We will be accepting loan applications for FHA loans up to $400,000 until September 16th. We are required to have credit approval by September 30th in order to secure the financing. After September 15th, we can only accept loan applications for loan amounts up to $287,500…
Financial Markets
The Dow Jones held its own all week, reaching 11,500, only to give all of its gains, and then some, back on Friday. Investors sold stocks amid fears of Europe, and in particular Greece, defaulting on its debt. The Dow dropped over 300 points for the day and landed at 10,992.
Earlier in the day, President Obama initiated a proposal to help stimulate job growth. The proposal would cost 447 billion. Included in the proposal is a reemphasis for improvements to the “HARP” refinance program. While no details have been given, the speculation is that Fannie Mae and Freddie Mac would enable refinances of its own portfolio without an appraisal. This would be huge for Nevada, as so many Nevadans that could refinance from a credit standpoint, cannot because of the lack of equity in their homes.
Southern Nevada Real Estate and Economy
August home sales for Southern Nevada boasted another strong month. 4,693 sales took place, of which 987 of the sales were townhomes and condos. The median priced home slumped slightly to $120,000, however, the 3,706 single family residence sales are up 17% from July 2011 and up 31% from the same month last year.
Below is an article in the RJ that discusses how the low real estate prices provoke companies to relocate to Southern Nevada.
