• Changes are effective as of January 1st, 2010.
• Mortgage brokers and commission based lender staff are now prohibited from selecting the FHA appraiser.
• Lenders aren’t required to use Appraisal Management Companies.
• When the borrower switches to another lender, FHA prohibits the 2nd lender from ordering additional appraisals to obtain a higher value, unless:  The DE Underwriter determines the 1st appraisal is deficient,  The Appraiser of 1st appraisal is on 2nd lender’s exclusionary list, or First lender delayed the appraisal transfer to the 2nd lender so as to cause a harm to the borrower, e.g. missing a closing date, or expiration of a rate lock.
• Appraisals are now going to be valid for only 120 days for all existing and proposed or under construction properties.

I was just searching for clients who want a single story 3 bedroom home with a two garage in Summerlin or near Summerlin and I found several to choose from.  The thing about finding these homes and being able to retain them to rent is to move FAST… once they go on the market for rent you have to able to jump on it immediately.

If you’re in the market for a rental in Summerlin or anywhere in the Las Vegas valley give me a call.  I’ll search for you and if you’re ready to apply for the lease let’s do it.  There’s a lot of fabulous homes to rent for a great price.  TIME Matters…Usually, it’s first come first serve.

Penny O’Brien
RE/MAX Experience
business cell: 702.321.9383
Http://www.PennysProperties.com
Penny@PennysProperties.com

Do you feel house Poor?

Fewer and fewer people are going to the movies, and other types of entertainment. Many are not buying goods in stores. Major grocery chains are seeing a rise in what were second rate brand food products selling at a discount. The no name brands that most people call generic. Peoples savings have risen and may hit a new high. America is on a budget crunch, and a growing number of home owners are suffering from being house poor.  Sound familiar?

Hundreds of thousands of older people who had already retired are being forced to take on jobs again in restaurants and at retail chains, because they suffered major losses in the stock market and in their homes.

Home equity for the majority of homeowners has been killed by declining home values, an excess of inventory and the foreclosure crisis, now the short sale ways are changing and many are wondering when we’ll all get out of this financial mess.

Lost home equity doesn’t just represent decreasing wealth. It has an over riding effect on consumer confidence. Home owners, who are house poor can’t borrow against equity, take out new lines of credit, refinance, pay for college and even sometimes pay for the bare necessities

For many decades  Americans believed that buying a home was an way to wealth and savings, but not anymore. Now a day’s most people no longer believe that the American dream of homeownership is a realistic way of building wealth.

Many people who have experienced the housing crisis feel they may never be able to buy a home again 

The housing bubble that produced so much wealth seems to be providing an extremely depressing view of the future. With the lack of confidence in consumers’ ability to buy a home, improve their current housing situation or trust homeownership to provide a significant portion of their wealth sends a strong message about the impact of the housing crisis.

But is the shift for real or long lasting? Could it be fall-out from the national economic downturn and fears of the economy worsening? Economists don’t know and can only study and speculate about the situation, and like the rest of us wait to see what happens next.

In Las Vegas it seems the majority of the people with money are buying up the foreclosures while everyone else is just watching and waiting.