January 2013

There are 5 blog entries for January 2013.

Many sources are saying this new proposed 60,000 seat stadium featuring a 100 foot long video screen, retractable roof, six 300 seat VIP suites on UNLV campus is gaining traction and close to being a done deal. A study by the University of Michigan’s Center for Sport Management determined that with 15 events annually, a mega-events center would produce a total of $393.2 million in new direct spending for Las Vegas' hospitality sector.

The stadium would rival the best stadiums in the world and UNLV states the mega-events center is the integral piece of a campus redevelopment project dubbed UNLVNOW, which includes 2,000 to 3,000 student housing units and 300,000 to 400,000 square feet of retail.

The big hurdle is determining where the money would

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Last month a vote in California would make their residents among the highest tax residents in the country. State Taxes for people making over one million are jumping from 10.3% to 13.3%, in addition to the federal tax rates going up for the wealthy coupled with higher state sales tax , more people will get fed up with California and move to more tax friendly states like Nevada where there is no state income tax and places like Las Vegas , and Henderson which offer luxury living at affordable prices. Case in point, pro golfer Phil Mickelson stated today he may leave California over taxes. Mickelson said drastic changes are ahead for him due to these tax hikes which he figures add up to 62 to 63 percent. Mickelson, who is worth approximate $150 million, was

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If you foreclose on a home your score may be lowered anywhere from 250 to 300 points , and your score can be affected for over 3 years, if you do a short sale only late payments on your mortgage will show and after the sale the mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points, if all other payments are made on time, and a short sale's effect on credit can be as brief as 12 to 18 months. After a short sale you can typically qualify for a new home loan after 2 years, whereas a foreclosure can prevent you from getting a loan for 5 years.

If you have a security clearance a foreclosure may affect this whereas a short does not challenge most security clearances. In a foreclosure the bank has a certain amount

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As of today Las Vegas home prices are up to 24% according to the Greater Las Vegas Association of Realtors. Short sales have accounted for 45.8% of December 2012 sales and foreclosures sales have dropped to 9.5%. This is no doubt due to our low inventory with less than 4000 available homes without offers in Clark County. What is the price increase due to? Well, record low interest rates, and the most affordable prices in years. Many investors are buying for cash flow as well.

In addition there have been laws enacted such as AB284 making it harder for banks to foreclose, which has suppressed inventory, but there are talks of clarifying those laws and rules as part of a big settlement between the banks and the federal government which could pave the way

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The Mortgage debt forgiven act has been extended as part of the 2012 fiscal cliff last minute resolution in the Federal Government. This is great news if you owe more than your house is worth and are having trouble making your payments. This means for the rest of 2013 if you short sale your house and the bank forgives the debt you won’t have to pay taxes on the forgiven debt. The Little group is highly trained in helping people avoid foreclosure by negotiating short sales with their banks which allows them to save their credit, move on with their lives, and in many cases buy a home again in 3 years. Hey, why not start over fresh?

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