Our network

Housing

Foreclosure Workshop Scheduled for Saturday

LAS VEGAS -- A workshop aimed at helping homeowners keep their homes will take place this Saturday.

The Foreclosure Prevention Workshop will be on Saturday, July 31st and will offer two different sessions.

The workshops will be held at the Lied Memorial Boys and Girls Club, 2850 S. Lindell Rd, Las Vegas. The first session is from 8 a.m. to 11 a.m. and the second session is from 1 p.m. to 4  p.m.

Struggling homeowners in Nevada who come to the workshop will have the opportunity to sit down with a HUD approved housing counselor and their lender to discuss the options that may be available to help avoid foreclosure.

Those interested in attending the workshop should bring the following financial documents if requesting workout assistance from their lender:

$103 Million for Troubled Nevada Homeowners

LAS VEGAS -- Nevada is one of five states that will get more than $100 million to help with the housing crisis. It is part of the so called "hardest-hit fund."

While a lot of homeowners want this money, not everyone will qualify. The foreclosure prevention program is designed to help families in states hit hardest by the housing downturn. With housing prices here plummeting, and families unable to pay their monthly notes, the government hopes it will bring much needed relief to homeowners who've exhausted their options.

"I went to my bank to try to get modifications. I went through the government programs, through Fanny Mae, Freddie Mac, and I went through the 888 housing help line on the Nevada foreclosure site," said Georgia Richardson, who is now selling her home.

Program Gives First-Time Buyers Leg Up on Investors

LAS VEGAS -- Foreclosed homes in Las Vegas are being snatched up left and right by investors. But starting this week, Fannie Mae is trying to help homeowners get first dibs. The program is called First Look.

First Look allows first-time home buyers to place an offer first over an investor when buying a Fannie Mae-owned home. The window of opportunity has now been extended from 15 days to 30 days in Nevada.

At least 50-percent of the foreclosure sales in Las Vegas are cash only because banks see it as a hassle-free way to get the properties off their books.

With inventory at an all time low, and competition heating up, the First Look program can help people who don't have the cash to pay up front.

"(The) First Look program was Fannie Mae's program designed to strengthen communities and give first-time home buyers an edge," said Claudia Turcaz with the Nevada Association of Hispanic Real Estate.

Neighbors Worry About Red Rock Development

LAS VEGAS -- It's one of the Las Vegas valley's most controversial home developments. People living near Red Rock and Blue Diamond still feel there's several unanswered questions about developer Jim Rhodes' massive project.

When Clark County commissioners allowed Rhodes to move forward on his project to develop land he owns near Red Rock, they also told him to go off a cliff, literally. The developer is now forced to build a road to the east. Supporters call it an engineering challenge while opponents worry it's a scar on the environment. 

With an impressive view of the valley, Rhodes wants to build an entire community in the area -- thousands of homes and businesses. But first, planners need to find some way to get cars up a cliff.

Expert Says Las Vegas Housing Market Healing

LAS VEGAS -- The Greater Las Vegas Association of Realtors says home sales jumped 33 percent in March as buyers rushed to beat the deadline for the home buyer tax credits.

The group unveiled its latest numbers at a panel discussion on the Las Vegas housing market Wednesday morning.

Panelists say the emphasis in the coming year will be on short sales. GLVAR President Rick Shelton says he also expects there to be more foreclosures on the market because banks are not willing to work with homeowners on reducing their loans. He says that will result in more homeowners opting to do a short sale. Currently, short sales make up about half of the houses that are for sale in the market.

The panel says home prices are beginning to stabilize with the median home price for a single-family home at $136,000 which is up slightly from February. There has been an increase in home sales for the past 15 months.

More Homeowners Falling Delinquent on Mortgages

LAS VEGAS -- The number of Southern Nevada homeowners delinquent on their mortgage payments has climbed steadily for the past several months. In some cases, it's people just willing to walk away from their homes, and in other cases, homeowners are holding out hope that they will get a loan modification.

In any given neighborhood, chances are good that a homeowner is the process of walking away from their mortgage. In the past, five months was typically the longest a homeowner could stay in their home until the bank would come knocking. But that is no longer the case.

Nick Nolf with The Nolf Group has been in the real estate business through the boom, the bust, and now the slow turn-around.