Home Values and HARP 2.0 Refinancing in Nevada On the Rise

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Desert Property Investor this morning closely followed the findings of a recent study indicating Nevada home values (and HARP 2.0 refinancing) are on the rise.

Following a Free Rate Update report seen in the Los Angeles Times, the Desert Property Investor surmised that Nevada's housing market (hardest hit of all fifty states during the sub prime mortgage crisis) may be on the road to recovery and good news for real estate investors.

Desert Property Investor agreed with the chairman of the Case Schiller Index who said, “the sustained good news in home prices over the past five months makes us optimistic." Desert Property Investor was further encouraged to note an increase in refinancing activity in Nevada, particularly the "HARP 2.0 Loan". With the loan, homeowners can refinance despite the amount they owe on their house or the property value.

The dramatic rise in Nevada home prices shown in the month of November, combined with the increase in applications for HARP 2.0 loans (which allow borrowers to refinance regardless of whether they are "underwater" in their mortgages) all point to cautious optimism by industry experts, vis a vis the recovery of the Nevada housing market.

In real estate, being underwater is a situation that develops (via market forces, unscrupulous lending practices, and bad consumer judgment) wherein the amount borrowed to finance a home far exceeds its market value.

Desert Property Investor has concurred with assessments by leading industry experts, which point to rising home prices and HARP 2.0 loans as indicators of improved health for Nevada housing markets, which is likely to carry over into neighboring states, -- a good sign for California, and investors in Arizona property management.

About Desert Property Investor:
Desert Property Investor evaluates opportunities, pitfalls, services, and legislation related to the investment in residential property in the California, Arizona and Nevada deserts.

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