December 04, 2007 - CARSON CITY, Nev. —
Nevada's economy should be so strong by 2009 that a housing shortage may be the big concern rather than the current mortgage crisis and heavy surplus of homes for sale, an economist told lawmakers.
While Nevada now has the highest home loan foreclosure rate in the nation, Jeremy Aguero of Las Vegas-based Applied Analysis told a legislative panel studying the state's mortgage problems that it's "a great fallacy" to have doubts about another economic boom in the state.
With some $36 billion in megaresort construction occurring in Las Vegas in the next few years, Aguero said Monday the people holding new jobs created by the building activity will buy up homes now available on the market and probably need more.
"You won't have enough housing stock for all the jobs in the near-term pipeline," Aguero said after the legislative hearing, adding, "How many markets can you point to with a $36 billion investment in their core industry alone that have long-term housing problems? Very, very few."
While a turnaround is on the horizon, Aguero and other economists and experts told the legislators that Nevada's problems related to foreclosures and overbuilding are likely to get worse during 2008.
Douglas Duncan, chief economist for the Mortgage Bankers Association, predicted that the problems with Nevada's foreclosure rate and other housing industry woes won't bottom out until late October in 2008.
Keith Schwer, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas, added that a drop in building permits should continue in 2008. But he said the upcoming resort expansion should cut deeply into the number of vacant housing units _ more than 27,000 _ now on the market.
Mendy Elliott, director of the state Business and Industry Department, recommended against a state "bailout fund" to help deal with subprime loans. Former state Sen. Joe Neal of North Las Vegas agreed, but said a freeze on subprime loan rates would help consumers.
Wednesday, December 5, 2007
Thursday, November 15, 2007
The Dulcie Crawford Group Announces Market Snapshots
We are proud to now offer the Market Snapshot service to buyers and sellers. An interactive view of the local home market will help buyers in their home searches and sellers better understand the market competition. Remember that the team is always available to help interpret and utilize this valuable information!
Monday, November 5, 2007
The Dulcie Crawford Group Announces Featured Homes and Featured Communities on Realtor.com
The Dulcie Crawford Group is committed to do everything we can to attract buyers to the comes and communities where we market. To further to expand this commitment, we are pleased to announce a new marketing partnership with Realtor.com. Now our listed homes can be featured on the most popular realtor website on the net.
Generally speaking, the laws of supply and demand influence the favorable pricing of a home. Accordingly, it is possible that the more exposure a property receives the greater the potential demand, which may result in more competition for a property. It is for that reason The Dulcie Crawford Group has added the Featured Homes position on Realtor.com Web site, when available and with the approval of a home seller. While no one can guarantee a certain price for a home, this powerful marketing system helps esnure that our listings receive maximum exposure, which in turn can generate the maximum price.
According to the National Association of Realtors, 77% of home shoppers go to the Internet to search for a home and 82% of those searchers start with Realtor.com. Our new partnership with Realtor.com puts our listings in the position of maximizing their online exposure by an estimated 500%.
Generally speaking, the laws of supply and demand influence the favorable pricing of a home. Accordingly, it is possible that the more exposure a property receives the greater the potential demand, which may result in more competition for a property. It is for that reason The Dulcie Crawford Group has added the Featured Homes position on Realtor.com Web site, when available and with the approval of a home seller. While no one can guarantee a certain price for a home, this powerful marketing system helps esnure that our listings receive maximum exposure, which in turn can generate the maximum price.
According to the National Association of Realtors, 77% of home shoppers go to the Internet to search for a home and 82% of those searchers start with Realtor.com. Our new partnership with Realtor.com puts our listings in the position of maximizing their online exposure by an estimated 500%.
Thursday, November 1, 2007
Las Vegas Housing Market to Rebound March 2008 Predicts Las Vegas' Number One Appraisal Firm
Largest Las Vegas Real Estate Appraisal firm principal announces Las Vegas Housing Market predictions for "rebound" to begin on 31 March 2008. Las Vegas housing market rebound prediction made by Las Vegas largest and most respected Real Estate Appraisal firm, considered the number one real estate appraisal firm as ranked by "In Business Las Vegas" and other industry journals. Vegas housing market rebound predictions made based upon emperical data and industry expertise.
