Debt... It Hits Hardest at Home!

The Largest form of Debt for most people is their Home Mortgage.

 It's nice to see that Nevadans on average have less debt.

But we tend to not pay our Debts.

Nevada leads the Nation in Delinquent Debt.

Most likely because of how hard the Housing Crisis affected us.

America's debt load

Americans hold a majority of their debt in mortgages, considered productive debt. 

But when it comes to not paying bills on time, the South stands out. 

Urban Institute; 1 - Debt in collections: Debt goes into collections after it is more than 180 days past due. At that point, the debt is placed in collections by the original issuer or sold to a third party debt collector. Debt in collections can remain on a person's credit file for up to seven years.

Janet Loehrke, USA TODAY

Raising Kids in Nevada... Our Report Card

Today in the Newspaper and on the Radio I heard Reporters saying,

"Nevada Schools Rank Dead Last"

They were referencing a Report by The Annie E Casey Foundation.

The Report ranks The Quality of Life for Children in each State.

Nevada Report Card below

Or go to their website www.aecf.org

 

This doesn't mean all of Nevada is bad.

We do have a  lot of Non-English speaking Families.

Their children tend to struggle in school.

There are a lot of families that make minimal incomes.

We are a 24/7 Town. Many people work 2nd and 3rd shift.

These parents are not always around to keep their kids on track.

They are exposed to a lot of bad things.

It's called "Sin City" for a reason.

You can see a big difference in the various areas of town.

When buying a house, better schools and areas demand a higher price.

A Good Realtor can help you find an area for You.

A Knee Jerk Reaction... But Wait, Let's Think About it!

As Realtors, we get sent all kinds of emails from 

Lenders, Title Companies and others in the business sharing information they have access to

 to help educate us about what is happening in the Las Vegas Real Estate Market.

 Below is a graph we received this week with a note saying,

"When I look at this I’m thinking that we will be seeing short sales and REO’s in our future."

 

At first look, I see that Notice of Defaults (NOD's) are way up for September.

But why were they so low in June and July?

Well, on June 3, Nevada passed the Home Owner's Bill of Rights.

It's my opinion that this is why NOD's dropped when they did.

The Banks wanted to have their Lawyer's pick apart the New Law.

Second, is that 3,677 number really that high?

From Jan - May we averaged about 1,500 a month.

If you add June - Sept numbers, and divide by 4.

99 + 487 + 1,114 + 3,677 = 5,377 / 4 = 1,344

Which is below average for this year.

But this graph got people talking.  It grabbed a few headlines.

The Local News and Radio warned we could see more foreclosures.

Really?   Based on a Knee Jerk Reaction!

Las Vegas Homes Undervalued ? Maybe it's Time to Buy . . .

This is what Investors are seeing.

We are the #1 most Undervalued City in the Nation.

( according to Trulia )

Second only to Detroit, but who wants to live in Detroit?

Last Month, 59% of All Closed Transaction were CASH Buyers.

Las Vegas Home Prices Surging ...

Front page article in the LVRJ.

Median prices up 30.6 % ...

Median is very different than Average or Appreciation.

Median is the middle.  Average is the Total of all Sales divided by the Number of Sales.

So the middle is going up meaning people starting to buy more expensive Homes.

The article later goes on to say that Las Vegas Valley Homes

have Appreciated over 20% in the past year.

Still a very good sign.

A couple of other interesting points the article discusses are;

- This surge in Sales is also affecting local Repairman and Home Decorating and Home Fixture Sales.

- They claim that there is still a years worth of Inventory sitting vacant out there.

- Currently, 59% of All Sales are Cash transactions, which are usually Investors.

- The Builder are out of developable land,

and prices need to go up another 20% before building makes sense.