refinance Streamline loan does not need a new Appraisal, but total cost cannot exceed the 96.5% LTV before the FHA Upfront Mortgage Insurance is added in to the loan. With Las Vegas, Nevada home values declining, allowing no appraisal for qualifying makes this option a huge benefit to FHA Home Loan borrowers to save time and money with little documentation from the borrowers.

To learn more about the FHA Streamine Home Loan in Las Vegas, Nevada please contact me. If you know of past clients that have a FHA Home Loan let them know they may be able to reduce their monthly payments and save Hundreds of dollars monthly or reduce the time to payoff their mortgage. They will not forget who helped them to save their money.

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: Fannie Mae is taking the gloves off against Strategic Defaulters!

Wed, 21 Jul 2010 17:13:50 -0400

www.lasvegasmtg.com Report: Fannie Mae is taking the gloves off against Strategic Defaulters!

http://www.lasvegasmtg.com: Fannie Mae is taking the gloves off against Strategic Defaulters as they announced they are seeking to prevent any agency including FHA from financing a home loan for 7 years for any borrowers that were able to make the payments but decide not to.

USA Today reported this new initiative yesterday from Fannie Mae and the company is seeking legislative approval to bar those that have been prove to have strategically defaulted from getting any home loan for seven years. Currently there is a bill in the House of Representatives to make it a law banning strategic defaulters from getting any home loan for seven years. This would require the Senate to pass the bill and then be signed into law by the President.

If this passes then FHA would be banned from lending to strategic defaulters for the same time period. Currently any short sale or foreclosure is 3 years before a borrower can get a FHA loan. The question is how would Fannie Mae determine if a borrower has strategically defaulted. Fannie Mae will determine if the borrower still has other debt and is making payment on those debts. The question I would ask if there was a delinquency in mortgage payments would there still be credit to the borrowers? If there is no credit available then what would prevent the borrower to file Bankruptcy to eliminate the debt and the foreclosure debt as well?

Can this really be fixed with a law to stop Strategic Defaults? Please let me know what you think.

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: HUD want to hear from you on proposed changes!

Tue, 20 Jul 2010 22:34:11 -0400

www.lasvegasmtg.com Report: HUD want to hear from you on proposed changes!

www.lasvegasmtg.com Report: HUD want to hear from you on proposed changes to help shore up FHA balance sheet. While everyone is familiar with the recent changes in Upfront Mortgage Insurance from 1.75% to 2.25% we will see the next wave of changes outlined here.

Las Vegas, Nevada home loans for purchases and refinances in the last two years are underwritten with FHA loans nearly 67% of the time for loans under $400,000.00. With the proposed changes that FHA is seeking, this could have a negative impact in Las Vegas housing industry and cause a longer time for the housing recovery.

FHA Proposed Rule Changes:

Restricting sellers concessionsfrom the current allowable 6% to 3 %. Las Vegas has already been limited by the banks on sellers concessions to 3% every since inventory has been held artificially low so the impact on the future contracts will be minimal.

2. The down paymentwill increase from 3.5% of the contract price for borrower's with a minimum FICO Scores over 580 and less then 620 will now be required to have 10% down . This would not cause much of a problem as most lenders have existing overlays with a minimum of 620 FICO scores.

3. Increase the minimum FICO Score from no minimum to 580 to offset the risk of bad loans. Most lenders in Las Vegas have already set overlay at a 620 minimum FICO Score and a maximum DTI ratio 45%. Yesterday one of the major lenders in Las Vegas just increased the minimum FICO Score to 630 and DTI is capped at 40%.

HUD will be seeking the approval from Congress to also give it the authority to raise the annual premium from .55% to the maximum of 1.25%. This will be necessary to bring the minimum reserves up to the 2% FHA is required by law to have in case of foreclosure.

FHA is under fire from Congress because the required minimum reserves of 2% set by Congress has been slowly deteriorating to less the .5% due the high number of foreclosure from the DPA (Down Payment Assistance) which ironically was created by Congress in 2005 to compete with conventional subprime loans as leveling the playing field for FHA!

