From: Mike Francis [mikefrancis]
Sent: Saturday, November 06, 2004 5:59 PM
To: mikefrancis
Subject: Man sues after Pulte price reductions
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Summerlin Mortgage
Man sues after Pulte price reductions )
By Jennifer Shubinski November 5th 2004
in this issue
  • Pulte Reduction Finds Trouble
  • Housing affordability sinks in Q3
  • Today's Rates
  • Real Estate News
  • Realtors Click Here - Close on Time
  • Assessor Records and Maps
  • Find a Home in the MLS

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  • Friday

    A California man who bought more than $1.5 million worth of Del Webb homes -- but says he has an income of $30,000 a year -- has sued the company alleging breach of contract after it lowered home prices throughout Las Vegas.

    The suit also names Countrywide Home Loans, alleging fraudulent lending practices.


    Presented by Mike Francis

    Pulte Reduction Finds Trouble

    Igor Doncov, a resident of San Mateo County, Calif., alleges in the lawsuit that because Pulte Homes, the parent company of Del Webb, drastically cut home prices at the end of September, it "created an instant loss of over $100,000" on four of the Del Webb properties he owned.

    That reduction, according to the lawsuit, caused Doncov to be unable to sell two of the homes he already closed on at the time the lawsuit was filed last month. Two other homes were in escrow.

    At the end of September, Pulte reduced prices at its four Las Vegas Del Webb communities between 5 percent and 25 percent, or $50,000 to almost $160,000. Pulte also reduced prices in 18 of its 23 Pulte Home communities, with reductions ranging from $25,000 to $170,000. Pulte Homes blamed the reductions on a slowdown in demand and an over- aggressive pricing strategy.

    Sheryl Palmer, Nevada area president of Pulte Homes, said she believes the company is close to a resolution with Doncov. Palmer said she could not disclose any details of the possible resolution.

    Housing affordability sinks in Q3

    CHICAGO (CBS.MW) -- U.S. homebuyers found it more difficult to come up with the money for their house purchases in the third quarter, although housing affordability remained historically high in the period, the National Association of Realtors said Monday.

    The NAR's composite housing affordability index was 128.6 during the third quarter of 2004, down 3.7 percentage points from 132.3 in the second quarter; it was 7.6 points below the same period a year earlier when it stood at 136.2.

    The decline was blamed on rising home prices. Still, the index shows the nation's typical household could afford to buy a home costing $242,400, well above the national median existing-home price in the third quarter, which was $188,500. That's up about 6.5 percent from the median of $176,900 in the third quarter of 2003.

    "Any index reading over 100 is considered sufficient for the nation as a whole and we remain in pretty good shape," said David Lereah, NAR's chief economist.

    Today's Rates

    Average mortgage rates rise in latest week: Freddie Mac (FRE) By Rachel Koning

    CHICAGO (CBS.MW) -- The average 30-year fixed- rate mortgage averaged 5.70 percent for the week ending Nov. 4, up from last week when it averaged 5.64 percent, Freddie Mac said Thursday. The average for the 15-year FRM this week is 5.08 percent, up from last week when it averaged 5.01 percent. One-year, Treasury-indexed adjustable-rate mortgages, or ARMs, averaged 4.00 percent this week, up from last week's 3.96 percent.

    Real Estate News

    Realtors Click Here - Close on Time

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    Assessor Records and Maps

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    The Clark County Assessor's Office makes every effort to produce and publish the most current and accurate information possible. No warranties, expressed or implied, are provided for the data herein, its use, or its interpretation. The assessed values are subject to change before being finalized for ad valorem tax purposes. The Assessor parcel maps are for assessment use only and do NOT represent a survey. The Assessor parcel maps are compiled from official records, including surveys and deeds, but only contain the information required for assessment. See the recorded documents for more detailed legal information.

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