Case Shiller | Black & LoBello

Black & LoBello on the Radio

On October 3, 2011, in Foreclosure, Mortgage, Real Estate, Short Sale, by blacklobellolaw

Click here to listen to the Legal Hour on KDWN AM720 from September 28th, 2011 in which Managing Partner, Tisha Black Chernine, Esq., discusses the recent Case-Shiller report, the effects of low housing prices, mortgage originators, how AB 273 affects deficiency judgments, how AB 284 affects how notice of defaults are processed, robo-signers, Barack Obama’s New Jobs Plan and federal regulations that regulate debt collection practices.

Please tune in to AM720 KDWN’s “Legal Hour,” everyday, from 9 AM to 10 AM. Listen live on the radio or online. Feel free to call in with your comments or questions at 702-257-5396.

Tagged with: AB 273 • AB 284 • Barack Obama New Jobs Plan • Case Shiller • Clark County recorder • mortgage originators • robo-signers

Case-Shiller Index Reports Home Prices Fall 4%

On September 27, 2011, in Mortgage, Real Estate, by blacklobellolaw

Even with a seasonal increase in the month of July, home prices are 4% lower than a year ago according to data released today, September 27^th, by Standard & Poor’s. The 20-city and 10-city composites of the S&P/Case-Shiller index rose 0.9% between June and July. However, each month shows a decrease by 4.1% and 3.7% respectively when compared to June and July of 2010. Detroit and Washington, D.C. were the only metropolitan areas in the study to stay in the positive growth category. Las Vegas dropped by 5.4% with Minneapolis leading with a decline of 9.1%.

Market watchers are predicting more drops for the reports tracking August and September as the July drop occurred even prior to the debt ceiling being raised and the problems in Europe. It is expected that consumers will further refrain from purchasing.

To view the index click here.

Tisha Black Chernine, Esq.

Tagged with: Case Shiller • home prices • Las Vegas • Minneapolis • monthly decrease • S&P • Standard & Poor's

Las Vegas Home Prices Continue To Fall

On July 29, 2010, in Mortgage, Real Estate, by blacklobellolaw

Unfortunately, Las Vegas home prices bucked the national trend by falling in May according to Standard & Poor’s monthly S&P/Case-Shiller Home Price Indices report. Prices in Las Vegas fell 0.5% from April to May and were off 6.5% compared to May 2009.

As for the rest of the country, home prices in May in the 20 markets tracked by the report rose 1.3% from April to May and were up 4.6% from May 2009.

“In May, Las Vegas posted a new index low as measured by the current housing cycle, where it peaked in August 2006,” S&P said in today’s report. ”The peak-to-trough figure is -56.4%, with that market generally returning any gains it had posted since 2000.”

The Las Vegas housing market has taken quite a beating due to the nation’s second highest unemployment rate, highest per-capita rate of foreclosures, failed short sales, and highest per-capita rate of bankruptcies.

Even more, the Las Vegas housing market will continue to decline due to the expiration of the first time home buyer credit. “We need to watch where the housing markets will go after these temporary stimuli go away. June’s existing and new home sales and housing starts data do not show much real improvement in those statistics either. It still looks possible that the housing market might bounce along the bottom for the foreseeable future before showing any real improvement that will filter through to the rest of the economy,” today’s S&P report said.

Randy M. Creighton, Esq.