With FHA overwhelming importance to provide home buyer's low cost home loans it makes even more sense we need to make changes to ensure it's survives this storm!

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: July Newsletter

Wed, 07 Jul 2010 16:29:27 -0400

Moved to a New Company:

I have moved from Direct Access Lending to All Western Mortgage, Inc..
My new location is 8345 W. Sunset Rd. Suite 200, Las Vegas, NV. 89113.
I look forward to help you or your friends get into their dream homes.

Marketplace/Economy:

Mortgage Applications Increase as Rates Continue to Drop!
With mortgage rates at a 50 year low, applications have increased by nearly 9 percent.

Click Here to Read the Full Article by MBAA.org

If you're considering a Home Purchase then now is the time to take action! Check out the "Resource Center" in the left-hand column of this newsletter for an interactive online tool that can help answer just about any mortgage or real estate related question.
____________________________________________________________

Brian Tracy Inspirational Article of the Month:

Remain Flexible at All Times
Brian Tracy is a world-renowned personal and professional development coach that has helped millions of people achieve their goals and develop a positive mindset. Brian will be contributing to our newsletter every month by providing us with an article to help inspire you, our clients, to reach higher and achieve more than ever before.

Click Here to Read this Article by Brian Tracy
____________________________________________________________

Interesting Articles of the Month:

Toyota Warns of Engine Defect in 270,000 Cars
Toyota Motor warned on Thursday of an engine fault affecting eight models of its luxury Lexus and Crown sedans, potentially requiring a global recall that could affect up to 270,000 units.

Click Here to Read the Article by Yahoo News

Giant, Prehistoric Whale-Eating Whale Found!
The massive skull and jaw of a 13-million-year-old sperm whale has been discovered eroding from the windblown sands of a coastal desert of Peru.

Click Here to Read the Full Article by Discovery.com

Flying Cars Are Just Around the Corner!
While this may seem far-fetched, it may be closer to reality than you think. The Terrafugia car, a small plane that can drive on roads has been called the first “flying car.” Recently it became one step closer to being street and sky-legal.

Click Here to Read the Full Article by Reuters.com

Hate Your Commute? Then Pity Workers in Beijing and Mexico City
If you think your drive to work is bad then spare a thought for commuters in the cities of Beijing, Mexico City and Johannesburg which have come top in a global poll of the worst driving commutes in the world.

Click Here to Read the Full Article by Reuters.com
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YouTube.com Video of the Month:

Did Somebody Say Water Bloopers?
What better way to enjoy a hot summer day than to spend a few minutes indoors, watching others fail miserably at their effort to cool off! Some of these clips will make you cringe! Enjoy the following video and be sure to forward to family, friends, and co-workers!

Click Here to Watch the Videos by YouTube.com
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Delicious Recipe of the Month:

Southwestern Quinoa Cakes
If you like quinoa you will love these quinoa cakes! They are full of flavor and a good source of protein. They are delicious hot off the pan and even better served inside warm pita bread with avocado slices, cilantro and hot sauce. You can eat them cold, microwave them, or re-heat them in a convection oven for the best results.

Click Here for the Full Recipe by CookingWithMelody.com
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Funny Dumb Criminal Stories of the Month:

Funny Dumb Criminal Stories – 3 Instant Classics!
Every month, our dumb criminals seem to get even dumber! These folks can bring a smile to your face knowing full well they've been locked up! Read and enjoy!

Click Here for the Full Story by CriminalLawyer.net

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!

Freedom ain't FREE

Sun, 04 Jul 2010 13:36:03 -0400

A Great post and a reminder to never judge by appearance.

Via Dana Devine (Charles Rutenberg Realty):

As I came out of the supermarket that sunny day, pushing my cart of groceries towards my car, I saw an old man with the hood of his car up and a lady sitting inside the car, with the door open.

The old man was looking at the engine. I put my groceries away in my car and continued to watch the old gentleman from about twenty five feet away.

I saw a young man in his early twenties with a grocery bag in his arm, walking towards the old man. The old gentleman saw him coming too and took a few steps towards him.

