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702-604-1001 Click Below to search Las Vegas area foreclosures on the MLS.
Take me to: 2010 First-Time Homebuyers Tax Credit
7+ Million Loans Behind On Payments Approximately 7, 200,000 mortgage loans are behind on payments and 1,000,000 properties are now in REO status and owned by banks, according to the January 2010 report from a large lender processing service company. Home delinquency rates passed the 10% mark. The total foreclosure inventory is 3.2%, and the rate combining foreclosures and delinquencies is 13.3%. The percentage of new serious delinquencies is 4.64%, which is higher than any other year analyzed for the same period. Of the loans that were up-to-date as of December 31, 2008, by December 31, 2009 there were 2.3 million new loans classified as seriously delinquent.
Prime loans have experienced
deterioration at a worse pace on relative basis than subprime, FHA, and
all loans as a whole. Within the prime category, loans with
current unpaid principal balances between $417,000 and $600,000 have
performed the worst. However, 2009 loans are performing
better than loans from any of the prior 5 years and have been improving
as more origination months are added to the pool of loans.
(We may speculate that this phenomenon is because the loans made
beginning in 2009 and later are at much lower prices than those in the
previous 5 years, at least in the Las Vegas/ Henderson area, are at
lower rates, and are more conservatively written than loans in the
previous time frame.)
http://www.vegasreoconnection.com
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Frequently Asked Questions?News
News
Look through our site for information on the first time Homebuyers Tax credit, Up to $8000 for qualified buyers.
Try our FAQ search!What is ... ?What is the Nevada Transfer Tax? The Nevada Transfer Tax is collected at the time of a sale. It is based on the sale price of the house. The current rate is 0.0051, or $5.10 per $1000, in Clark County. There are some exemptions to payment of this tax when the property is transferred, and these exemptions are spelled out in the Nevada Revised Statutes.. 1.) Transfer between affiliated business entities with idential common ownership. 2.) Transfer to a government entity. 3.) To recognize the true status-must show complete explanation on Declaration of Value form (i.e. re-record to correct a legal description.) 4.) To remove a co-owner or joint tenant without consideration. 5.) To transfer between parents and children or spouse to spouse -must state relationship on the Declaration of Value (i.e. from mother to son, or from parents to daughter and son-in-law: sibling to sibling does not work.) 6.) To transfer between spouses in compliance with a divorce decree (divorce decree required.) 7.) To transfer without consideration to or from a trust (some guidelines apply.) 8.) To transfer UNPATENTED mineral claims (patented claims are taxable and have an APN.) 9.) To transfer to a business entity of which the grantor is 100% owner. 10.) To transfer real property by deed upon the death of grantor pursuant to NRS 111.109. 11.) To transfer in compliance with bankruptcy proceedings, a,b,c (proceeds must go to bankruptcy-BK number required.) 12.) Transfer in compliance with a Securities and Exchange Commission Order. 13.) To transfer to a Nevada educational foundation, grades K-12 (must comply with NRS 388.750 Nevada school for Nevada kids.) 14.) To transfer to a Nevada University foundation. (must comply with NRS 388.405 Nevada school for Nevada kids.) Some of these exemptions require supporting documentation, and all must be stated on the Declaration of Value page. If you have questions, check with the Clark County Nevada Recorder's Office: 702-455-4336. Back to Top |