Las Vegas, NV (PRWEB) October 7, 2007 --
Largest Las Vegas Real Estate Appraisal firm principal announces Las Vegas Housing Market predictions for "rebound" to begin on 31 March 2008. Las Vegas housing market rebound prediction made by Las Vegas largest and most respected Real Estate Appraisal firm, considered the number one real estate appraisal firm as ranked by "In Business Las Vegas" and other industry journals. Vegas housing market rebound predictions made based upon emperical data and industry expertise.
"Mark your calendars, investors, home owners and anxious home sellers: The Las Vegas real estate market will rebound on March 31, 2008," predicts, Don Foster Scoggins, Nevada Certified General Real Estate Appraiser with AppraisersofLasVegas.com, Las Vegas' number one appraisal firm as rated by: 'In Business Las Vegas'.
"There is a huge pent-up demand for homes in Las Vegas, but buyers cannot or will not buy right now," Scoggins stated. "Those who can't buy because of financing will find FHA or other loan products along with lower rates in the coming months. Those who won't buy because of market uncertainty will start snatching up homes as investments as they expect price appreciation and profit for fixer-uppers, foreclosures and flips."
Commercial real estate appraisers in Las Vegas will tell you the local real estate market is ruled by the herd mentality. "Developers will hear of a shortage of apartments or industrial space and huge numbers spend a year or more to bring that product to the market. Then, when all of the new development comes on line at the same time, an oversupply begins and the herd moves on to the next high demand property type," Scoggins explained.
According to Scoggins, March is when the pendulum will begin to swing back for Las Vegas housing prices. "March begins the annual selling season, and we basically didn't have one here in Las Vegas in 2006," Scoggins explained.
Until 2007, each year the trend in the annual selling season was the same, although the numbers have differed. Scoggins has made the following expert prediction: "In March of 2008 we will see the trend resume. Even a modest number of sales will jerk the slack out of the oversupply train and begin the turnaround. On March 31, 2008, the Las Vegas housing market will officially be on its way back - appreciating slowly but steadily and getting back to 2006 levels within a couple years."
Scoggins' prediction of March 31, 2008 as the date Las Vegas property values will rebound is bolstered by three key data points.
First, Las Vegas continues to attract tourists as illustrated by the fact that McCarran International Airport accommodated a record of 4.3 million passengers in July. "When talking about big numbers, this 4.7% increase over the same month a year ago is huge," Scoggins stated with confidance. "If this were some small airport, a 5% swing would be no big deal. But, McCarran is the 11th largest airport in the world and the sixth largest in the U.S."
Second, commercial development projects currently underway are providing the local economy a needed economic booster. Developers are plunging some $2 billion a year into City Center, the largest private construction project in the world. The $4 billion Echelon Place will be built between 2008 and 2010 - another $2 billion per year being pumped into the economy. Encore at Wynn Las Vegas will be completed in 2008 at a cost of $1.8 billion.
"There is over $14 billion in just four projects - another indicator the construction industry has not collapsed," reminded Scoggins. Historically, the employment of permanent workers for new large hotel casinos is an even bigger boon to the economy.
Finally, the retail sales and gambling take of the local casinos continues to fuel the Las Vegas economy and provide jobs - and commercial construction has boomed even while residential sales have busted. "Commercial appraisers in Las Vegas are doing well - we're hiring - but, Las Vegas residential appraisers, mortgage brokers, and residential home builders and their various subs and suppliers are suffering," Scoggins, Certified General Appraiser notes. "But, the pendulum swings both ways.
"Wait until March 31, 2008. Everyone in the industry is saying 18 months to two years. But this is Las Vegas, not Detroit." Stated Don Scoggins.
Scoggins is a principal of AppraisersofLasVegas.com, the largest appraisal company in Las Vegas and has been for the past seven years according to 'In Business Las Vegas'. AppraisersOfLasVegas.com appraises houses to high-rises, condos to casinos, land to large industrial complexes in Las Vegas, Henderson, North Las Vegas, Clark County and many parts of Nevada. Principals include Don Foster Scoggins, a Certified General Real Estate Appraiser, and Arthur F. Nelson, MAI, RM, Certified General Real Estate Appraiser. Both are residential and commercial appraisers licensed in Nevada to provide appraisals of houses to high-rises and condos to casinos. They are often sought after as expert witnesses in real estate litigation and sought out by the areas largest investors and development companies to provide insight as to current and future real estate values throughout the Las Vegas Valley.