I saw the old gentleman point to his open hood and say something. The young man put his grocery bag into what looked like a brand new Cadillac Escalade and then turn back to the old man and I heard him yell at the old gentleman saying,

'You shouldn't even be allowed to drive a car at your age.' And then with a wave of his hand, he got in his car and peeled rubber out of the parking lot.


I saw the old gentleman pull out his handkerchief and mop his brow as he went back to his car and again looked at the engine.

He then went to his wife and spoke with her and appeared to tell her it would be okay. I had seen enough and I approached the old man. He saw me coming and stood straight and as I got near him I said, 'Looks like you're having a problem.'


He smiled sheepishly and quietly nodded his head. I looked under the hood myself and knew that whatever the problem was, it was beyond me. Looking around I saw a gas station up the road and told the old man that I would be right back... I drove to the station and went inside and saw three attendants working on cars. I approached one of them and related the problem the old man had with his car and offered to pay them if they could follow me back down and help him.

The old man had pushed the heavy car under the shade of a tree and appeared to be comforting his wife. When he saw us he straightened up and thanked me for my help. As the mechanics diagnosed the problem (overheated engine) I spoke with the old gentleman.

When I shook hands with him earlier, he had noticed my Marine Corps ring and had commented about it, telling me that he had been a Marine too. I nodded and asked the usual question, 'What outfit did you serve with?'

He had mentioned that he served with the first Marine Division at Tarawa, Saipan, Iwo Jima and Guadalcanal .

He had hit all the big ones and retired from the Corps after the war was over.. As we talked we heard the car engine come on and saw the mechanics lower the hood. They came over to us as the old man reached for his wallet, but was stopped by me and I told him I would just put the bill on my AAA card.

He still reached for the wallet and handed me a card that I assumed had his name and address on it and I stuck it in my pocket.. We all shook hands all around again and I said my goodbye's to his wife.


I then told the two mechanics that I would follow them back up to the station. Once at the station I told them that they had interrupted their own jobs to come along with me and help the old man. I said I wanted to pay for the help, but they refused to charge me.

One of them pulled out a card from his pocket looking exactly like the card the old man had given to me. Both of the men told me then,that they were Marine Corps Reserves. Once again we shook hands all around and as I was leaving, one of them told me I should look at the card the old man had given to me. I said I would and drove off.

For some reason I had gone about two blocks when I pulled over and took the card out of my pocket and looked at it for a long, long time. The name of the old gentleman was on the card in golden leaf and under his name.......


'Congressional Medal of Honor Society.'

I sat there motionless looking at the card and reading it over and over. I looked up from the card and smiled to no one but myself and marveled that on this day, four Marines had all come together, because one of us needed help. He was an old man all right, but it felt Good to have stood next to greatness and courage and an honor to have been in his presence. Remember,

OLD men like him gave you FREEDOM for America .

Thanks to those who served...& those who supported them.

America is not at war. The U.S. Military is at war.. America is at the Mall.. If you don't stand behind our troops, PLEASE feel free to stand in front of them!


Remember, Freedom isn't Free, thousands have paid the price so you can enjoy what you have today.

Everything you want 2 Know about Dana Devine

Visit the best Mortgage Loan Officer I know

http://www.devineshowcasehomes.com

cell 813-748-4115

email: dana@devineshowcasehomes.com

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!

Are More Renters The Key To The Housing Recovery?

Thu, 01 Jul 2010 14:29:23 -0400

Las Vegas rental rates have declined due to investors flooding the rental market. With renters buying properties as it is cheaper to own then rent creats less demands.

Via Lisa Udy Realtor Utah Real Estate Specialist (Logan Utah Real Estate The Platinum Real Estate Group):

Original Source: Renters Key To The Housing Recovery

When economies fall on hard times, people start thinking more short term, and they struggle to live day to day. Today’s economy definitely fits into this category. Because people are trying to live day to day and are looking more short term, the housing market is in a shift.

