Today’s Las Vegas Real Estate
News falls short in Reporting
Please see our last article concerning the number of Las Vegas Foreclosures available for sale on the Las Vegas MLS along with questions about what the effect of the Fannie Mae and Freddie Mac foreclosure moratorium MAY be creating by clicking the link below.
Las Vegas Foreclosure Report 2/13/2009
In today’s article by the Las Vegas Review Journal concerning Las Vegas Foreclosures:
Las Vegas Review Journal Reports Drop in Foreclosures for Las Vegas
Virtually every state saw a drop in foreclosures, said Alexis McGee, president of Sacramento, Calif.-based Foreclosures.com. California and Florida, two states hit hard by foreclosures, saw January numbers decline 31 percent and 21 percent, respectively. Nevada was down 20.6 percent at 3,207 foreclosures in January.
While others have speculated that foreclosures would continue to rise, McGee stands by her view that the worst is past. The media are still focused on foreclosures, but the story now is the recovery of real estate, she said.
Sounds great and something all Las Vegas Real Estate professionals are looking for to see some stability but the reality is, the information just does not jive when you know what is going on. From the same article:
“What happened is Fannie Mae’s moratorium is over and they flooded the market,” Kearns said. “I know some guys who got slammed who are handling Fannie Mae properties and they hadn’t done anything for two months. Watch February and March take off.”
As Reported in the last post with news about a new foreclosure moratorium from Chase, CitiGroup and Bank of America, it was also announced that Fannie Mae and Freddie Mac have extended the foreclosure moratorium that started in November once again. In other words… it’s not over yet.
When you put it all together, it appears we have a sweetheart deal taking place between the Government and entities that have received bailout money. When the same entities are receiving Billions of dollars of Taxpayers money they really do not have the same pressure to get the non performing assetts off of the books and allow the market to work itself out to continue the path to a real correction. Without this… look for more confusion and less then truthful information from reporters who don’t ask questions and provide real reporting.
Paul Francis, CRS
Las Vegas Real Estate
702.592.3058
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