2010 Nevada Housing Market

High unemployment in construction, gaming and retail sales is contributing to the epidemic of foreclosures in Nevada, which has slowed as bankers hold back on foreclosing properties in an attempt to raise housing prices. An assortment of new casino projects under construction has been stopped in their tracks, victims of the global financial meltdown. Unemployment… Continue reading 2010 Nevada Housing Market

Very Low Confidence in Housing Market

Very Low Confidence in Housing Market Consumer confidence in the housing market is near a modern all-time low, according to a new Housing Predictor opinion poll. The survey found that a huge majority of those polled feel the housing market is not improving, despite a series of government programs and other efforts to re-energize the… Continue reading Very Low Confidence in Housing Market

BP Oil Spill Strikes Florida with Snow Ball Effect

By Mike Colpitts Wallowing in pain from the financial crisis, its real estate markets bruised and battered Florida’s panhandle beaches are being struck by the gushing oil spill from the Louisiana BP oil well. Call it “the Snow Ball Effect” of this mighty economic, environmental and real estate catastrophe. It’s a snow ball of extremes,… Continue reading BP Oil Spill Strikes Florida with Snow Ball Effect

Mortgage Rates Barely Budge

By Cheryl Reams Mortgage rates on a conventional 30-year loan barely budged from last week, rising a slim one-hundredth of one percent to 4.79% on average, according to Freddie Mac. Applications for home loans also slowed. The 30-year fixed rate mortgage is the barometer of mortgage rates, remaining at or near its lowest level for… Continue reading Mortgage Rates Barely Budge

Home Market Stabilization Gains Momentum

By Kevin Chiu Housing sales rose in April as the federal tax credit expired, and pending home sales increased for four straight months, indicating that momentum is building in the housing market setting up a pattern of stabilization. Aided by lower home prices, the momentum of sales is expected to slow and then rise over… Continue reading Home Market Stabilization Gains Momentum

Default Mortgages Ease to 7.3 Million

By Kevin Chiu Mortgages in default and foreclosed homes account for just over 7.3-million homes, according to Lender Processing Services, the nation’s largest provider of mortgage servicing data. The widespread volume of distressed properties indicates that by any measure a full recovery in the housing market is not possible for more than a year. Homes… Continue reading Default Mortgages Ease to 7.3 Million

Down on the Gulf of Mexico Tensions Run High with BP Oil

By Mike Colpitts Editor Down on the Gulf of Mexico tensions and anger run high. I know full well what the BP oil gusher is all about. I live here. The gushing oil well a mile under sea spews oil at a rate that officials can’t even accurately estimate. Is it 3-million gallons a day?… Continue reading Down on the Gulf of Mexico Tensions Run High with BP Oil

Housing Aid to Homeowners by Fall

By Mike Colpitts Facing the roughest real estate crisis in more than a half century, housing agencies in 10 states expect to begin handing out housing aid to homeowners at risk of foreclosure by fall from the federal government. The $2.1-billion Hardest Hit Fund is targeting homeowners in 10 states most severely affected by the… Continue reading Housing Aid to Homeowners by Fall