Some good news for those who are current on their monthly payments but are finding it difficult to stay afloat. In the past Fannie Mae or Freddie Mac required a loan to value (LTV) of no more than 105%. With the Real Estate Market continuing to deteriorate it has been impossible for homeowners to refinance to a more equitable loan. Now they have raised the LTV ratio from 105% to 125%. For example if your loan is for $300,000 but your house's worth declined to $240,000 you could not have refinanced. Now you can. In this scenario the LTV is 300/240 = 125%. Of course, I'm sure there will be other guidelines required to be met.
Hopefully, this will reduce the number of foreclosures and short sales. I would love for us to get this Market to a more balanced state.
http://www.fhfa.gov/webfiles/13495/125_LTV_release_and_fact_sheet_7_01_09.pdf
http://www.lvhms.com/
Las Vegas Tidbits
Do you know when Lorenzi Park was developed? I thought it was sometime in the past 10 to 15 years. No, no. D. G. Lorenzi developed it in 1922. It was meant to be for agriculture but when he discovered water underground he changed the site to a recreation area. How smart he was. Las Vegas has always needed more recreation areas. I'll bet it was quite a gathering area for the locals.
The reason for my confusion is that when I was a child (the 50's & 60's) we went to Lorenzi Park but I didn't know it because back then it was called Twin Lakes. That is where I learned to swim, fish and just have a good ol' time.
For more interesting stuff about old Las Vegas check out Young Las Vegas by Joan Burkhart Whitely.
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