Visit www.AppraisersofLasVegas.com to learn more.
###
Las Vegas, NV (PRWEB) October 7, 2007 --
Largest Las Vegas Real Estate Appraisal firm principal announces Las Vegas Housing Market predictions for "rebound" to begin on 31 March 2008. Las Vegas housing market rebound prediction made by Las Vegas largest and most respected Real Estate Appraisal firm, considered the number one real estate appraisal firm as ranked by "In Business Las Vegas" and other industry journals. Vegas housing market rebound predictions made based upon emperical data and industry expertise.
"Mark your calendars, investors, home owners and anxious home sellers: The Las Vegas real estate market will rebound on March 31, 2008," predicts, Don Foster Scoggins, Nevada Certified General Real Estate Appraiser with AppraisersofLasVegas.com, Las Vegas' number one appraisal firm as rated by: 'In Business Las Vegas'.
"There is a huge pent-up demand for homes in Las Vegas, but buyers cannot or will not buy right now," Scoggins stated. "Those who can't buy because of financing will find FHA or other loan products along with lower rates in the coming months. Those who won't buy because of market uncertainty will start snatching up homes as investments as they expect price appreciation and profit for fixer-uppers, foreclosures and flips."
Commercial real estate appraisers in Las Vegas will tell you the local real estate market is ruled by the herd mentality. "Developers will hear of a shortage of apartments or industrial space and huge numbers spend a year or more to bring that product to the market. Then, when all of the new development comes on line at the same time, an oversupply begins and the herd moves on to the next high demand property type," Scoggins explained.
According to Scoggins, March is when the pendulum will begin to swing back for Las Vegas housing prices. "March begins the annual selling season, and we basically didn't have one here in Las Vegas in 2006," Scoggins explained.
Until 2007, each year the trend in the annual selling season was the same, although the numbers have differed. Scoggins has made the following expert prediction: "In March of 2008 we will see the trend resume. Even a modest number of sales will jerk the slack out of the oversupply train and begin the turnaround. On March 31, 2008, the Las Vegas housing market will officially be on its way back - appreciating slowly but steadily and getting back to 2006 levels within a couple years."
Scoggins' prediction of March 31, 2008 as the date Las Vegas property values will rebound is bolstered by three key data points.
First, Las Vegas continues to attract tourists as illustrated by the fact that McCarran International Airport accommodated a record of 4.3 million passengers in July. "When talking about big numbers, this 4.7% increase over the same month a year ago is huge," Scoggins stated with confidance. "If this were some small airport, a 5% swing would be no big deal. But, McCarran is the 11th largest airport in the world and the sixth largest in the U.S."
Second, commercial development projects currently underway are providing the local economy a needed economic booster. Developers are plunging some $2 billion a year into City Center, the largest private construction project in the world. The $4 billion Echelon Place will be built between 2008 and 2010 - another $2 billion per year being pumped into the economy. Encore at Wynn Las Vegas will be completed in 2008 at a cost of $1.8 billion.
"There is over $14 billion in just four projects - another indicator the construction industry has not collapsed," reminded Scoggins. Historically, the employment of permanent workers for new large hotel casinos is an even bigger boon to the economy.
Finally, the retail sales and gambling take of the local casinos continues to fuel the Las Vegas economy and provide jobs - and commercial construction has boomed even while residential sales have busted. "Commercial appraisers in Las Vegas are doing well - we're hiring - but, Las Vegas residential appraisers, mortgage brokers, and residential home builders and their various subs and suppliers are suffering," Scoggins, Certified General Appraiser notes. "But, the pendulum swings both ways.
"Wait until March 31, 2008. Everyone in the industry is saying 18 months to two years. But this is Las Vegas, not Detroit." Stated Don Scoggins.
Scoggins is a principal of AppraisersofLasVegas.com, the largest appraisal company in Las Vegas and has been for the past seven years according to 'In Business Las Vegas'. AppraisersOfLasVegas.com appraises houses to high-rises, condos to casinos, land to large industrial complexes in Las Vegas, Henderson, North Las Vegas, Clark County and many parts of Nevada. Principals include Don Foster Scoggins, a Certified General Real Estate Appraiser, and Arthur F. Nelson, MAI, RM, Certified General Real Estate Appraiser. Both are residential and commercial appraisers licensed in Nevada to provide appraisals of houses to high-rises and condos to casinos. They are often sought after as expert witnesses in real estate litigation and sought out by the areas largest investors and development companies to provide insight as to current and future real estate values throughout the Las Vegas Valley.
