Mortgage interest rates again move lower

The Primary Mortgage Market Survey turned in a 5.97% rate for 30-year fixed, dropping for the fourth consecutive week. At the same time last year this Freddie Mac index stood at 6.10%. Most interest rates throughout the financial spectrum have been declining recently on account of the flagging economy. Less expensive mortgage money combined with falling home prices make housing more affordable, a development that ought to begin gradually improving the ravaged real estate market.

Foreclosures in Las Vegas ease up in October

Frankly speaking, it has been a tough year for Clark County, Nevada, where Las Vegas is, when it comes to residential real estate. One of the bright spots has been the availability of mortgage money at affordable rates that has kept matters on some sort of a path toward a distant normalcy. Wherever that might be. The solution to that largely rests on how soon the marketplace can first bring to a halt and then reverse the consistently high foreclosure rates here.

The statistics just released by Foreclosures.com for October seem to offer a ray of hope for Southern Nevada. Real estate owned, or REO, in Clark County fell to 2,653 from 3,563 in September, a nice well over 20% drop. Mortgage lenders are clearly in an aggressive mood to move unwanted property off their portfolios. What's more, preforeclosure filings also decreased, although more subtly, to 6,420 from 6,565 in September. Stats like these are nothing but eye candy to keen housing observers.

Please click on the link to read the entire article.

Las Vegas developers already drafting new projects

Southern Nevada housing market is in a slump, a description that is widely accepted throughout the community. It started with the residential sector and has now spread over to the commercial and resort sides as well. There are some cautious signs that the residential real estate market is beginning to make some noise as resales, specifically in the lower end of the price scale, are attracting homeowner-candidates and long-term investors. To some it's a welcome indication that a turnaround is already visible on the horizon and they are busy making plans for future developments.

GSG Development is one of them, a local firm with a solid background in commercial real estate. It has set its sights on a Henderson parcel near the Galleria at Sunset mall where it proposes to build a mixed-use project that can be called ambitious. The around 1,600 residences that will be included in Park Heights come in many flavors; mid- and high-rise condominiums, garden homes, townhouses and live-work spaces. Some of these units will be housed in two 30-story towers. Besides residential, as expected, the draft calls for large amounts of office and retail space, a hotel and a civic building. The project still needs an approval from Henderson's Planning Commission before the first dusty shovelful of dirt is turned over.

Nevada tops thorny mortgage ranking

Silver State's housing market was wounded badly in the bubble that burst so spectacularly some time ago. Of course it's not alone in it but that's scant relief. Sales at least in Las Vegas have slowed to a crawl, although especially resales have picked up lately, prices have headed south and the inventory is still high. Now another statistic is published to reveal how deeply the real estate mess has affected the state.

Nevada leads the list that ranks states by how many homes each has upside down, meaning the existing mortgage balance is higher than the property is worth. This marvel is also called being under water. The figures were provided by First American CoreLogic that estimates that 48% of single-family houses here are caught in this menacing vise. An unpleasantly high number. On the other hand, comparable national number is 18%.

To enjoy the complete article please click on the link.