LAS VEGAS REBOUNDING? May 28, 2010
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In a report that is sure to bode well for the beleagured housing industry in Las Vegas, we learn that business is bouncing back, according to USA Today (May 21). Officials in Vegas report a seven month growth in tourism.
The 36.3 million tourists who hit Vegas last year was a drop of almost 3 million from 2007. Those numbers are now changing–there is a 3% increase projected for the year overall, which should bring the numbers up to about 37.5 million for 2010.
Tourist visits account for about 35 billion dollars into the local economy every year, and that provides about 235,00 jobs. That ought to do something for the housing market. And since those tourists come from all over, this should bode well for the economy in general–it says that people have a little extra money to throw around again.
It’s also good news because Las Vegas, an area particularly hard hit by the downtown in the economy and real estate, is in itself, starting to turn around. So goes Vegas, so goes the country? Let’s hope. Keep feeding those one-armed bandits, folks!
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IN A NUTSHELL: NEW FORECLOSURE HELP May 24, 2010
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On April 5, the U.S. Treasury put into effect HAFA, acronym for Home Affordable Foreclosure Alternatives program (a committee probably stayed up all night to put together that pithy alliterative title–but somehow I just keep thinking of a female cow). Here is a quick summary of the important points, as reported in the Grand Rapids Press on March 28, 2010.
To be eligible, the home–the principal residence–must have been bought before Jan 1, 2009; mortgage must already be in default, already delinquent, or likely to be–”likely to be”–well that certainly generously covers a multitude of evils.
And then this is how it works: 1. After the borrower applies, the lender has 30 days to determine eligibility, property value, minimum proceeds from the sale, and to review the title (30 days–well that ought to get someone in the saddle pretty fast). 2. the borrower and lender have to agree on what is the minimum acceptable money before the property is listed. 3. There must be agreement on the realtor’s commission which can be up to 6%. 4. All remaining debt is forgiven by the lender when the property is sold; no little exceptions. 5. The lending institution cannot charge a fee, but they can get $1000 from the federal government (I wonder if the feds have to pony up within 30 days). 6. If there is a second lien on the property, the lending institution can get another $1000 from the government for letting that second lien holder have up to 3% or a maximum of $3000 from the sale.
So, that’s it. Need some more help or have questions go to makinghomesaffordable.gov/borrower-faqs.html or homerepairservices.org
Well, that’s it in a nutshell
The Brain and Zeros May 19, 2010
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The brain is a wondrous piece of tissue as we know and are finding out more and more–but in this case, it might not be doing you any favors–or it might if you are the homeseller and you know this tidbit, as reported by Jack Hough in Smart Money. Avoid a successsion of zeroes in your selling price. The subconscious part of the brain–if that IS a part of the brain–interprets zeros in a sales price as a higher price than a succession of regular numbers. So, even a dollar difference–$200,000 instead of $199,999–would be interpreted by a prospective buyer as possibly a substantially higher price.
So, sellers, take heed, and buyers beware!
For Sale By Owner Go Michigan! April 22, 2010
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Stay tuned for helpful, relevant–and sometimes funny–comments, on the real estate industry, with a special emphasis on Michigan!
