Nevada Housing Division named top state housing agency
The Nevada Housing Division (NHD) has been named the country's No. 1 state housing agency for 2016 by U.S. Bank Home Mortgage. The award is based on the fact that NHD helped more Nevadans buy homes than any other state agency in the country, although Nevada ranks only 33rd in population.
More than 11,000 mortgages were funded through the Home Is Possible family of homebuyer programs, which includes Home Is Possible (HIP), Home Is Possible Plus, Home Is Possible For Heroes and Mortgage Credit Certificate. These four programs are responsible for award-winning numbers like these: *$1.1 billion in Nevada mortgages funded in 2016, *11,020 Nevada families purchased homes of their own since program began in 2014, *About 30 veterans and military personnel benefit from HIP For Heroes each month.
Read the complete story here.
Silver State tops list of states suffering most from affordable housing crisis
If you find it hard to find an affordable apartment or house in the US, you're not alone.
For the past several years, the country has been suffering from an affordable housing crisis, making it especially difficult for an estimated 11.4 million extremely low-income (ELI) American households to find places to live. ELI households are defined as those earning below the poverty line or 30% of the area's average median income — whichever is higher.
From 2007 to 2013, the number of low-income households increased 18%, but funding for the largest federal housing programs remain below 2008 levels. HUD, the housing agency that funds anti-poverty efforts, could lose approximately $6.2 billion next year if the Trump administration's budget is approved. Read more here.
Fannie And Freddie's New Bubble
Seeking Alpha article cites Clark County as popular spot for real estate developers
Fannie Mae and Freddie Mac still have housing blood on their hands from the 2008 financial crash. However, the giant GSEs, placed in government conservatorship in September 2008, have now, virtually all by themselves, created another bubble - this time in the multifamily rental market.
Fannie and Freddie made 53% of all apartment loans in 2016 - that's down from their combined 68% market share in 2012. So, their conservator, The Federal Housing Finance Agency (FHFA), recently eased the GSEs' lending caps so they can crank out even more loans.
... With Clark County Nevada being number three in the nation for in-migration with 46,375 people moving into the Las Vegas area between July 1, 2015, and July 1, 2016 - 127 a day - apartment builders are frantically putting up units and apartment buyers are bidding out-of-this-world prices for units. Click here to view the entire story.
REALTORS® can utilize NVAR's Legal Information Line
NVAR has a special benefit for its members, a Legal Information Line (LIL) for both REALTOR® agents and brokers. NVAR attorneys will answer questions on a variety of real estate-related topics, including contracts, escrow, agency and more. NVAR attorneys write legal articles and FAQs. The attorneys can give members information about laws, regulations and rules that apply to the member’s situation or issue and discuss with the member how the law, regulation or rule applies to them.
LIL attorneys do not give legal advice. Their function is to inform members so the members can make their own informed decision. The Legal Information Lines are operated from 8 a.m. to 5 p.m. Monday through Friday, excluding holidays. Calls are generally returned within one business day. Keep in mind if the attorneys are out of the office, or if a matter requires additional research, the call will be returned as soon as possible. If the matter is urgent, inquire with your broker. Click here for more information.