Las Vegas Real Estate Blog

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Send your United States Senator a wake up call by asking him or her to support two measures of vital importance to real estate markets across the country.

FHA Reform S. 2338

Ask your Senator to support FHA reform legislation this year. FHA reform will provide existing homeowners with secure and affordable refinancing alternatives and more mortgage options for first-time homebuyers. Increasing the supply of affordable mortgage money is a critical component for bringing stability to the nation's turbulent housing markets. TAKE ACTION

Freddie Mac/Fannie Mae (GSE) Loan Limits

Ask your Senator to support legislation that allows regional increases to the Freddie Mac/Fannie Mae loan limits and stress the need for quick Senate action on this vital reform.  This change will make lower-cost GSE mortgage financing available to more families trying to buy homes in high cost areas and increase the supply of mortgage money. TAKE ACTION

• Actress/TV host Tara Reid has listed her 1,087 square foot, one-bedroom apartment in the Hollywood Versailles Tower for $885,000. Reid purchased the 10th floor condo back in 2000 for $266,500.
• Ellen DeGeneres has found a buyer for her lavish Santa Barbara County estate. The home, listed at $24 million, was purchased 14 months ago by DeGeneres, who paid $15.75 million for the property.
• Having sold her Sierra Towers condo, Lindsay Lohan is shopping for a new home, reports Perez Hilton. notes that Lohan is looking for something affordable: something under $1 million.
• "8 Simple Rules" actress Kaley Cuoco has listed her 2,100-square-foot, Spanish-style home in Sherman Oaks for nearly $1.3 million. We'll be good money her publicist placed this bit of new in the Times. [LA Times]

PRUDENTIAL AMERICANA GROUP, one of the largest residential real estate firms in the Las Vegas Valley, is filing for Chapter 11 bankruptcy so it can reorganize its debts while continuing operations and needs the bankruptcy court protection so it can restructure its debt.

The Owner Mark Stark is optimistic in spite of the harsh reality and said: "We are focused on business as usual,"... "This is a debt restructuring. We continue to grow market share." ... "The bankruptcy filing will not affect the 3,000 exclusive listings that Prudential Americana has in Southern Nevada."

Stark told about 600 real estate sales workers on Tuesday morning about the bankruptcy and plans to reorganize the company keeping an optimistic view about the new reality. Prudential Americana operates as an umbrella company for independent real estate brokers who agree to pay a flat fee or a percentage of their commissions for administrative, legal and other support.

Prudential Americana is the second big Las Vegas realty firm to seek bankruptcy protection in recent months.

Since 2002, Las Vegas' population has increased by about 100,000 people, an uptake of almost 20 percent. From 2002 to 2006, the population increased an average of 3.2 percent annually. Population has more than doubled since 1990, when residents numbered about 286,000.

The population of the city of Las Vegas grew 1.9 percent from a year ago to about 602,700, according to an estimate released this week. Economically, it's generally a good thing. Increases in population, immigration and migration mean more money for the city and local businesses. It also helps to create a healthy housing market by introducing new buyers into the mix... Where are all those new residents coming from?

View a recent statistic here below:

Where did you live before moving to LV?
Northeast Region - New England (CT/ME/MA/NH/RI/VT)		2	2.50%
Northeast Region - Mid-Atlantic (NJ/NY/PA)		10	12.50%
Midwest Region - East Central (IN/IL/MI/OH/WI)		17	21.25%
Midwest Region - West Central (IA/KS/MN/MO/NE/ND/SD)		2	2.50%
South Region - Atlantic (DE/DC/FL/GA/MD/NC/SC/VA/WV)		8	10.00%
South Region - East Central (AL/KY/MS/TN)		2	2.50%
South Region - West Central (AR/LA/OK/TX)		5	6.25%
West Region - Mountain (AZ/CO/ID/NM/MT/UT/NV/WY)		8	10.00%
West Region - Pacific (AK/CA/HI/OR/WA)		19	23.75%
US Territories & Possessions (AS/FM/GU/MH/MP/PW/PR/VI)		1	1.25%
Canada		1	1.25%
Mexico		1	1.25%
Other		4	5.00