Two of the Reno City Council members have recommended defaulting on $73 million in bonds that they approved to build the “ballroom” and the “events center” and this is unbelievable. The logic is to avoid paying a hefty $125k per week on the interest. The other option is to give control of the secured property to the banks for management (which they deserve) and negotiate an interest rate reduction.
Just the thought that two members of the city council which were not identified in the… Continue
Added by Michelle Plevel on December 31, 2008 at 3:10pm —
We have been blanketed with snow. Sharing the season with similar climate of Lake Tahoe. Wishing you all a happy new year, full of good health, carrying a spirit of adventure.
Lake Tahoe with its magical beauty will be world sought after. I have been including the Chase International map with my material to new contacts. Its most informative, with life-style information of all seasons. Ever so valuable and exciting.
Blessings and… Continue
Added by Alice O. King on December 30, 2008 at 2:04pm —
The Reno Housing Authority has been given or granted the opportunity to start purchasing foreclosed homes with the $5 million dollar federal money that has been allocated to Washoe County.
The focus of the Housing Authority is to purchase, fix up, re-sell or lease these homes so that the neighbors and hoods will be protected. The Reno City Council has given the Reno Housing Authority $588k already to start buying distressed properties in the Oliver/Montello neighborhoods. Good news… Continue
Added by Michelle Plevel on December 30, 2008 at 1:11pm —
Here is the follow up
So how does this principle apply to banks?
Let's say we decide to start a bank . . . call it XYZ Bank. We raise $2 Million to
open our doors. Remember that our capital account is $2 Million. Banks
make money by taking in deposits and paying low rates of interest to those depositors (maybe throw in a toaster too). We then take that money and make loans with it at higher rates. We keep the difference.
So, we turn the $2 Million worth of… Continue
Added by Cory Henderson on December 23, 2008 at 2:07pm —
Another scam hit the press today, in fact another government official in a little place North of Reno called Panther Valley where the former Treasurer of the Panther Valley Water Users Association has siphoned off a cool $2 million in his embezzlement scheme, thanks Robert Klein for making the headlines, especially at Christmas.
With Mr. Klein avoiding prosecution by fleeing the area, I just wondering if we will ever get to the bottom of this tsunami of scams which have been hitting… Continue
Added by Michelle Plevel on December 21, 2008 at 4:11pm —
Added by Josh Talayka on December 20, 2008 at 10:30am —
Note: the following post is re-published from my other blog, the RenoRealtyBlog
November’s median sold price dipped slightly (less than 1%) compared to October’s median sold price. At least we didn’t witness another 7% one-month drop (as was the scenario last month).
At $218,350, Reno-Spark’s median sold price has now… Continue
Added by Guy Johnson on December 19, 2008 at 11:51am —
Are you more of a "visual" person than a "text" person? Mint.com, a website and blog about personal money management, has a great graphical illustration showing the cause and effect of the housing and financial crisis. Check it out here. Fun stuff.
And if you liked that chart, then check out Mint.com's… Continue
Added by Guy Johnson on December 19, 2008 at 11:44am —
Nevada has become the new poster child for economic disaster and on Tuesday our politicians told a congressional panel that the $700 Billion Dollar Federal Bailout has done “little to reverse the trend” and state banking commissioner George Burns said, “in short, our economy has gone from the fastest growing in the nation to amongst the worst.” At least for Vegas.
So what’s the solution? Let’s play Powerball. The esteemed Assemblywoman, Ellen Kovisto D-Las Vegas has officially sent a… Continue
Added by Michelle Plevel on December 18, 2008 at 3:00pm —
What is FHA?
2009 FHA Limits in NV
VA Loan Limits & Requirements
Should you have any questions or need further information, Continue
please don't hesitate to contact me,(775) 220-1630
Or visit my blog at…
Added by Josh Talayka on December 18, 2008 at 7:00am —
Buy and Bail refers to the increasing number of homebuyers providing misleading information about the rental income of their current home which they plan to vacate. However in many cases, the true intent is not to turn the property into a rental.
