The housing market is finally showing signs of life. Southern Nevada still tops the list of cities with houses under water but sales are picking up. And increasingly, short sales and not foreclosures are driving those sales. So where is the Las Vegas housing market now? With a slight rise in home prices, are we actually seeing the end of bear market? What you should know about the new shape of the housing market and short sales.
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.
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.
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.