Visit www.AppraisersofLasVegas.com to learn more.
###
Wednesday, October 31, 2007
Something to think about this Halloween...
Ghoul Disclosure: Must Home Sellers Disclose Paranormal Activity?
Susan Funaro
Published on Legal Zoom Newsletter 10/25/07
As home seller, you dutifully check off the "to do" list your realtor suggests for a quick sale—curb appeal, leaky faucets fixed, termite reports, and oh, what about the other occupants? Do I have to mention them? This question brings new meaning to the saying, "Buyer Beware!" If the thought of buying a house isn't scary enough, does the buyer need to worry about checking for poltergeists along with old plumbing?
Although the wording may vary state to state, most real estate laws require sellers to disclose known problems with the house. This includes certain "material facts" such as structural concerns, the age of the roof and shingles, leaks in the foundation and walls, existing mold and mildew, and total square footage. Material facts can also include other items that affect the house's value such as the amount of property taxes, details about individuals who claim to have an interest in the house, or overlaps on adjacent properties.
Items not considered material facts include personal information about a seller, such as pending foreclosure or divorce, illnesses of the seller, or the seller's reasons for moving (uh oh!) What if the seller's reason for moving involves the paranormal? Remember the unhappy inhabitants in Poltergeist, The Amityville Horror, and The Others? Must a seller disclose whether their property is haunted? Or what if a heinous crime, murder, or suicide occurred on the property?
Death on a property may be material. In California, the Association of Realtors addressed the issue of death disclosure requirements. Civil Code §1710.2 states death on a property need not be disclosed if it occurred more than three years prior to the sale. The statute does require disclosure of a death more than three years old if the buyer asks. It does not state whether a death within three years must be disclosed, but many brokerage firms have Supplemental Disclosure Forms that specifically inquire about death. To avoid liability, it is recommended the seller disclose if a death occurred within the last three years, and let the buyer decide.[1] Some states have even gone further requiring home sellers to disclose "stigmas" attached to a property, which can include proximities to homeless shelters or whether it was scene to a violent crime.
In New York, a buyer sued the seller and the seller's realtor for failure to disclose the house's ghostly reputation. The seller even wrote about her bumps in the night with spirits for the local paper and Readers' Digest. However, many neighbors doubted the claims of the seller's spectral encounters, since the house was built in the 19th century and one of her spooks was anachronistically dressed in a Revolutionary War uniform. Although the court did not rule nondisclosure of the house's reputation as fraudulent, it did allow the buyer out of his contract and the return of his down payment. The house did eventually sell for $630,000 and several years later for $900,000.
According to a study by two business professors at Wright University, the supernatural stigma associated with houses where murder or suicide have occurred can take 50% longer to sell, and at an average of 2.4 percent less than comparable homes. Yet, a California appraiser, who specializes in diminution in value issues, says that a well publicized murder generally lowers selling price 15 to 35 percent.
Some homebuyers are not hindered by the macabre, especially if the gruesome past involves celebrities or legends. Indeed, ghosts can even be a selling point for some towns that rely on their dead inhabitants for tourist appeal. Cities like St. Augustine, New Orleans, and Hollywood all provide ghost tours of popular sighting sites. In St. Augustine, a legendary haunted house turned restaurant lures in diners with the prospect of seeing the house's former owner—a woman dressed in white who purportedly appears in mirrors and walks the second floor. Even homes that have witnessed notoriously grisly events have managed to sell. O. J. Simpson's home sold to an investment banker for about $4.7 million, and the Miami estate where Gianni Versace was murdered was auctioned for about $20 million.
Sellers should disclose grisly facts about the house, so they will not be "haunted" later. Even if not required by state law, in order to soothe the spirits of prospective buyers and avoid lawsuits, the seller should be upfront about their home's paranormal guests or ghoulish histories. In a sellers' market, ghosts tend to fade and may even disappear.
