Nevada Home Values Soaring, HARP 2.0 Applications Remain High
By: Michael Foster | November 6th, 2012
Nevada home prices are soaring, according to a new study. According to property research firm CoreLogic, the value of homes in Nevada rose by 11% in November, more than most other states. Only Arizona and Idaho saw higher rises in property values as 43 states in total saw property values climb. While CoreLogic sees strong growth across the state in October, the growth of property value in Las Vegas was much slower in August according to another study. The Standard & Poor’s/Case Shiller index reported that Las Vegas home prices rose by only 0.9% in August, representing the first year-over-year increase since January 2007.
After more than five years of declining prices, the slight uptick was heralded by many as a sign that the housing market is finally on the road to a solid recovery. Chairman of the Case-Shiller index David Blitzer said “The sustained good news in home prices over the past five months makes us optimistic for continued recovery in the housing market,” while stocks in new home builders continued to rise.
For current homeowners in Nevada, the increase is a welcome sigh,t but far from enough to help them recover from the force of the sub-prime mortgage crisis, which hit Nevada harder than most other states. Many Nevadans are as much as 60% underwater in their homes, so a 0.9% increase in property values is a small consolation.
For homeowners with Freddie Mac and Fannie Mae backed mortgages, HARP 2.0 has been a real option to refinance an underwater home regardless of how much the property is worth or how much is owed on the home. Since HARP 2.0 allows homeowners to refinance regardless of how much they owe on the house or what the property is worth–meaning applicants are not required to get a home appraisal–homeowners looking to save hundreds of dollars on their mortgages every month can refinance with a HARP 2.0 loan even if they cannot qualify for any other loan. Homeowners in Nevada may also be eligible for principal reduction thanks to the Nevada Hardest Hit Fund, which homeowners can apply for in tandem with a HARP 2.0 refinance.
Not all banks offer a HARP refinance and not all banks will offer HARP 2.0 loans with low rates. While it can be frustrating to find a HARP 2.0 loan on your own, the online form is available for submission and will return a response almost instantly. Through this process, there are many lenders available who offer HARP 2.0 along with other mortgage programs.
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