The Center for Business and Economic Research at UNLV has delivered its Midyear Economic Outlook and the news is good - but certainly not great. The national economic has been recovering for a long time but it has been doing so very, very slowly. That has eventually begun to trickle down to the Southern Nevada economy. That slow but steady trend should continue. We talk with CBER Director Stephen Brown about the numbers and why he thinks will get better.
A new study suggests that at least one type of foreclosure may be losing some of its stigma.
According to the 2012 Face of Foreclosure report, 45 percent of those surveyed felt that walking away from an underwater mortgage, or “strategic default,” is OK, while 45 percent thought homeowners should honor their financial obligations.
The big question is: when will the recession be over? How can Las Vegas recover the economic vitality it enjoyed during the boom years? The chief economist for Wells Fargo, John Silvia, joins us to answer your questions on housing, banking, and other issues..
U.S. Secretary of Housing and Urban Development Shaun Donovan is in Las Vegas on Thursday to discuss the recent robo-signing settlement with Nevada Attorney General Catherine Cortez Masto. Still, that was only a start and there are many programs that were designed to fix the foreclosure crisis that have barely touched the Las Vegas housing market. We ask the Secretary about those programs and the future of housing.
Nevada continues to top the foreclosure tables, even as the national economy recovers. Various types of rescue plans have been tried but they have not done much to change the way the real estate market operates.
A Nevada man who marketed home loan modifications to Spanish speakers throughout the Southwest is facing criminal charges. His arrest is the latest effort by the Nevada Attorney General to crack down on mortgage fraud.
Wells Fargo is offering its customers a chance to sit down with a representative from the bank and work on restructuring mortgages. Wells Fargo officials says where possible, borrowers will receive a decision on a workout, loan modification, or other options, on site or shortly following the workshop. Options include Wells Fargo’s own loan modification program and the federal government’s Home Affordable Modification Program (HAMP). We talk with an executive from Wells Fargo about what help will be available at the event.
Nevada Representative Joe Heck has introduced a new bill in congress that would give homeowners who have gone through foreclosure a second chance at buying a house. Heck's Second Chance at Homeownership Act would provide insured loans to individuals who have previously been foreclosed. Rep Joe Heck joins us to talk about his plan to give some Nevadans a second chance at home ownership.
This weekend homeowners can meet face-to-face with representatives from Bank of America, Wells Fargo, Chase, Citi, and others to get help with their mortgages. Governor Sandoval and the Nevada Department of Business industry host the "Home Means Nevada" help for homeowners event at the Cashman Center on Friday, March 9 and Saturday, March 10. Homeowners can get help with lowering mortgage payments, principal reduction and short sale assistance. We talk with the director of the Nevada Department of Business and Industry about the type of help homeowners can get and why they need it.
At his State of the Union address this week, President Obama rolled out some small details of new plan for mortgage relief. Under the plan homeowners with non federally backed loans will be able to refinance to take advantage of lower interest rates. Before, only loans backed by Fannie Mae and Freddie Mac were eligible for the Home Affordable Refinance Program (HARP.) Will it work? We talk with a panel of experts and take your calls on whether Obama's newest plan will help homeowners.
Attorney Kermit Waters wants to completely revamp the Nevada tax structure. Under Waters' plan Nevada's mining industry would pay a 20% state tax and businesses earning $1 million in revenue a month would pay a gross-receipts tax.
A reality show pilot surfaced online showing deputies in the Las Vegas Constable's office in a pretty bad light. In the video deputies are seen cursing, making a traffic stops and telling stories about shopping on the job.
Family structures have changed drastically during the past ten years, but their homes, for the most part, havent. Kids are living at home well into their 20s. Grandparents are living with their children and grandchildren. According to the 2010 Census, the traditional, nuclear family is shifting to a new model. So we ask, could it be time to rethink about how we build homes and entire neighborhoods? Do people want different homes? And can home developers hurt by the down economy capitalize on this model, building newer, denser housing instead of adding to the Southwests sprawl? We discuss these issues and more on todays State of Nevada broadcast.
