Real Estate Information

Property Assessed Valuation notices are your mail box this week.  Not what you expected to see  (reduction)?

In Clark County, homeowners who think their valuations are not in line with the market, residents can file an appeal with the county assessor's office.  This can only be done between Dec 15th and Jan 15th.

Here is what you need to do: 

1. you will need to do some quick research of property values in the area.  Tim Kuptz & Team can help you with this! 
2. If like properties are being sold for less than the taxable value, then call 702-455-4997. At that point, let the assessor know that you would like to appeal your taxable value.

It is a fairly easy process. If I can be of more help, don't hesitate to drop me a note or call!

Just a quick UPDATE on upcoming changes to FHA Mortgage Insurance for both up front and monthly mortgage insurance premiums.

Recent mortgagee letter announcing change to FHA Mortgage Ins. Premiums.

FHA Upfront Mortgage Insurance Premium and Annual/Monthly MIP Factor Changes

* HUD announced that effective with case numbers assigned on and after October 4, 2010, new Mortgage Insurance Premium Factors apply to both Upfront MIP and Annual/Monthly MIP.

* UFMIP (Up Front Mortgage Insurance Premiums) is decreasing from 2.25% to 1.00% on all FHA Transactions. (this fee is financed into the loan up front)

* Annual/Monthly MIP is increasing for Amortization greater than 15 years:

>>And LTV (loan to value) less than or equal to 95% from .50% to .85% (monthly PMI will be calculated higher)
>> And LTV (loan to value) greater than 95% from .55% to .90% (monthly PMI will calculated higher)

Annual/Monthly MIP factors with an Amortization less than 15 years has No Change:

* LTV less than or equal to 90% remains at 0.00%
* LTV greater than 90% remains at .25%

This is affective for all new FHA loans just wanted you to be aware for your buyers.

Contact Linda Franklin @ Bank of America for more details

The inventory of homes for sale in Las Vegas continued to climb in August and sales dropped 12.7 percent from the same month a year ago, the Greater Las Vegas Association of Realtors reported Thursday.  Read the rest in this Las Vegas Review-Journal story  http://bit.ly/csaUdc

Las Vegas home buyers!  New changes are in store for FHA mortgage insurance premiums.  John Longstreet with Cornerstone Home Lending submmitted the following analysis today.

FHA is lowering their upfront MIP to 1% as of October 4^th,2010!  The bad news is that they are INCREASING the MIP renewal from .55% to .90%, which, in purchasing terms, will decrease the buying power of your buyers by approximately $7500 from their maximum purchase price.  But, in the long run, is it really bad news?  See how the new premiums will affect equity over time. 

 See below illustration:

 Up front mortgage insurance will decrease to 1.0% for all amortization terms

• Annual premiums will increase on amortization terms >15 years to:
  • .85% on LTV’s <95%
  • .90% on LTV’s >95%

Old MIP vs. New MIP illustration

Based upon a loan amount of $200,000 @ 4.5% rate @ 30-year @ 96.5% LTV:

(*The Borrower Pays $45 more per month which translates into a negative $7,500 in buying power.)

However, if home is sold at year 7:

[*FHA gets $2,102 MORE in MIP but principal balance is $2,175 less, so at year 7, it's basically a "wash". (the same calculation for 5 years, same deal.)]

Bottom line, FHA gets MORE, but the buyer builds up more equity.

As of right now, the MI is still deductible on income taxes (sunset on December 31, 2010).

Just a reminder, that the MI drops off after it reaches 78%, or approximately 10 years!

John Longstreet can be reached at 702-250-0688 cell.  He is based in Henderson, NV with Cornerstone Home Lending.

Areas of high foreclosure activity and low prices, such as Las Vegas, are fast becoming epicenters for real estate investors - or absentee owners.  Coupled with the low prices, the population has remained stable so good renters can be found relatively easily.  Now is definitely the time to buy in Vegas.  To read more about the absentee phenomenon, click on the following link:

http://realestate.nj.com/?classification=real+estate&temp_type=search&tp=RE_nj&tl=42&guid=123360

In the past 12 months, there's been little movement in the median price of a home in Las Vegas and Henderson.  So little in fact, June 2010 prices are the same as June 2009 - $140,000.  Click to our company blog here to read a complete digest of the numbers and download our report.. http://bit.ly/dzKiVL

WOW!  It's really that simple.  Call 702-475-7553 on ANY listed property in the Las Vegas and Henderson market areas and get price and property information right on your phone, right in the car!  Never talk to an agent and it works 24 hours a day!  Las Vegas is still a 24 hour town - no need to wait for the business world to wake up.

Is there finally a silver lining for the Las Vegas economy? Month after month declines in taxable sales have been the news for almost 2 years, so it is a major breath of fresh air to see a gain.  Las Vegas has been the hardest hit major city outside of Detroit in this economic downturn. Read the Las Vegas Sun story here.  http://bit.ly/bCjTuD

A beautiful view, typical in February after a night of rain in the valley!  This place is beautiful!  Taken from Seven Hills in Henderson looking to Mt Potosi seen in the SW part of the valley.

Another down year for Las Vegas and Henderson.  Median prices fell in 2009 ranging from a low of 10% in 89107 and 89123 to down 60% in 89109 - the corridor of high rise condos!  Year over year figures are less than the previous year.  See here.