A good friend of mine currently works for Countrywide Mortgage, but will be working for Bank of America soon. Is he changing jobs? No. B of A is preparing to finalize the deal which has so far kept them profitable. That’s right, B of A credits their liquidity to the acquisition of CW. Neither B of A, nor CW seem to be in very bad shape! When was the last time we heard any bad news about CW?
CW is writing a lot of loans for investors with excellent credit and at least 20% down, as well as First Time Home Buyers. Las Vegas has been a hotbed for this activity, but the loans are being written nationwide. You hear so much negativity everywhere about banks not lending and the so called ‘credit crunch’. Well if you want to call responsible lending a bad idea, then be my guest, but the truth is, money is flowing into the housing market and though there are fewer loans being written these days, the loans that are being written have a much smaller chance of default than what was being written just 2 years ago. I think that is more helpful to us than just making loans for the sake of moving some money around.
Here in Las Vegas, you see more investors showing up to take advantage of the real estate prices. Check out the percentage of owner occupied homes in Las Vegas over the past 6 months in the chart at the bottom of this post.
Notice anything? Don’t be last! Are you ready to begin investing in Las Vegas real estate? Now is the time. Really. What are you waiting for? If you would like help buying real estate in Las Vegas, whether for your personal use, or for investment, please contact me.