The American Southwest is full of neighborhoods that are empty of people, but ready to go, They have roads, sidewalks, utilities, sometimes even rows of unoccupied homes.
These are the subdivisions that the housing crash left behind, frozen in time on their way to completion. Welcome to the world of "Zombie Subdivisions", land that has been permitted and slated for development, with no buyers for those homes anywhere.
Developers say these spaces are just dormant, waiting for another economic boom to bring them online. But what happens if the market demand is gone and not coming back to the region. We discuss "Zombie Subdivision", and "smart decline" on this program.
Scam artists are taking advantage of Las Vegas's high number of foreclosures. They pretend to be landlords, then rent out the property - which doesn't belong to them. How can you guard against this happening? What safeguards are in place? And how can victims find recourse and get their money back? The Metropolitan Police Department and an attorney shed light on the situation.
As Zappos prepares to move its headquarters from Henderson to downtown Las Vegas the demand for housing in the area might be on the rise. Realtor, Jack Levine recently told the Las Vegas Sun he has a stack of buyers looking for high rise living downtown, they include teachers, artists and Zappos employees.
Everyone loves to hate them - the Home Owners' Association. They say you can't fix your car on the street and your kids can't shoot baskets on the street. But they also make your neighbor mow his lawn and keep the party noise down. So what happens when you have a complaint about the HOA or the neighbors? You might end up talking to the Common-Interest Communities and Condominium Hotels Ombudsman - the officer in the Real Estate Division who has to sort out these disputes. Kara Jenkins joins us to talk about her job and what she can do to help resolve disputes.
Author and urban theorist, Richard Florida's book The Great Reset said new economies often rise from the ashes of the old ones bringing with them new types of growth and prosperity. Florida writes in a recent piece in The Atlantic that Great Resets unfold not from top-down policies and programs but gradually, as millions upon millions of people respond to challenging economic times by changing the ways that they live.
Anthony Candida expected to retire when his last kid moved out of the house. But then the recession hit - and he suddenly found his kids and four grandchildren moving back in with him. He's now the sole full-time breadwinner for a house of nine. Nevada's multi-generational housing is on the rise, and more seniors are re-entering the work force or just working past retirement. What's the incentive to keep working for older Americans? How many families are combining households to make ends meet? And how is this multi-generational setup changing the fabric of Nevada?
Many Las Vegans have been hit hard by foreclosures and underwater mortgages. They might walk away from their home or take on debt when they sell an underpriced home. But when an Air Force member does so, that servicemember risks losing security clearance - and in some cases, even lose their jobs. The housing market has forced some servicemembers to live in trailers, or even move to different states. How has the hard-hit market affected those at Nellis Air Force Base, and what options do they have left? And how is their situation different than the average underwater homeowner?
When it comes to housing, Las Vegas consistently ranks near the top for most foreclosures and underwater mortgages. And this forces many Las Vegans who are underwater to make a choice: stay or walk away? How has the housing situation changed this past year? What decisions has it forced Las Vegans to make, and how has it affected the culture and optimism of the city? Also, what does our real estate situation look like to the rest of the world? We talk to experts, plus some homeowners on how their lives have changed. Also, special guest Lawrence Pollard from the BBC joins our panel to see how one of the country's worst foreclosure rates can change an American city.
The economy in Las Vegas has illustrated the worst the recession has had to offer over the past few years. Record foreclosures and unemployment coupled with slow tourism have put Las Vegas and Nevada at the bottom of many lists that measure economic health. It's been difficult for economist and experts to predict when and how the economy in Las Vegas will recover and every month as measurements for housing, tourism and consumer spending come out there have often been surprises, good and bad. So what can we learn from the past and what does the future hold? We're joined by a panel of experts as well as two unemployed citizens and an MGM Resorts International executive to talk about the state of, and future of the Las Vegas economy.