The mortgage debt relief act of 2007 was slated to expire December 31, 2012, at the 11th hour congress extended it through 2013. That means countless homeowners doing short sales and loan modifications will not have to pay ten's of thousand in taxes on the amount of forgiven debt. This will give the our struggling economy a shot in the arm going forward in 2013.
Back in November there were 41 State Attorney generals wrote letters urging the house and senate to extend the bill and as of today it will be extended, "Great News".
Currently there are 2672 homes on the market in the greater Reno and Sparks area. Of that amount there are 1917 that are in escrow, (pending) making the actual amount of homes on the market that are not sold is 753. Economists judge the market by how many homes are being sold per month versus how many on the market, a balanced market is about 6 to 7 months. Meaning at the current rate we are selling homes, which is 500 per month we would sell all of the inventory in just over 5 months.
That means our area is currently in a Sellers market based on the current statistics. Keep in mind the new law that went into effect last October, AB 284 which is restricting the number of foreclosures on the market. It says banks cannot foreclosure on a seller unless…
Well kind of, the economist's at the National Association of Realtors are reporting that existing home sales for 2011 were up by 1.7% and the inventory of existing homes on the market is the lowest since March of 2005. Consumers are gathering confidence from the low interest rates, great prices and job growth. Here in Nevada we have to keep this in perspective, we will always trail behind any sort of national statistics. But also thanks to the new law AB 284 that went into effect in Nevada on October first, the number of NOD'S, (notice of defaults) that were filed have been cut by about 95%.
The reason why is the law states that before a bank can foreclose on you, they must be able to prove that they have the right to foreclose on the property. They…
Many families are dealing with a cut back on their family income, and it can be comprimising being able to make the mortgage payments. Loan modification is an adjustment to the original terms agreed upon with the bank. Three things can be adjusted; interest, amount owed, and length of the loan.
These possible changes have a vast group of homeowners considering and checking into the loan modification advertisements, often seen on Yahoo, Bing and Google. The Office of the Special Insepector General for the Troubled Asset Relief Program, SIGTARP, has shut down mortgage modification scams where the advertiser promises to lower the homeowners' mortgage for a fee. The victims are promised that the Troubled Asset Relief Program called HARP will be used. The…
We just listed 2490 Melody Lane for $319,000 and it overlooks the city and has a panoramic view of the valley. This home has a custom 5 car, heated garage for the car enthusiast in your family. There is almost 3200 square feet and lots of features you would find in a much more custom home including steam shower and upgraded plumbing fixtures.
The floorplan is very open for entertaining and takes full advantage of the spectacular views. The home is very easy to show and the location is 10 minutes from anywhere. Be sure and take a look at the pictures and click here for the virtual tour.
University of Nevada in Reno has been ranked 181 out of 1600 national colleges.
U.S News and World report issued it annual "Best Colleges"Rankings today and UNR is again in the top tier of best national universities coming in at 181. The rankings now include a list of the top public schools and we came in at 100. Schools in this category offer a full range of undergraduate majors, masters and doctoral degrees. This years ranking at 181 is up from last year at 191.
Reno has an enrollment of more than 17,000 students and the University is home to the States medical school and one of the country's largest study abroad programs. Its campus size is 255 acres and utilizes a semester based academic calendar. It's in state tuiton is $4,481.00 and…
The Somersett Town Square has been reduced from $3,650,000 to $2,400,000 and is "Bank Owned".
The main commercial area at Somersett ( the town square) has just been reduced. It is a bank owned property and consists of two buildings with a total of about 35,000 square feet. Each building is on its own parcel, one is 1.93 acres and the other is 2.06 acres.