Previous homeowners are losing their homes through foreclosure and job loss. People are leaving their underwater homes through strategic defaults to start over. These previous homeowners are in need of housing. Some will live with family, but most are looking to rent a home.

Obviously the more people looking to rent, demand goes up, and rental prices will rise. As rental prices rise, if home prices are still falling, the housing market will recover. How? Let me explain:

What Happens When Renting Becomes More Expensive And Home Prices Fall?

As home prices continue to fall, as long as rental demand goes up, you will see a truly stable market come into fruition. People will always need housing and if it becomes more expensive to rent a home then buy, people will make the necessary sacrifices to buy a home over rent.

According to Yale economist Robert Schiller:

“If you look at the trend in rents to see where housing prices are headed, you’re looking at the right measure.” – Money.CNN.com

Economist’s know that if you follow rental trends you can guage housing trends. As the price of renting drops, more people will choose rent over purchase. As rental prices increase, more people will find value in owning.

Lending Standards Forcing More People To Rent Is A Good Thing

As lending standards continue to grow more stringent, people without money to put down on a home will be left to rent. This is a good thing, for the housing market anyways, not so much for the renter.

If you talk to anyone looking to find a home for rent today, ask them if they are getting everything they wanted. Is the location right? Is the price right? Are they happy with the landlords conditions? How many rentals did you miss out on due to high demand before you found a property to rent? Why are you renting over buying?

That last question is usually answered with a problem to obtain financing to own a home. Sure, some people rent for other reasons, but a large majority would prefer to own a home over rent.

More People Looking At Lease Options Show A Slow Rental Market

Over my 9 years in real estate, I have had one lease option close. The lessor actually went through with the terms of the contract and bought the home. Most times this is just not the case.

People interested in lease options can’t afford to buy a home, have little or no credit, or need to work on bad credit to purchase. When I think of lease options, I think of a renter that isn’t satisfied with the rental market, otherwise they would just rent until they could buy a home.

We have a property management company within our real estate brokerage. They have no inventory to rent. All rentals are secured with 100% occupancy and everyday we get more and more inquiries for rental properties and we have to turn them away due to lack of inventory.

This proves, at lease in my area, the housing market is on the road to recovery. Why? Investors.

Investors Are The Key To The Housing Market Correction

There is no question that inventory levels in housing markets across the nation are at astronomical levels. Sure, some markets are doing pretty good, but most housing markets are saturated.

High inventory = Less demand = Lower prices

Usually, when home prices drop, rental prices drop. Owning a home becomes more affordable, and rental owners have to drop their prices to keep their investments occupied. Today’s market is different.

Renting is becoming more expensive due to credit becoming harder to obtain, people walking away from homeownership through strategic defaults, and decreased rental inventory.

It’s a good time to be an investor, don’t you think?

According to Robert Schiller, the Yale economist, the normal costs of rent to own ratio is 87%. Which means, people will be more willing to pay for housing if it only costs 13% more to own a home.

During the bubble, americans were paying 66% more to own than rent. This number is still incredibly high, which means, rental properties are in high demand. With homes becoming more affordable, and rental demand on the rise;. investors that plan on renting out properties should be salivating.

The smart investor is watching this trend closely. If investors start buying up properties for rentals, inventory will decrease. And through rental demand, the housing market will start to show a true recovery.

In order for the housing market to recover, plain and simple, we need more renters to entice investors to spend more money.

Lisa Udy

Platinum Real Estate Group

Please Help Carolyn Capalbo

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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Sun City Anthem (Henderson, NV) May 2010 Real Estate Market Report (Homes for Sale, Under Contract, SOLD!)

Fri, 25 Jun 2010 10:18:29 -0400

Renee Burrows assement of Sun City Anthem 55+ current market.

Via Renee Burrows - Las Vegas NV Valley - Homes For Sale - Real Estate Market News (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 (6/15/2010): 124

Under Contract (6/15/2010): 88

Sold May 2010: 24

Since Last Month's Report: Listings DOWN -11, Contracted Escrows UP +10, Solds DOWN -16. Sun City Anthem is currently enjoying a seller to stable market.