Buy and Bail
Should you have any questions or need further information, Continue
please don't hesitate to contact me, (775) 220-1630
Or visit my blog at…
Added by Josh Talayka on December 17, 2008 at 3:00pm —
Here is a brief list of the more interesting economic news:
-The Consumer Price Index (Inflation measure) was down 1.7% thanks to rapidly decreasing energy prices
-Building Permits for November were reported at 616,000 which was quite a bit less than the expected 700,000.
-Housing Starts for November were 625,000 which is also quite a bit lower than expectations of 725,000.
It comes as no surprise that new construction is not beating or even meeting… Continue
Added by Clint Stitser on December 16, 2008 at 5:27pm —
The 'Mark to Market' Accounting Rule:
What it is and why it is important to you now!
The financial crisis we are in today was not caused by mortgages or housing, although they were both catalysts. The real reason was an accounting rule called "Mark to Market" (also known as FASB 157).
Few people have a strong grasp of this rule, and even those who do have a tough time explaining it on air due to time restrictions. So let's take a few minutes to break it down, so you can… Continue
Added by Cory Henderson on December 16, 2008 at 3:55pm —
In many ways this video is a "review" rather than "news" but I found it informative, albeit, a bit ominous.
Although the words, "Foreclosure," "sub-prime," "recession," and "mortgage fall out" are the buzz words of today, I can't help but wonder...
Will we learn from this catastrophy, or are we destined to repeat these same mistakes borne from greed and illusion?
60 Minutes Video 12/14/08
Added by Susanna Gascoine on December 16, 2008 at 3:00pm —
I recently spent a day here and it was well worth the treacherous roads home that night. This wonderful educational facility has been recently upgraded and remodeled and has many fascinating exhibits, spectacular sea creatures and the worlds largest all digital planetarium. The Science Center boasts that it creates a lot of its own energy needed to heat and cool the facility with solar panels on the roof top. I could go on and on as it was a very informative day. One exhibit that is worth… Continue
Added by Monise McCabe on December 16, 2008 at 2:55pm —
Everyday that I open the Wall Street Journal, it looks like the world is caving in on itself with new revelations about highly placed or positioned executives that are literally ruining the lives of millions of people and today Bernard L. Madoff who “helped start NASDAQ” has been quoted by two of his senior officials that his company was a giant PONZI SCHEME…Look, he has spent $50 billion dollars of OPM which will soon bankrupt a zillion people. The back lash of his actions will probably not be… Continue
Added by Michelle Plevel on December 15, 2008 at 4:13pm —
Winter weather has arrived at Lake Tahoe. See below for the current weather report for Monday, December 15, 2008:
24 °F / -4 °C
Windchill: 14 °F / -10 °C
Dew Point: 19 °F / -7 °C
Wind: 10 mph / 17 km/h / 4.6 m/s from the South
Pressure: 29.62 in / 1003 hPa (Falling)
Visibility: 0.2 miles / 0.4 kilometers
Elevation: 6263 ft / 1909 m
Check out the web cam at… Continue
Added by Charly Baron on December 15, 2008 at 10:30am —
Who's looking for luxury homes? Where is the next luxury estate buyer coming from? Maybe China, read on and see what you think.
Posted: 08 Dec 2008 11:59 AM CST
Don’t despair. Even though the drop in oil prices has reduced the probability that a Russian Billionaire might have an eye on your latest luxury listing, there may yet be a foreign buyer in your future. Especially if your listings are in San Francisco, Los Angeles, or Las… Continue
Added by Shari Chase on December 12, 2008 at 1:30pm —
I saw this article in the Sierra Sun written by our own Trinkie Watson. I hope everyone that reads it will find it in their heart to give what they can during this holiday season.
My Turn: Gifts for Good — Step up to the plate
With the dramatic upheaval in the economic status of our country, most of us have been affected one way or… Continue
Added by Charly Baron on December 12, 2008 at 1:18pm —
A plan to stabilize home prices by luring nervous buyers into the housing market with federally subsidized mortgages may seem radical, but it is not unprecedented. This could be the first of positives out of our Government bailout. A 4.5% interest rate for home purchases and not refi's could help spur the re-sell market. Please read through this article.
Added by Eric Crosby on December 12, 2008 at 10:42am —