Susan Funaro
Published on Legal Zoom Newsletter 10/25/07
As home seller, you dutifully check off the "to do" list your realtor suggests for a quick sale—curb appeal, leaky faucets fixed, termite reports, and oh, what about the other occupants? Do I have to mention them? This question brings new meaning to the saying, "Buyer Beware!" If the thought of buying a house isn't scary enough, does the buyer need to worry about checking for poltergeists along with old plumbing?
Although the wording may vary state to state, most real estate laws require sellers to disclose known problems with the house. This includes certain "material facts" such as structural concerns, the age of the roof and shingles, leaks in the foundation and walls, existing mold and mildew, and total square footage. Material facts can also include other items that affect the house's value such as the amount of property taxes, details about individuals who claim to have an interest in the house, or overlaps on adjacent properties.
Items not considered material facts include personal information about a seller, such as pending foreclosure or divorce, illnesses of the seller, or the seller's reasons for moving (uh oh!) What if the seller's reason for moving involves the paranormal? Remember the unhappy inhabitants in Poltergeist, The Amityville Horror, and The Others? Must a seller disclose whether their property is haunted? Or what if a heinous crime, murder, or suicide occurred on the property?
Death on a property may be material. In California, the Association of Realtors addressed the issue of death disclosure requirements. Civil Code §1710.2 states death on a property need not be disclosed if it occurred more than three years prior to the sale. The statute does require disclosure of a death more than three years old if the buyer asks. It does not state whether a death within three years must be disclosed, but many brokerage firms have Supplemental Disclosure Forms that specifically inquire about death. To avoid liability, it is recommended the seller disclose if a death occurred within the last three years, and let the buyer decide.[1] Some states have even gone further requiring home sellers to disclose "stigmas" attached to a property, which can include proximities to homeless shelters or whether it was scene to a violent crime.
In New York, a buyer sued the seller and the seller's realtor for failure to disclose the house's ghostly reputation. The seller even wrote about her bumps in the night with spirits for the local paper and Readers' Digest. However, many neighbors doubted the claims of the seller's spectral encounters, since the house was built in the 19th century and one of her spooks was anachronistically dressed in a Revolutionary War uniform. Although the court did not rule nondisclosure of the house's reputation as fraudulent, it did allow the buyer out of his contract and the return of his down payment. The house did eventually sell for $630,000 and several years later for $900,000.
According to a study by two business professors at Wright University, the supernatural stigma associated with houses where murder or suicide have occurred can take 50% longer to sell, and at an average of 2.4 percent less than comparable homes. Yet, a California appraiser, who specializes in diminution in value issues, says that a well publicized murder generally lowers selling price 15 to 35 percent.
Some homebuyers are not hindered by the macabre, especially if the gruesome past involves celebrities or legends. Indeed, ghosts can even be a selling point for some towns that rely on their dead inhabitants for tourist appeal. Cities like St. Augustine, New Orleans, and Hollywood all provide ghost tours of popular sighting sites. In St. Augustine, a legendary haunted house turned restaurant lures in diners with the prospect of seeing the house's former owner—a woman dressed in white who purportedly appears in mirrors and walks the second floor. Even homes that have witnessed notoriously grisly events have managed to sell. O. J. Simpson's home sold to an investment banker for about $4.7 million, and the Miami estate where Gianni Versace was murdered was auctioned for about $20 million.
Sellers should disclose grisly facts about the house, so they will not be "haunted" later. Even if not required by state law, in order to soothe the spirits of prospective buyers and avoid lawsuits, the seller should be upfront about their home's paranormal guests or ghoulish histories. In a sellers' market, ghosts tend to fade and may even disappear.
Sunday, October 7, 2007
How Wall Street Stoked The Mortgage Meltdown
By Michael Hudson
From The Wall Street Journal Online
Email your comments to rjeditor@dowjones.com.
-- June 28, 2007
Twelve years ago, Lehman Brothers Holdings Inc. sent a vice president to California to check out First Alliance Mortgage Co. Lehman was thinking about tapping into First Alliance's lucrative business of making "subprime" home loans to consumers with sketchy credit.
The vice president, Eric Hibbert, wrote a memo describing First Alliance as a financial "sweat shop" specializing in "high pressure sales for people who are in a weak state." At First Alliance, he said, employees leave their "ethics at the door."
