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Ken Couture | Couture Realty Blog

Wednesday, June 16, 2021   /   by Ken Couture

Las Vegas Area Home Prices Up Recently

The rise in home prices showed no signs of abating in early 2021 across most of the country.
Prices increased 2.30 percent from February to March in the Las Vegas-Henderson-Paradise NV Metropolitan Statistical Area, according to the CoreLogic Case-Shiller Index, one of the leading trackers of the housing market. Prices are up 10.70 percent from March 2020.
Prices in the bottom third (less than $315,000) of the Las Vegas-Henderson-Paradise NV Metropolitan Statistical Area market — often designated as starter homes —increased 8 percent year over year. The top third of the market (homes over $409,000) saw a 12 percent increase.
The number of homes on the market continues to be near historic lows, which has driven prices up. Strong demand for housing among millennials, along with low interest rates, have tightened the market still further. Lumber prices are higher than normal, too, which has pushed up the price of new construction.
Nationally, home prices increased 11.3 p0 ...

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Wednesday, June 16, 2021   /   by Ken Couture

Mortgage Forbearance Extension Aims to Help Renters, Property Owners

The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, has extended its COVID-19 mortgage forbearance program for multifamily property owners.
The program had been slated to end June 30 but will now expire Sept. 30.
FHFA Director Mark Calabria said in a news release that the third extension would help both families struggling to pay rent and multifamily property owners, who are trying to maintain their properties.
Eligible property owners in Nevada have until Sept. 30 to enter into a new or modified forbearance if they’re experiencing financial hardship because of the pandemic. But it means they must agree to follow several tenant protections under the program, including:
¦ Informing tenants in writing about tenant protections available during the property owner’s forbearance and repayment periods
¦ Giving tenants at least a 30-day notice to vacate
¦ Not charging tenants late fees or penalties for nonpayment of rent
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Tuesday, June 15, 2021   /   by Ken Couture

It’s Not Too Late To Apply For Forbearance

Over the past year, the pandemic made it challenging for some homeowners to make their mortgage payments. Thankfully, the government initiated a forbearance program to provide much-needed support. Unless they’re extended once again, some of these plans and the corresponding mortgage payment deferral options will expire soon. That said, there’s still time to request assistance. If your loan is backed by HUD/FHA, USDA, or VA, you can apply for initial?forbearance by June 30, 2021.
Recently, the Consumer Finance Institute of the Federal Reserve Bank of Philadelphia surveyed a national sample of 1,172 homeowners with mortgages. They discussed their familiarity with and understanding of lender accommodations that might be available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The results indicate that some borrowers didn’t take advantage of the support available through forbearance:
“Most borrowers 0 ...

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Tuesday, June 15, 2021   /   by Ken Couture

Your House Could Be the Oasis in an Inventory Desert

Homebuyers are flooding the housing market right now to take advantage of record-low mortgage rates. Many have a sense of urgency to find a home soon since experts forecast a steady rise in both rates and home prices this year and next. As a result, buyer demand greatly outweighs the current housing supply. Here’s how the shortage of houses for sale sets yours up to be the oasis in an inventory desert.
According to the National Association of Realtors (NAR), today’s housing inventory sits at an incredibly low 2.1-month supply, far below the 6-month mark for a neutral market. Inventory of single-family homes a year ago was already very low, and as you can see in the graph below, this year’s levels are even lower:


Due to these market conditions, today’s buyers frequently enter fierce bidding wars while trying to purchase a home. This in turn drives up home prices and gives sellers incredible lever0 ...

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Tuesday, June 15, 2021   /   by Ken Couture

USA Basketball Sets Plan for Olympic Camps in Las Vegas

For USA Basketball, the last stop before the Tokyo Olympics will be Las Vegas.
The men’s and women’s national teams will hold training camps in Las Vegas in July, they announced Thursday, and they’ll be playing seven exhibitions there against other Olympics-bound national teams as well.
USA Basketball will open its men’s training camp, led by coach Gregg Popovich, in Las Vegas on July 6. The Olympic men’s teams from Australia, Nigeria, Argentina and reigning Basketball World Cup champion Spain will also be spending some time in Las Vegas; Argentina will start its training camp there this month.
The U.S. women’s training camp under coach Dawn Staley will likely open around July 12; the WNBA break for the Olympics starts after the games of July 11. The Olympic women’s teams joining the U.S. in Las Vegas are Australia and Nigeria.
It’ll all take place at the MGM Resorts, which was announced as USA Basketball’s training camp home 0 ...

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