Las Vegas Pinoys face nation’s worst housing market
LAS VEGAS, Nevada - Nowadays, signs in front of homes that read “Owned By Bank—For Sale” and “Bankruptcy” are a common view in Las Vegas area. Many homeowners are submerged—owing more than their home is worth.
One kababayan who did not want to be identified told Balitang America that he came to the US illegally, but still believed that he could own a piece of the American Dream. It came true when he bought a house in North Las Vegas for his wife and two children, but then he lost it, as a result of the mortgage meltdown.
“Sa mortgage crisis dito sa America tumaas ng tumaas yung mortgage ko hindi ko na kayang bayaran kulang kulang apat na libo. Umabot ng 36 hundred a month wala pa yung insurance nagsimula ako ng 25 hundred a month,” he explained.
While one man was barely making it, a top realtor of real estate.com has had to learn to live without the excess she used to have.
Bernadette Sanedrin once owned 14 houses and 3 high-rise condos. Her family took frequent overseas vacations. In a gamble against the economy, she ended up losing them all. Now all she owns is a $1.2 million house which is now worth $400,000.
“I’ve accepted the fact that they’re gone. I’m still thankful that I learned from that and I know it’s coming back,” Sanedrin said.
Las Vegas leads the nation in foreclosures among big cities, and Nevada ranks as the hardest hit state in home foreclosures, followed by Arizona, Florida, California and Michigan.
President Barack Obama is introducing a new program that provides $14 billion in incentives for lenders to erase some mortgage debt for those underwater, and decrease mortgage payments for jobless homeowners.
To be eligible, the home must be owner-occupied, and the loan balance must not exceed $729,000. The homeowner must have requested temporary assistance in the first 3 months of delinquency. Those unemployed will get temporary forbearance while they search for another job. During this forbearance period the monthly mortgage payments will be reduced to no more than 31% of their monthly income or unemployment benefits.
The new housing aid funds come from the $50 billion allocated to foreclosure rescue under the Treasury Department’s Troubled Asset Relief Program.
With the new plan, and a 7% decrease in foreclosures for Las Vegas last month, Filipinos are hopeful that the housing market will finally make a turn for the better.
But with one out of every 19 homes in Las Vegas facing foreclosure, they know they cannot expect a dramatic change anytime soon. - Balitang America
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not fair? c'mmon!
Pagkatapos na pautangin ka NOT FAIR? The regulations were there even before you applied for loans. Kayabangan kasi ng pinoy. In the first place, bakit ka uutang? UUTANG means you do not have the capacity to pay but you want the goods NOW. And when things go wrong, you even accuse your host government of PAGNANAKAW sa mahihirap? Of all people, may mananakaw ka ba sa mahihirap when they can legally tax the rich as they want?
Bakit dun gusto pumunta? Do you have much choice e hindi ka naman mayamang turista. You go to a place by chance para lang kumita kahit na nga alam mo na impyerno ang pupuntahan mo. I'm a worker in the middle east . . . still wonder why i do not prefer san francisco, new york or london?
Shed that mentality na kapag nakakalamang ang iba e ibig sabihin agrabyado ka. Ingitero ka! OO sa pinas ka na lang magnegosyo.
not fair sa U.S.
Pag nanakaw ito nang governo dito sa mga mahihirap, hinde lang halata ang pag gawa nela. Maraming banko na control nang governo tapos yong interest governo den ang may control. Hinde nyo ba alam na yong mga Pilipino kinukonan nang malaking taxes, sa trabaho man o mga bahay kesa sa ibang races dito sa states? Tapos yong mga Pilipino den ang pinakamababa ang sahod. Wala kase nag rereklamo kaya senasamantala. Ang hinde ko maintindihan bakit yong mga nag a-abroad gusting gusto nela mapunta sa states sa ngayong panahon mas maganda mag punta ka gaya nang Europe kase fair ang pag trato nela sa mga Pilipino.
Pinag bebenta ko yong bahay ko nong nalaman ko sa kano kong kapit bahay na mas malaki ang taxes namen kesa sa kanila samantala maliit yong bahay ko. Mas maganda pa deyan sa pinas mag negosyo nalang ako.