THE ADAMS TEAM
Rothwell Gornt Companies
Las Vegas Real Estate Agent Robert Adams Las Vegas Real Estate Blog
It is my understanding that this proposed bill is very similar to a bill already passed in CA. I am interested in hearing your guys thoughts on the impact of this bill should it be enacted. It was proposed 3/18/13.
Here are MY THOUGHTS on the matter:
We need to return to a free market in order to balance out inventory and have a true recovery. Prices are artificially rising because ab 284 has artificially decreased supply (inventory). Right now demand is so high it would absorb most of the new inventory should ab 284 get amended. By creating another bill like sb 321 it is going to keep inventory low artificially and create opportunity for new home builders to build more new homes. We don't need more new homes. We need the ability to sell the existing default homes. By manipulating the supply like this bill proposes we will only be adding to the supply when in reality we need to be working on selling the existing supply that is untouchable currently. When will politicians learn that more regulations and restrictions are only making things worse. Last year some neighborhoods appreciated as high as 30%! That is unhealthy growth that we have not seen since the bubble. Leave sb 321 as is and amend ab 284 and release the inventory so we can actually recover!
For those of you that have not seen the proposed bill here is a link:http://www.leg.state.nv.us/Session/77th2013/Reports/history.…
Manufactured home in North Las Vegas, traditional sale will close quick. Just became available due to buyer's financing falling out. Land included. Property is the only home in the park that has not been converted to real property, similar homes converted are comping as high as $70k!
I just read this article about Fannie and Freddie merging some of their operations. Found the article on this link: http://quotes.wsj.com/FNMA/interactive-chart
Fannie, Freddie to Merge Some Operations
By Nick Timiraos
3/4/2013 5:33:00 PM
The regulator of Fannie Mae(FNMA) and Freddie Mac(FMCC), the government-controlled mortgage companies, announced Monday one of the most concrete efforts to date for building a new infrastructure that could ultimately replace Fannie and Freddie.
Edward DeMarco, the director of the Federal Housing Finance Agency, said the agency would begin forming a new company that would consolidate some of the "back-office" functions currently replicated individually by each firm. The new company will have its own chief executive and board and for now would be jointly owned by Fannie and Freddie, said Mr. DeMarco, in a speech Monday afternoon before the National Association of Business Economics in Washington, D.C.
Fannie and Freddie have operated for decades as independent firms in competition with each other, but last year the FHFA began working with the companies to create a single platform in which home loans could be packaged into securities. The companies were taken over by the U.S. Treasury in 2008 and the FHFA was tasked with conserving the firms' assets until Congress and the White House decided what to do with them.
Debating the Future of Fannie and Freddie 2/25/13
Up until now, few steps have been taken toward any overhaul. The two firms, together with federal agencies, are responsible today for backing nearly nine in 10 new mortgages, with taxpayers on the hook if those loans default. Fannie and Freddie collapsed as the housing sector deteriorated five years ago and their rescues have cost taxpayers $131 billion so far.
The new company could eventually be privatized or folded into the government—that will be determined by Congress and the White House when they begin the process of any overhaul of the nation's $10 trillion mortgage market. Before those decisions are made, the new company would build a new securitization infrastructure to serve whatever replaces Fannie and Freddie.
"What we are trying to do…is to ease the transition from where we are today to wherever lawmakers decide the country ought to ultimately go," said Mr. DeMarco.
Mr. DeMarco said the new platform for issuing mortgage-backed securities would allow for much needed operational upgrades to the back-office infrastructure at both firms. It would also aim to merge certain functions duplicated by the two firms. "Right now, this investment takes place twice. We're trying to just do this once," he said.
The initiative comes as a stabilizing housing market has boosted the fortunes of the mortgage companies. Freddie Mac last week reported an $11 billion profit for 2012, its largest ever and its first in six years. Fannie Mae has until mid-March to file its annual report.
In recent months, some industry executives have voiced concerns that the new mortgage-bond infrastructure might allow Fannie and Freddie to extend their dominance over the mortgage market. The latest move by the FHFA could tamp down those worries. Mr. DeMarco said the new entity will have a separate physical location from Fannie and Freddie, in addition to its own management and staff. It's unlikely that the entities would actually begin the process of issuing securities through the new company this year, he said.
Creating the new company is one of a series of objectives on an annual corporate scorecard, also released Monday by the FHFA, that is used to evaluate Fannie and Freddie's performance and determine the pay of top officers at both companies.
As part of those annual priorities, the FHFA said it would direct the companies to advance previously announced plans to sell slices of mortgage-backed securities that aren't covered by a government guarantee. It said that each company should attempt to sell at least $30 billion in different mortgage-backed products that would put private investors in a first-loss position on those loans.
The FHFA also directed the firms to reduce their backing of loans for rental apartments by 10% from last year's levels and to sell a portion of the whole loans or other illiquid securities that sit on the firms balance sheets. The companies are already required to shrink those portfolios by 15% annually, but they have largely met those targets simply through the normal maturity of various mortgage investments.
Write to Nick Timiraos at email@example.com
Hello from Robert Adams Broker/Salesman and The Adams Team at Rothwell Gornt Companies,
We would like to represent you on selling your home right now and here is why:
We are in the midst of a strong sellers market and can often times get as much as 10% above appraisal value for your home. This is due to low inventory and very high buyer demand. This will change if new inventory is added to the market. AB284 is being reconsidered as we speak. You can read more about the market softening if AB 284 is amended here:Las Vegas Market to Soften if AB 284 is Amended
If you are short selling your home 2013 is the year to do it. The Debt Relief Act was set to expire Dec 2012 leaving home owners liable for deficiencies. The Debt Relief Act was extended for 2013. Ask us how you can get your home short sold and take advantage of this extension. You can read more about this extension here:Debt Relief Act Extended in 2013
We currently have over 400 clients on our active buyers list that we can contact right away and most times match your home with a buyer without having to put it on the MLS. We have a team of agents and marketing specialists who will work together to get your property maximum exposure. Ask us about our marketing team that does extensive marketing for all of our listings!
Contact us today to discuss your specific scenario and how we can help you get top dollar for your home and limit
your risk/liability if short selling. We appreciate your time in reading our letter and wish you all the best. We look forward to the possibility of doing business with you in the future!