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Free Foreclosure Workshop Scheduled for Northwest Area

Free Foreclosure Workshop Scheduled for Northwest Area

Residents are invited to an upcoming Foreclosure Prevention and Mediation Process interactive event. The free event is planned for 2 to 4 p.m. on Wednesday, May 11, and will take place at the Centennial Hills Active Adult Center, located at 6601 N. Buffalo Drive. 

People are asked to R.S.V.P.

Training Sessions Scheduled on New Development Code

Training Sessions Scheduled on New Development Code

The City of Las Vegas will hold two customer training sessions focused on the city’s newly adopted Unified Development Code.

The sessions will enable customers to stay current as well as ask questions about the code before it becomes effective on May 1, 2011. The one-hour sessions will each be held at 5 p.m. at the new Development Services Center, located at 333 N. Rancho Drive, in the third-floor Charleston Conference Room on Tuesday, April 19, and Tuesday, April 26.

On March 16, the Las Vegas City Council adopted a Unified Development Code (UDC) for the city of Las Vegas. The UDC replaces the existing Subdivision Regulations (Title 18) and Zoning Code (Title 19).

The UDC incorporates more graphic-oriented elements, resulting in a document that is more user-friendly while eliminating cross-referencing issues, contradictions and duplication of information.

Las Vegas Neighborhood Gets $10.4 Million for Revitalization

LAS VEGAS -- A neighborhood in the northwest part of the Las Vegas valley is getting millions of dollars from the federal government to rehabilitate abandoned and foreclosed homes.

The neighborhood which is bordered by Gowan Rd., Buffalo Dr., Alexander Rd., and El Captain Wy. has 125 homes that have been vacant for more than 90 days.

The 2,400 home neighborhood is the only one in the city of Las Vegas that qualified for the federal money. The money will be used to spruce up the homes and get people moved into them.

"I think it's a great thing if people can get a federal program to move back into the neighborhood and fix the houses up, put in new trees and plants and make everything look nice," said Bruce Nygren, homeowner.

Nygren has lived in the neighborhood for 16 years and takes pride in his home but neighboring foreclosures are dragging down the value of his home.

Report: 1 in 4 Nevadans Walked Away From Homes

LAS VEGAS -- A report released by a realtors association shows that nearly one in four people who lost their homes to foreclosure admitted to walking away from the home.

The Nevada Association of Realtors, who released the report, also found that most struggling Nevada homeowners were not aware of federal and non-profit programs designed to help them. The report shows that 61 percent of those surveyed who nearly lost their homes to foreclosure had never heard of the Home Affordable Foreclosure Alternative program and only three percent said they had used the Nevada Foreclosure Mediation Program.

Of the 23 percent who admitted to walking away from their homes, most said they were advised by trusted confidants that a strategic default was their best option.

Nevada Builder Selling Homes Despite Poor Market

LAS VEGAS -- The housing industry has been one of the biggest drags on Nevada's struggling economy and new numbers released Wednesday show another drop.

The Commerce Department says new home sales were down 12.4% in July which is the slowest pace ever recorded.

Nationwide, new home sales are down 30 percent from last year and more than 40 percent since April when that popular $8,000 Home Buyer Tax Credit expired. In southern Nevada, new homes are still in high demand and one developer says they can't build the homes fast enough.

"We see people coming in and they're ready to buy whether they're relocating from other parts of the country or they've been on sidelines, and now they're ready and out looking because they know the interest rates being so low is such a positive for them," said Amy Thill, Warmington Residential Nevada.

Experts Say Housing Market on the Mend

LAS VEGAS -- For over a year, foreclosures have weighed down the Las Vegas housing market, but new numbers show there may be break in that trend.

Unlike foreclosures, where families are evicted, short sales allow them to actually sell their homes and live in them until a the buyer is ready to move in.

"It is maybe not Utopia and maybe not he best, but it is certainly a far step from what we have been dealing with for the past 18 months," said Rick Shelton with GLVAR.

Short sales are now prevailing as the most common type of home sale. Real estate experts are calling it a win-win situation. The owner sells the home at the current market price, making it attractive to buyers. The bank accepts the difference between the selling price and the mortgage amount, but still gets more than they might on a foreclosure.

Expert Says Las Vegas Housing Market Healing

LAS VEGAS -- The Greater Las Vegas Association of Realtors says home sales jumped 33 percent in March as buyers rushed to beat the deadline for the home buyer tax credits.

The group unveiled its latest numbers at a panel discussion on the Las Vegas housing market Wednesday morning.

Panelists say the emphasis in the coming year will be on short sales. GLVAR President Rick Shelton says he also expects there to be more foreclosures on the market because banks are not willing to work with homeowners on reducing their loans. He says that will result in more homeowners opting to do a short sale. Currently, short sales make up about half of the houses that are for sale in the market.

The panel says home prices are beginning to stabilize with the median home price for a single-family home at $136,000 which is up slightly from February. There has been an increase in home sales for the past 15 months.