The big Wall Street investment bank decided First Alliance wasn't breaking any laws. Lehman went on to lend the mortgage company roughly $500 million and helped sell more than $700 million in bonds backed by First Alliance customers' loans. But First Alliance later collapsed. Lehman landed in court, where a federal jury found the firm helped First Alliance defraud customers.
Today, Lehman is a prime example of how Wall Street's money and expertise have helped transform subprime lending into a major force in the U.S. financial markets. Lehman says it is proud of its role in helping provide credit to consumers who might otherwise have been unable to buy a home, and proud of the controls it has brought to a sometimes-unruly business.
Now, however, that business is in deep trouble, and some consumer advocates and policy makers are pointing the finger at Wall Street.
Read whole article here.
From The Wall Street Journal Online
Email your comments to rjeditor@dowjones.com.
-- June 28, 2007
Twelve years ago, Lehman Brothers Holdings Inc. sent a vice president to California to check out First Alliance Mortgage Co. Lehman was thinking about tapping into First Alliance's lucrative business of making "subprime" home loans to consumers with sketchy credit.
The vice president, Eric Hibbert, wrote a memo describing First Alliance as a financial "sweat shop" specializing in "high pressure sales for people who are in a weak state." At First Alliance, he said, employees leave their "ethics at the door."
The big Wall Street investment bank decided First Alliance wasn't breaking any laws. Lehman went on to lend the mortgage company roughly $500 million and helped sell more than $700 million in bonds backed by First Alliance customers' loans. But First Alliance later collapsed. Lehman landed in court, where a federal jury found the firm helped First Alliance defraud customers.
Today, Lehman is a prime example of how Wall Street's money and expertise have helped transform subprime lending into a major force in the U.S. financial markets. Lehman says it is proud of its role in helping provide credit to consumers who might otherwise have been unable to buy a home, and proud of the controls it has brought to a sometimes-unruly business.
Now, however, that business is in deep trouble, and some consumer advocates and policy makers are pointing the finger at Wall Street.
Read whole article here.
Friday, October 5, 2007
'Subprime' Aftermath: Losing the Family Home
By Mark Whitehouse
From The Wall Street Journal Online
Email your comments to rjeditor@dowjones.com. -- May 31, 2007
For decades, the 5100 block of West Outer Drive in Detroit has been a model of middle-class home ownership, part of an urban enclave of well-kept Colonial residences and manicured lawns. But on a recent spring day, locals saw something disturbing: dandelions growing wild on several properties.
"When I see dandelions, I worry," says Sylvia Hollifield, an instructor at Michigan State University who has lived on the block for more than 20 years.
Ms. Hollifield's concern is well-founded. Her neighbors are losing interest in their lawns because they're losing their homes -- a result of the recent boom in "subprime" mortgage lending. Over the past several years, seven of the 26 households on the 5100 block have taken out subprime loans, typically aimed at folks with poor or patchy credit.
Some used the money to buy their houses. But most already owned their homes and used the proceeds to pay off credit cards, do renovations and maintain an appearance of middle-class fortitude amid a declining local economy. Three now face eviction because they couldn't meet rising monthly payments. Two more are showing signs of distress.
Read whole article here.
From The Wall Street Journal Online
Email your comments to rjeditor@dowjones.com. -- May 31, 2007
For decades, the 5100 block of West Outer Drive in Detroit has been a model of middle-class home ownership, part of an urban enclave of well-kept Colonial residences and manicured lawns. But on a recent spring day, locals saw something disturbing: dandelions growing wild on several properties.
"When I see dandelions, I worry," says Sylvia Hollifield, an instructor at Michigan State University who has lived on the block for more than 20 years.
Ms. Hollifield's concern is well-founded. Her neighbors are losing interest in their lawns because they're losing their homes -- a result of the recent boom in "subprime" mortgage lending. Over the past several years, seven of the 26 households on the 5100 block have taken out subprime loans, typically aimed at folks with poor or patchy credit.
Some used the money to buy their houses. But most already owned their homes and used the proceeds to pay off credit cards, do renovations and maintain an appearance of middle-class fortitude amid a declining local economy. Three now face eviction because they couldn't meet rising monthly payments. Two more are showing signs of distress.
Read whole article here.
Subscribe to:
Posts (Atom)