Renee Burrows carries the SRES (Senior Real Estate Specialist) Designation and has Probate and Estate experience. If you need a referral to a Probate or Estate lawyer, please contact me!

Seniors Real Estate Specialists® are REALTORS® qualified to address the needs of home buyers and sellers age 50+. The SRES® Council awards the SRES® Designation to those members who have successfully completed its education program.

By earning the SRES® designation, your REALTOR® has demonstrated necessary knowledge and expertise to counsel clients age 50-plus through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home. Your REALTOR® has received special training, gets regular updates, and is prepared to offer the options and information needed in making life changing decisions.

For Last Month's Sun City Anthem Market Report Click Here

For Most Current Sun Cities Market Report Click Here

Blog Disclaimer Important Notice

© 2009 Renee Burrows Las Vegas Real Estate Market Report Blog

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

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!

Sharing a Smile

Wed, 23 Jun 2010 10:52:02 -0400

Get your Free Hug Here.......

Via Marte Cliff (Marte Cliff Copywriting):

A friend sent this tonight, and after I smiled my way through it, I decided I had to share.

marte@copybymarte.com

Call on Copy by Marte for:

Custom Web Copy....Agent Bios....E-mail Campaigns
Newsletters....Postcards....Custom Prospecting Letters
Articles....Blog Posts....Print Ads

PLUS

Pre-written real estate letters that save you time and money -
and keep you in touch with your prospects.

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!

What you need to know about getting a Veteran Home Loan in Las Vegas, NV.

Fri, 21 May 2010 09:57:00 -0400

What you need to know about getting a Veteran Home Loan in Las Vegas, NV.

Getting a Veteran Home loan is not as difficult or as time consuming as one may think in the hands of of someone who has the knowledge doing VA home Loans. There are more rules and guidelines that are in place with a home loan for VA, then FHA or Conventional Home Loans . This is to insure that the Veterans have enough income to qualify for the home payment and the maintenance and utilities for the specific home they are purchasing.

What are the benefits for a home loan for a Vet?

Vets that have served and has anything other then a dishonorably discharged on their DD214 or are currently on active duty and they have completed 24 months of continuous service are eligible for a VA Home Loan. If the Veteran was called up for service and served at least 90 days before being discharged and did not received a dishonorable discharge they are eligible for a Veteran Home Loan. The guaranteed Loan Amount in Las Vegas, Nevada is capped at $417,000.00. The VA Home Loan is not the lender ,but guarantees the loan to the lender in case of default. The Veteran can purchase a home with $0 dollars down and can have up to 4% sellers concession which is 1% more then FHA and Conventional seller concession limits. VA Funding fee is calculated based on several factors if the Veteran is putting less the 5% down the fee is 2.15% of the loan amount for Active Duty and Veterans, and 2.40% for National Guard and Reservists for 1st time use. If the Veteran has used their VA Home Loan Guaranty previously then the VA Funding Fee is 3.3%. The Veteran is exempt from the VA Funding fee if they have a 10% or more service related disability. Veteran's Widows that were married at the time of the Veterans death are able to get a VA Home Loan. If the Veteran is on Active Duty and has been overseas for at least 90 days from December 1st 2008 to May 1st 2010 will be still eligilbe for the $8,000.00 Tax Credit until April 30th 2011 to enter into a contract and will have to close by June 30th 2011.

Requirements for a VA Home Loan.

VA Home Loans requires the loan to be owner occupied, but if on active duty will allow the spouse to be occupied owner.

VA does not allow non spouse borrowers on the loan.

Minimum FICO Scores required is 620 and the DTI will be capped at 41%.

Military Service that have been discharged or retired will need to provide a copy of the DD214 or if on active duty a signed statement from the unit Commander.

Discharged or Veteran retirees will need Certificate of Eligibility or the lender can get for the Veteran.

Waiving of the VA Funding Fee will need proof of Disability either recorded on DD214 or VA-26-8261-A Veteran Status form with Claim Number.

