Financial Markets
The Dow Jones ended Friday down, but for the week up over 200 points, arriving at 11,103. September unemployment report was released and 103,000 jobs were created for the month, far exceeding expectations. That isn’t saying much, expectations were dismal as a result of August’s unemployment report showed 0 jobs created. Included in the September report was an upward revision to August numbers, which showed that actually 57,000 jobs were created in August, not 0…Woops….
Southern Nevada Real Estate and Economy
Below is an article in the Las Vegas RJ reporting that the Clark County Commission issued over 4 million dollars in federal funds to rehabilitate and sell houses by Eastern and the 95. The funds will also go towards down payment assistance for the buyers purchasing the homes.
On a random note, the Las Vegas Ski Resort is open for business! It is the first ski resort in the U.S. to open. http://www.lasvegassun.com/news/2011/oct/08/las-vegas-ski-resort-first-country-open/
Posted again in case you missed it
We are now seeing prospective home buyers that have had a bankruptcy, foreclosure or short sale in the past looking to re-engage in to home ownership. So, the following question gets asked often now: When can someone who had a bankruptcy, foreclosure or short sale purchase a home again? Below is a generic breakdown of when someone can purchase a home after such an event:
Conventional Loans:
· Short sale/Deed in lieu of foreclosure: 2 years (with 20 percent down) OR 4 years with 10% down.
· Bankruptcy: 4 years from discharge date
· Foreclosure: 7 years from the date the bank takes the home back.
FHA Loans:
· Chapter 7 Bankruptcy: 2 years
· Chapter 13 Bankruptcy: Can be in it, provided they have been making on time payments for a minimum of 1 year and acquire permission from trustee.
· Foreclosure/deed in lieu/short sale: 3 years from the date the home is transferred to new owner/bank.
We are starting to see hard money lenders crop up that are willing to lend to a borrower sooner, but typically would require a minimum of 20-30% down, charge 3-5 points and offer a rate typically in the double digits.
