Nevada

Standard & Poor’s Economist: Housing Stabilized But Prices to Drop 5-6%

by Ryan Hinricher | March 29, 2010

Thursday, I attended Standard & Poor’s Market View of Credit Risk summit here in New York. David Wyss, the Chief Economist of Standard & Poor’s was the keynote speaker giving an economic outlook for the remainder of the year and beyond. Despite him commenting on the overall economy, he spent much of the presentation focused [...]

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Foreclosures

A Changing Trend in the Foreclosure Capital?

by Richard Warren | March 15, 2010

Southern Nevada has been ground-zero of the foreclosure crisis for a long, long time. Home sales have actually been very strong for months but the majority of the real estate sold has been foreclosures. There has been an influx of investors buying homes for cash and many agents in that arena talk about bidding wars [...]

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Foreclosures

Foreclosure Mediation

by Joshua Dorkin | August 28, 2009

Several months ago I mentioned Nevada was finally joining the 21st century in regards to foreclosure mediation. The first two sessions – Nevada doesn’t jump into these things – will happen on Sept 14th with two properties in Las Vegas as the “test” properties.

I know other states have already set up their mediation programs and have been up and running with what some say is a great success rate, i.e. the homeowners got to stay in their homes. In fact, Marquette University Law School on their website makes this comment: “…jurisdictions that have used mediation in foreclosure cases report a high success rate, and more and more jurisdictions are turning to mediation as a solution for this crisis.”

Because Nevada is the turtle in this race only 97 mediators have completed training and were appointed last week (Aug 17-21). The State expects to phase in more mediators over the next few months. They better if they are to be in compliance with state law and put out a program designed to help distressed property owners.

Mediations Per Month

I didn’t do any research to determine how many mediations Ohio or New Jersey, or any other state for that matter, are doing per month but Nevada expects to do more than 1,000 mediations per month once the program is operating at full capacity. This seems like a reasonable figure given to date the program manager has received more than 650 requests. Plus, with Nevada’s high foreclosure rate, mediation only makes sense for anyone wanting at least a chance to stay in their home.

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Real Estate

Municipalities Dealing With Foreclosure Crisis

by Richard Warren | July 6, 2009

It is no secret that Nevada has been at or near the top in the foreclosure rankings for quite some time. This is certainly a case where nobody wants to be claiming “we’re number one!” The crisis has actually caused four adjacent or overlapping local governments to band together to address the problem. While their [...]

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Foreclosures

Housing Law – A New Breed Of Cat

by Tom Koziol | June 26, 2009

Nevada enters the housing law business as state number 7 enacting a foreclosure mediation program. Nevada’s law goes into effect on July 1, 2009. The other states with this type of legislation are Pennsylvania, Massachusetts, Michigan, Florida, Connecticut and Colorado. I don’t know about the other 6 states but here in Nevada the law will [...]

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Meet the Investor: Real Estate Investing Interview with Rehabber Richard Warren

by Joshua Dorkin | April 9, 2007

It is great to have the opportunity to interview someone with a good amount of rehabing experience. With rehabbing being the hottest craze in real estate (condotel investing seems like a close second), many people don’t see the reality behind the craze. Learning from pros like Richard, whose interview you are about to read should [...]

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