May 2009

Foreclosure actions were initiated on 1.37 percent of first mortgages during the first quarter of 2009, according to the Mortgage Bankers Association, and represented record levels in both initiations and size, with Nevada posting the highest percentage of actions started in the first quarter.
 
Additionally, 7.8 percent of the mortgages in Nevada are somewhere in the process of foreclosure, just behind the 10.6 percent in Florida, and ahead of  Arizona 5.6 percent and California 5.2 percent. 

The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. The combined percentage of loans in foreclosure and at least one payment past due, meaning the percentage of mortgage holders not current on their mortgages, was 12.07 percent on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey.

In the first three months of this year, foreclosure actions were started on 3.4 percent of the mortgages in Nevada, 2.8 percent of the mortgages in Florida, 2.5 percent of the mortgages in Arizona and 2.2 percent of the loans in California.  In comparison, the states with the highest foreclosure rates in the hard hit Midwest were Michigan and Illinois at 1.5 percent and Indiana and Ohio at 1.3 percent. 

While the national foreclosure start rate was 1.37 percent in the fir Read the rest of this entry »

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The economy sank at a 5.7 percent pace as the strength of the recession carried over into the start of this year, as measured by the Gross Domestic Product (GDP), which measures the value of all goods and services produced in the United States, is the best gauge of the nation’s economic health. The government makes three estimates of the economy’s performance for any given quarter. Each estimate of gross domestic product is based on more complete information. The third one will be released in late June.

The Commerce Department’s updated reading on gross domestic product, released Friday, showed the economy’s contraction from January to March was slightly less deep than the 6.1 percent annualized decline first estimated last month, with the new reading typically worse than economists were forecasting.

It was a poor first-quarter performance despite the small upgrade. It marked the second straight quarter where the economy took a huge tumble. At the end of last year, the economy shrank at a sharp 6.3 percent pace, the most in 25 years.

Weakness in the first quarter mostly reflected massive cuts in spending by businesses on home building, equipment and software and many other things. U.S. exports plunged, so did spending on commercial construction and inventories. Read the rest of this entry »

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Many homeowners having difficulty making their monthly mortgage payments are being targeted by criminals who charge large upfront fees and falsely “guarantee” to rescue a home from foreclosure. In some of the worst cases, homeowners have become victims of identity theft or were tricked into signing away their ownership of a house. Because mortgage rescue scams continue to be a big problem, we offer our latest tips on how to protect yourself.

Try to deal only with lenders, businesses and other organizations you already know or that have been recommended. If you can’t pay your mortgage, ask your lender or loan servicer (the company that collects payments and performs other work for the lender) about options for avoiding foreclosure that include lowering your monthly payment by reducing the interest rate, extending the term or adjusting the loan balance.

You don’t need to pay a lot of money for help or information. If you think you need assistance working with your lender, get help from a trained, reputable housing counselor who can help you for no charge or a small fee. Find one through groups such as NeighborWorks America (www.nw.org) or by calling 1-888-995-HOPE (4673). Or, for a referral to a local counseling agency certified by the U.S. Department of Housing and Urban Development (HUD), visit www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call 1-800-569-4287. Read the rest of this entry »

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Topic: “Transportation, Stimulus Money & Traffic in Southern Nevada”
Speaker: Jacob Snow, Regional Transportation Commission
Date: Friday, May 22nd, 2009,11:30 AM Check-in, Lunch 12 PM
Place: McCormick & Schmicks: 335 Hughes Center Drive
Cost: $35 includes lunch – $40 without RSVP. Pay online.
(No American Express at the door-please.)
RSVP: jlaub@regenmd.org or go to www.CEO-CFOgroup.com

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Business inventories in March 2009 declined 1.0% from the prior month and decreased 4.8% from the prior year, to $1,404.1 billion.  Sales declined 1.6% from February 2009 and decreased 15.6% from March 2008, to $971.7 billion.

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