First of all, is this legislation a direct challenge to MERS? (the Mortgage Electronic Registration System). An explanation of that system follows below and has been copied directly from their web-site:

MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.

Simply put, MERS allows banks and investors to exchange mortgages without the typical title and escrow work we’re all familiar with when we buy, sell or refinance our homes. While your home may have stayed with you all these years, your mortgage has likely changed hands many times. This system has served the banks well for many years. However, at this point bankers are clearly lacking in confidence when it comes to risking a felony offense.

Secondly, this will no doubt have an affect on housing inventory in Nevada. At some point in the near future the inventory of available bank owned homes will drop dramatically. Short sale home sellers may delay their plans. Why rush to sell short if the lender isn’t going to rush to foreclose? I’m very concerned that this will create a false sense of demand in the market. Prices may rise due to scarcity but there’s no doubt reality will roar into the market someday soon.

Last but not least, why would any bank want to lend in Nevada? Let’s think about this… High unemployment, declining home values, state mandated foreclosure mediation and now this. Seriously, I’m no big fan of the banks but common sense would seem to dictate that Nevada is not a great place for banks to do mortgage business. Home financing is already tough in our market. No doubt this will only make things tougher in the long run.

Let’s hope our legislators do a little more homework before they pas the next round of laws intended to protect us all.

After a week in Beijing, Harvey Fennell, one of Dickson’s brokers and owners, says the question remains open — but there’s enough interest that Dickson will continue its efforts to develop the market.

READ THE FULL ARTICLE from NNBW.

Kraft created the text challenge for fans of each team to help make a difference with hunger issues in their region. Wolf Pack fans texted the word Nevada followed by a space and then their zip code to 71717 to show their support. Boston College fans are encouraged to text a similar message.

The Kraft Fight Hunger Bowl is the only bowl game raising money and awareness regarding the hunger problem in the United States. The bowl will celebrate the culmination of Kraft Foods’ HUDDLE TO FIGHT HUNGER program, which is the food company’s largest-ever branded initiative to fight hunger in America. The goal of the program is to donate as many as 20 million meals or more to Feeding America – the nation’s leading hunger relief organization – to help people in need.

The Food Bank of Northern Nevada is a regional food distribution and support system serving over 100 partner agencies in Northern Nevada and the Eastern Sierra. The Food Bank of Northern Nevada provides and supports programs including food pantries, soup kitchens, emergency shelters, after-school programs and Kids Cafe (dinner program), Kids Cafe Summer Meals program, Food Stamp Outreach and much more. The Food Bank of Northern Nevada is a member of Feeding America ~ The Nation’s Food Bank Network (formerly America’s Second Harvest).

We understand the devastating effect that being forced to leave a home has on families in our community, both financially and emotionally. If you’ve lost your home through a short sale or foreclosure, or have recently gone through bankruptcy, we can help.

Dickson Realty has partnered with The Grupe Company as the exclusive provider of Fresh Start in the area.

• Rent-to-own program designed to help families get back on the home ownership track
• Lease for up to 5 years in the neighborhood you want to live
• Re-establish credit and financial stability
• Buy in 3 to 5 years at pre-set pricing

Contact Dickson Realty today and speak with one of our Fresh Start specialists to find out how we can help you with your Fresh Start.

Of the homes currently on the market, there are 47 not located in Del Webb, The Vue and The Village.

Of the 47 homes, only 30 are available without an offer.

• 5 between $200k and $300k
• 10 between $300k and $400k
• 5 between $400k and $500k
• 6 between $500k and $600k
• 3 between $600k and $700k
• 0 between $700k and $800k
• 0 between $900k and $1million
• 1 over $1million

Of the 17 homes in escrow, 15 are subject to a short sale or bank owned and 2 are regular sales.

85 homes have closed in Somersett since January 1, 2010. 17 were bank owned, 27 were short sales and 41 were regular sales.

“This is a remarkably positive sign for our community that new home development is occurring in northern Nevada,” said Nancy Fennell, CEO of Dickson Realty. “There are very few real estate firms that are expanding in these times anywhere in the nation, and it’s a testament to our relationships and experience in the market that we are able to make that happen in Reno, and specifically, in Somersett.”

In addition to providing on-site sales support for homebuyers, Dickson at Somersett will also offer services to those searching for commercial and rental properties, something that has not previously been offered by the company. Real estate specialist Debbie Bennington is the lead sales person for the project.

Dickson will be working in conjunction with New Britton Land, a land development firm, and HomeCrafters, a custom homebuilder out of Reno, to produce three home floor plans.

The new Dickson Somersett office will be located at 7650 Town Square Way in the Somersett Welcome Center and will be open from 10am to 5pm, 7 days a week. For more information on Dickson Realty, and the Somersett office, please call (775) 746-7222.