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Oct
01

LV Foreclosure & Real Estate Market News

By Kathryn Bovard

Nevada leads the way with legislation to support distressed homeowners…AB 149 established the Mandatory Nevada Foreclosure Mediation program for Nevada homeowners with a Notice of Default filed after July 1, 2009.
See related posts for more info:

It looks like a team of  U.S. Senators who say they are “fed up with the mortgage modification efforts of the nation’s largest servicers” have introduced new legislature  entitled  the “Preserving Homes and Communities Act of 2009″.  Read the full post here:  New Bill Will Force Modifications and Restrict Foreclosures

More Informative links and news stories  for the Week of October 28, 2009:

Q&A: Shiller Sees 5 Years of Stagnant Home Prices – Wall Street Journal Real Time Economics Blog

WSJ: Delayed Foreclosures and “Shadow” Inventory - Calculated Risk Blog reporting n WSJ article.  Could we finally start seeing more inventory (foreclosed/REO properties) coming on the market?  We may see a “spike” in the 4th quarter of 2009.

BofA CEO Ken Lewis to Retire

Case-Shiller House Prices increase in July An excerpt from this blog post…

In Las Vegas, house prices have declined 55.2% from the peak.
The debate continues – is the price increase because of the seasonal mix (distressed sales vs. non-distressed sales), the impact of the first-time home buyer frenzy on prices, and the slowdown in the foreclosure process (with a huge shadow inventory), or have prices actually bottomed? I think we will see further house price declines in many areas.

Related posts:

  1. Las Vegas Real Estate Market News – July Jobs Report Could Spur Mortgage Rates Higher
  2. Strategic Defaults in Las Vegas Real Estate Market
  3. Las Vegas Short Sale and Real Estate Market Report for May 2010

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