Ryan Grim on Job Situation in Nevada: “This Place is Utterly, Utterly Devastated” (VIDEO)

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The Patton Group had been listing and selling about 400 properties a year throughout 2003, 04′, 05′ & 06′ and during 05′ and 06′ I started training my agents about short sales and bank owned (REO) properties. Having been in the business for over 25 years I’d seen a couple of prior downturns in the marketplace and I feared what was coming. Unfortunately when you... [Read more of this post]

Is There a Loan Modification that will Work for Las Vegas, or Anywhere Else?

I use a bit of software (HomeDecisionWizard.com) that helps my clients evaluate whether a loan modification will make sense for them or not. It does a great job of illustrating what the future may look like – and frankly most of us are much better with pictures than we are with words. I’ve come across an article written by a fellow Keller Williams Realty Agent that does a great job at... [Read more of this post]

Relief or Pandering – Obama Comes to Vegas to Help with Housing Crisis

I was absolutely enraged when I heard the details of President Obama’s visit to Las Vegas this past week. So much so that I had to wait a couple of days before writing a post about it. See, I “love” living in Las Vegas. I don’t gamble. Don’t frequent Bordello’s or do drugs. I do however enjoy the weather, entertainment, golf, hiking, great friends and generally awesome... [Read more of this post]

Las Vegas Median Price to Drop, go Up… or to Remain Stable?

We’ll simply have to agree to disagree. I’ve been predicting losses in the 15 to 20 percent range in 2010 and 2011. I think the lower priced inventory ($80,000 to $100,000) homes are just about at the bottom. I fear the higher priced properties are going to come crashing down (that’s my 15 to 20 percent price drop range) with homes that are currently selling for $250,000 to be selling... [Read more of this post]

Las Vegas Estimated to have 18 Months Backlog of Foreclosures

One of the most respected real estate consulting firms in the nation, John Burns, is predicting Las Vegas has roughly 18 months supply of foreclosures and short sales ahead of us. And that’s assuming the economy doesn’t get any worse or that interest rates on home loans don’t go up significantly. It seems as though the whole “loan modification” attempt has been a pretty... [Read more of this post]

Las Vegas – Keep the Bulldozer in the Garage

Many of you have heard about the guy who bulldozed his house rather than let the IRS or bank take it. I know the first reaction from many people is to cheer the guy on – and a part of me went there too. I don’t know enough about his situation to make an informed comment over whether he was justified or not. Legal? I don’t know if he’s opened himself up for huge problems with... [Read more of this post]

Las Vegas and Los Angeles both are Benefitting from Short Sales

The whole country is starting to benefit from lenders approving short sales, as illustrated in the latest article in the Los Angeles Times… In a short sale the lender lets a homeowner unload a house for less than what is owed on the mortgage. The transaction recognizes that the home isn’t worth what the owner paid for it after more than two years of falling real estate values… Short... [Read more of this post]