Las Vegas and Henderson Homes and Real Estate

A recent article by Ronald D. Orol of MarketWatch states that the Obama administration has announced (Friday) that it would make major adjustments to the $75 billion mortgage-modification program, that was designed to assist unemployed and other troubled homeowners who need to modify or refinance their homes in order to keep their houses.

The National Economic Deputy Director, Diana Farrell stated that the changes will "deal with people who we believe are in homes where foreclosures are preventable".

Ronald states in his article: 

"The program modifications seek to transform a year-old modification program that has been having only limited success, by providing additional flexibility for mortgage servicers and originators to offer assistance to a greater number of unemployed homeowners.

In addition, the program would help more people who owe more on their mortgages than what their homes are worth -- a problem all too common in those local markets that saw large-scale declines in home values. Many people who signed to buy homes at the peak of the housing boom and who are current on their payments find they can't refinance since their homes are under water."

To read this article, please visit:  MarketWatch.com

If you are interested in Las Vegas real estate, Henderson real estate, or Summerlin real estate, contact

Michelle Natale
The Natale Team
Prudential Americana Group

www.natalesellsvegas.com

Great news from MarketWatch!

"State regulators reported a modest increase in gambling revenue for November, the first monthly rise in almost two years. Silver State casinos reported a total win of $873.2 million for the month, up 4.4% from the $836.8 million of November 2008, when the economic slump was perhaps at its worst. On the Las Vegas Strip, which accounts for more than half the total, revenue increased more than 8% to $473.8 million."

As you may already now, Las Vegas was hit hard by the recession as many citizens across the country cut back on vacations.  This increase in revenue is a good sign that tourism has jumped again in Las Vegas.

For more about this story, please click on the link below:

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For more information on Las Vegas Real Estate, Las Vegas Market Info, contact:

The Natale Team
Prudential Americana

www.natalesellsvegas.com

There is an interesting article recently posted on DSNews.com regarding several positive stastics for Las Vegas in 2009, despite the troubled market.

According to data recently released from the Greater Las Vegas Association of Realtors (GLVAR) and my local real estate firm Prudential Americana Group,  approximately 95,000 transactions (47,500 home sales), were made here in 2009. 

Our CEO, Mark Stark, reported that Prudential Americana was involved in more than one out of every 10 home sales in Las Vegas last year!  He further states "even though the average sales prices are down, we posted nearly 50 percent more transactions than we did the previous year. That is a great sign that the market is stabilizing."

Forest Barbee, Prudential's corporate broker and GLVAR board member, also reported that "prices are down 14 to 15 percent year over year, but that is a victory after dropping three percent per month,".

More from DSNews.com...

If you are interested in Green Valley, Henderson, or Summerlin Real Estate, contact:

Michelle Natale
The Natale Team
Prudential Americana Group

www.natalesellsvegas.com

Craig Koehm
Vice President of Mortgage

Lending mortgage rates began the New Year stabilizing after a slow four-week upward climb. The U.S> Bureau of Labor Statistics reported on Friday that December's unemployment rate remained unchanged at 10%. Market participants are tracking employment as a rebound in jobs is seen as essential in any sustained recovery.

Despite the 85,000 jobs lost last month. November's employment numbers were revised to show a net gain of 4,000 jobs. November was the first month of job growth in two years. Other economic indicators also pointed to an economy that is beginning to gain some footing. The ISM Manufacturing Index rose to 55.9% from the 53.6% recorded in November. Additionally, factory orders increased 1.1% to 365.30 billion.

This week contains plenty of data that could push mortgage rates either way. The government's current program of buying mortgage-backed securities is set to expire in March, but there is talk that it may be extended and slowly phased out over the course of 2010 which would protend well for mortgage rates in the near and intemediate term. With private mortgage buyers still on shaky ground, this is welcome news if it comes to fruition. Other economic releases, such as Industrial Production data and the Consumer Price Index both released on Wednesday, could affect fixed income markets this week as well.

In an article from Bloomberg on December 24, Freddie Mac is reporting mortgage rates for a fixed 30-year U.S. home loan has increased for a third consecutive week to the highest in three month.

An excerpt from that article states:

"The rate for the week ended today increased to 5.05 percent from 4.94 percent. It set a record low 4.71 percent in the week ended Dec. 3. The average 15-year rate was 4.45 percent, the McLean, Virginia-based company said today in a statement.

Mortgage rates are rising along with yields on the benchmark 10-year Treasury note. Yields on Fannie Mae and Freddie Mac mortgage securities climbed to the highest in four months this week, signaling interest rates on new home loans may continue climbing.

"The housing markets in recovery," Brian Bethune, chief financial economist at IHS Global Insight in Lexington, Massachusetts, said."

For the complete article, please visit the website:

More from Bloomberg.com...

For more information about Las Vegas, Henderson, Green Valley Ranch, or Summerlin Real Estate, contact:

The Natale Team
Prudential Americana Group
www.natalesellsvegas.com