Debt to Income Ratios is 41%, but may go up with extenuating circumstances, which includes assets, higher reserves, and high FICO Scores.

DTI will also include the following: Child support, Child Care, Alimony, Maintenance set asides and the required Residual Income based on location and family size and the loan amounts.

Maintenance cost is calculated at .14 cents per the the subject house square feet and will be included on determining the DTI ratios.

Fees a Veteran cannot pay.

1. Processing Fee

2. Underwriting Fee

3. Escrow Fee

4. Termite Inspection

Getting a Veteran Home Loan in Las Vegas, Nevada is not difficult or time consuming in the hands of someone knowledgeable!

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: H. R. 5072 FHA Reform Act of 2010 Passes the House

Sun, 13 Jun 2010 18:21:59 -0400

www.lasvegasmtg.com Report: H. R. 5072 FHA Reform Act of 2010 Passes the House

www.lasvegasmtg.com Report: H. R. 5072 FHA Reform Act of 2010 Passes the House has been adopted by a voice vote and now will go to the Senate for debate. Some of the key components of the FHA Reform Act of 2010 (H.R. 5072) which has been noted in many blogs is the Congress setting the annual premiums loan limits currently at .55% to 1.5%. It might be noted that FHA as stated they are seeking the ability to have the 1.5% increase but would initially only increase it to .9% similar to current private Mortgage Insurance costs for a conventional loan.

In a 2009 audit of FHA UFMIP it was apparent that FHA would require a increase in the premium's due to the mandated 2% reserves required by Congress. FHA has noted that the primary reason for the shortage was a direct result of the tax rule changes allowing Down Payment Assistance programs from 2004 to 2006 when they were abolished. With 650,000 DPA loans during this time 70% of the loans are in default. Last month the UFMIP was increased from 1.75% to 2.25%, but the annual premium increase has to be approved by Congress.

Here are other provisions to the FHA Reform Act of 2010 that I think needs to be focused on as much as the increase in the annual premium.

1. Sponsor Waters (CA) Increase Loan Limits in micro-politan counties experiencing significant growth.

2. Cardonza (CA) Prioritizing foreclosure counseling in hardest hit areas in foreclosures.

3. Cao (CA) to require information to borrowers on credit risks and financial counseling services.

4. Bean (IL) HUD to provide a annaul report on financial stability and to provide recommendation on the minimum required Down Payments. It would give the authority to HUD to make changes to the minimum investment requirements.

5. Garrett (NJ) Would require the Down Payment to be 5% up from the current 3.5% minimum. Closing costs would be prohibited from being included in the loan.

6. Price (GA) Would cap HUD at 10% of all originated loans until 2012. HUD has 90 days to provide Congress a plan of action.

7. Turner (OH) to remove HUDs emergency authority to increase loan limits from $720,000 in high cost areas and cap the maximum loan limit to $500,000.

8. Clarke (NY) Require HUD to provide to the GAO analysis of HUD's loss mitigation program particularly low income borrowers.

9. Edwards (TX) Would require borrowers to state they have not been convicted of sexual offense with a child to get a FHA loan.

I think item # 4, 5, 6, 7, would have a greater affect on getting a FHA loan then the increase in the annual premium. I would also feel that item #9 is going to be extremely difficult and most people would find it offensive to have to certify they are not a child molester in order to get a home loan.

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: Nevada Senator Harry Reid wants to Extend $8,000 Tax Credit

Sat, 12 Jun 2010 22:43:54 -0400

www.lasvegasmtg.com Report: Nevada Senator Harry Reid wants to Extend $8,000 Tax Credit

www.lasvegasmtg.com Report: Nevada Senator Harry Reid wants to Extend $8,000 Tax Credit until September 30Th. Senator Reid (D) the Senate Majority Leader is Co-Authoring the bill for the extension of the Tax Credit and is hoping to attach it to several bills that are presenltly moving through the Senate to extend Tax Breaks that are set to expire. If Democrats are successful in attaching the bill to the the Tax Breaks and the extension of Unemployment benefits Democrats are unsure there will be enough support to pass the legislation.

