FHA down payment to increase to 5%?

A note from one of my Mortgage Lending Contacts:

Please be aware, there have been talks about Congress changing the required down payment for FHA loans from 3.5% to 5% AND to prohibit buyers from financing closing costs.  The reason for the change is due to the FHA reserve being diminished due to the wave of foreclosures.  Now even though the bill is in its early stages, who knows which way it will turn out.

Click here to check out the status of HR 3706

Information courtesy of:

Sean Uyehara, B.A.
Residential/Commercial Mortgage Consultant
C: (702) 336-4980
F: (702) 315-6110
sean@lvhomemortgage.com

Sales and Inventory Update 10/8/2009

Three out of Five Listings are Distressed

 By the close of third quarter of 2009, the number of properties identified as distressed continued to rise. Available short sales and bank-owned properties as a percentage of total listings reached 60.3 percent during the final week of September. Of the 11,716 listings, 4,811 (41.1 percent) were listed at values lower than the amount owed on the mortgage while properties identified as bank repossessions totaled 2,253 (19.2 percent).
 
Of the 11,716 listed homes, only 4,103 0(35.0 percent) are occupied by their owners, while the remaining 7,613 (65.0 percent) are occupied by tenants or remain vacant. A flood of properties (11,013) remain under contract but are subject to conditions (e.g., bank release on a short sale). Another 3,850 homes are pending, or expected to close, suggesting nearly 15,000 homes have been reclassified from “available” to “contracted,” many of which may fall in and out of escrow over the course of the next several months for various reasons.

Information Courtesy of :

Krysta Sitko
A.V.P./Business Development
Fidelity National Title
Cell:  (702)303-0893
Email:  ksitko@fnf.com
Web:  fidelitylv.net 

Please don’t hesitate to ask me for a report which includes the full analysis and charts. Please note it is the market update from 9-28-2009

Thanks for reading!

Arlene

Beijing Noodle No. 9

Ok so, I’m from Los Angeles and one of my favorite spots to get a quick quality bite was Noodle Planet in Westwood.  It was fun, buzzing with college students, and I enjoyed the food.  Since I moved to Vegas, I’ve been dying to find something like it.  Beijing Noodle No. 9 is better than what I would have imagined to find in Las Vegas.  Who would have thought I’d find it at one of the major casino’s in town, Caesars Palace.  I love the decor!  It is very reminiscent of the noodle houses you’d probably find in Hong Kong or Macau.  Sitting there, I got the feeling of being outside.   Loved the ambiance, loved the noodles made in house, loved that I could use my Total Rewards Card  and earn points even though I’m not much of a gambler!  Its a great place for visitors and locals of Las Vegas.

                          

Thanks for reading!

Arlene

Napoleons Happy Hour @ Paris Casino

Napoleon’s at the Paris Casino on the Las Vegas Strip offers a happy hour 4pm to 9pm daily! You can get 2 for 1 draft imported beers such as Kronenbourg 1664, which is what I had! You can even use your total rewards card towards towards the purchase. Check it out! Thanks for reading pslv!
-Arlene Skinner, REALTOR(R)

Red Velvet Cafe-Sahara & Buffalo

A friend of mine who is vegan and not even a Las Vegas local told me about this place called Red Velvet Cafe on  Sahara and Buffalo.  I’m all about trying new places and since one of my friends,  Anni and I have been on this health kick, we figured we’d give it a shot.

The draw to this place is their commitment the “healthy foodie”.  Their menu is pretty extensive and consists of sandwiches, salads, paninis, pizzas, and pastas mainly, with other items that I can’t wait to try.  Pretty much everything is vegan or vegetarian friendly, meaning they carry vegetarian or vegan meats and cheese to substitute.  You can also have everything with meat, which is what I do.  They even have appetizers like quesadillas and chicken nuggets that can be made vegetarian/vegan and are oven baked, not fried.

And of course who can forget desert.  The cafe is named after their signature dessert, the red velvet cake.  Yummy!  The presentation was great, it is vegan friendly, and at only 150 calories!  Seriously, I was in dessert heaven.

I highly recommend trying this place.  I’m originally from Los Angeles and have been dying to find places like this since I relocated here in 2004!  Thanks for the suggestion Jess!

Red Velvet Cafe website where you can find their menu, location, and hours.

Thanks for reading project southwest, lv- confessions of a las vegas realtor!

Arlene

Third Time's the Charm!

Hello World!

Well, I’ve tried blogging in 2 other avenues before this one.  I’m hoping wordpress is the final home for my blog.  Anyhow, hello!  I’m Arlene M. Skinner and I’m a REALTOR® here in fabulous Las Vegas, NV.  My goal with this blog is to join the 21st century in the use of the technological resources available to me and have a little fun by sharing my experiences as a local and my favorite hott spots!  Chances are, you’ll probably be seeing a lot of video poker places, sushi bars, pho houses, and a good place to get some fro-yo!  If you have any to share I’d love for you to post them so that I can check them out too.

Every now, and then, my nerdy REALTOR® side will come out and I will share with you what’s going on in the Las Vegas, housing market.  Don’t worry, I’ll only post what I find interesting!  Let’s get started! And besides, this is a great way to help my future friends and clients!

Thanks for taking the time to read project southwest, lv!

Arlene M. Skinner