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Friday, June 22, 2012

Las Vegas Market Conditions

I went to a seminar last week where representatives from Chase, Bank of America and Wells Fargo were present to talk about market conditions.

Generally, the talk was about short sales and the push the banks are making to streamline the process.  They have put processes in place with the loans they hold to make them faster.  However, if there are multiple liens, an investor involved, FHA loan or mortgage insurance then it takes longer to get the approval needed.  The times frames are not what they used to be.  Generally the short sales are getting approved within 90 - 120 days.

The question always asked is about shadow inventory.  Are the banks holding back inventory from the market?  No, once they get the homes foreclosed they place them on the market for sale as fast as possible.  They are not holding back inventory.

However, the banks are slowing down on filing foreclosures in Nevada due to AB 284.  They are waiting to see what can be done to comply and make sure all is in order before they file.  That being said, all three banks felt inventory would be loosing up a bit by fall.

The push is towards loan modifications or short sales.  The banks are offering various incentives such as relocation assistance (as much as $45,000) in order to get delinquent homeowners out of their homes and put new (paying) homeowners in. If you are delinquent on a loan don't neglect to open your mail.  The banks are mailing out these offers based on an internal risk analysis. 

Nothing much was said.  The trend is now short sales with less emphasis on bank owned.

As of today (6/22/2012 at 1:12 p.m.) here are the numbers:
  • Active on Market (townhomes, condos, single family in Vegas area): 4476
  • Closed in the last 30 days: 3586
  • In contingent or pending status: 15,550 (interesting number, these are homes under contract but not closed yet due to waiting for financing, inspections or short sale approval).
Underwater?  Delinquent on your Las Vegas loan?  Not sure of your options? Considering a Las Vegas short sale?  

Southern Nevada Realty, LLC offers a free attorney consultation.  Get the facts and decide what will work best in your situation. Call Cindy at 702-807-3339 for details.

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