The previous extension expired on April 30th for the $8,000 for First Time Home Buyers and $6,500 for Home Owners moving up. To be able to qualify for the Tax Credit the borrowers had to be under contract by April 30th, 2010 and the transaction had to be closed by June 30th, 2010. It has been determined by The National Realtors Association that as many as 180,000 contracts that are currently eligible for the Tax Credit are in jeopardy of not closing by the required time limit.

Lawarence Yun The Realtors Associations Group Chief Economist is stating the delays are a result of several Factors with a surge of Contracts to meet the April 30th, 2010 deadline, delays with Appraisals and Short Sale Negotiations as being the most often reported reasons for the delays.

This extension would not help buyers that were not successful in getting their offers accepted before the April 30th 2010 deadline, but would provide more time for those that are already in contracts.

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!

Third Party Verification of Occupancy???? Fannie issues notice to lenders!

Fri, 11 Jun 2010 19:18:17 -0400

Spawn of a new industry! The verification of Occupancy by third party is right around the corner.

Via Deborah Garvin California Mortgage Financing (Security One Financial):

Got a client???????? Know a friend?????? Thinking of trying to "fudge" on the occupancy declaration when you're buying a home??????

I have never seen the logic or understood the rationale of anyone willing to sign fraudulent loan documents and risk activation of the "Due On" clause in the fine print of all mortgage documents that can (will) call the entire Note due in the event of fraud or sale.

Moreover, the mere idea that a loan officer or broker would jeopardize their career or license is pure lunacy!

It appears Fannie is getting REALLY serious about preventing occupancy fraud and are advising lenders that they "may" (code for "should") want to hire a third party service to verify occupancy AFTER the closing of the loan....and they (lenders) might want to hold funds for third party originators (that would be mortgage brokers) until occupancy is verified.

Most (if not, all) broker agreements with mortgage banks have buy back clause that the lender can hold over a broker's head for a specified period of time (usually 12, 24 or 36 months...but, I have seen a few with "forever" in the fine print)....There may come a time when your loan officer/broker has to be convinced about the occupancy of your new home purchase before they will originate the loan!

Have to wonder how restrictive and pervasive this practice will become. Freddie Mac? VA? FHA? Let's see, how long after funding would I be willing to wait for a commission?

Frank and Brian at www.tbwsdaily.com have a great video today and I highly recommend checking out their site. (BTW, I check them out everyday. Sometimes a little over the top...but their info is spot on and I appreciate not having to hit the news wires for all my industry news).
Deborah Garvin

loanmonarch@yahoo.com

(619) 787-8212

"contact me when you need knowledge, experience and ethics in the financing process."

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

Las Vegas NV Area Real Estate Market June 2010 Concession Stand

Please try and help the "Wild Horses" in Nevada by Robert Swetz (Vegas Bob) - "Please re-blog"

Roundup of "Wild Horses" continues in the State of Nevada (Please re-blog to help save the horses) by Vegas Bob

Federal roundup of wild horses resumes in Nevada - USATODAY.com

Daily Rate Lock Advice & Mortgage Market Update

www.lasvegasmtg.com Report: Las Vegas, Nevada FHA Refinance Loans important facts!

www.lasvegasmtg.com Report: Fannie Mae is taking the gloves off against Strategic Defaulters!

www.lasvegasmtg.com Report: HUD want to hear from you on proposed changes!

www.lasvegasmtg.com Report: July Newsletter

Freedom ain't FREE

Are More Renters The Key To The Housing Recovery?

Sun City Anthem (Henderson, NV) May 2010 Real Estate Market Report (Homes for Sale, Under Contract, SOLD!)

Sharing a Smile

What you need to know about getting a Veteran Home Loan in Las Vegas, NV.

www.lasvegasmtg.com Report: H. R. 5072 FHA Reform Act of 2010 Passes the House

www.lasvegasmtg.com Report: Nevada Senator Harry Reid wants to Extend $8,000 Tax Credit

Third Party Verification of Occupancy???? Fannie issues notice to lenders!