It’s A MIRACLE – RJ Runs Articles That Are Not Doom And Gloom

Two Different Stories ON THE SAME DAY!

A Glimmer Of Hope For LV Housing by Hubble Smith

The fundamentals of Las Vegas are still excellent, with low unemployment, excellent tourist counts, homes that can be bought once again at 2005 prices. The only thing we need now is loan programs for people with no money or with only fair to good credit scores, which is our typical working family.

I have a long list of buyers who want to move back to the middle of town, and get emails and phone calls from people everyday who are interested in the new Vintage Vegas Urbanism. Many of them need to sell first, either in the suburbs, or in the town their coming from. Lots of them have decent to great credit, but no money for a downpayment. Some have money, but terrible credit. Some can’t “document” all their income because they’re tip workers or self employed.

The credit crunch has made it difficult to get them loans unless they have good credit, a downpayment, and verifiable income. We’ve moved from one extreme, where you didn’t have to have any of the above to a lending crunch where you now have to have all 3. As things sort them selves out, we’ll be getting new loan programs where you’ll only need to have 2 out of 3. I doubt we’ll ever swing back to the insane total lack of lending standards that we were seeing in 2005, which caused all of today’s mess in the first place.

There’s also a good piece on Downtown and Fremont Street’s Revitalization

Downtown on a roll: Revival in activity seen by Benjamin Spillman

Tags: , , , , ,