Home Buying in Las Vegas>Question Details

KH, Other/Just Looking in Tracy, CA

How does the freeze in foreclosure transactions by the major banks affect property values in Las Vegas?

Asked by KH, Tracy, CA Fri Oct 8, 2010

Help the community by answering this question:


The freeze is pretty much over and we saw record high sales for Dec 2010, could have been because some of those transactions were held up for a month or two.
Web Reference: http://www.lasvegasdawn.com
0 votes Thank Flag Link Wed Jan 19, 2011
As supply goes down and with demand going up, prices may start climbing. It also means you need to start looking at short sales. Your realtor needs to know how each bank operates and have good relations with the listing agent.
0 votes Thank Flag Link Wed Jan 19, 2011
Now, that you have an answer, please visit our website to keep current on price changes as well as a Free Las Vegas Property Seach to see what homes are going for Now.
0 votes Thank Flag Link Fri Oct 15, 2010
Just a quick note to some of my colleagues who may have not heard the latest news. BOA has actually haulted foreclosures in all 50 states now...

Leonid Vekslin
0 votes Thank Flag Link Sat Oct 9, 2010
No. This action from the banks, effects states that conduct judicial foreclosures (judges decide). Nevada is a non judicail state. No courts get involved. Keep in mind, this effects 23 states only right now.
0 votes Thank Flag Link Sat Oct 9, 2010
It will cut supply while demand is still coming in. If the freeze is long enough, it may increase prices on properties.
0 votes Thank Flag Link Sat Oct 9, 2010
I think this will give short sellers and junior lienholders a little more leverage. If anything we may see inventory go down but BOA hasn't been quick to foreclose to begin with.

I am more concerned about ORTC not providing title insurance for three major servicers than BOA halting foreclosures in 50 states indefinitely.

Hard to tell how this will play out in the end - it is always changing! We had major moratoriums several years ago and they really did nothing to home values. When they started releasing we were in the middle of the buying frenzy for the first time buyer tax credit so the buyers were absorbing the inventory as quick as it was released.

See my article below about short sale sellers possibly gaining more leverage:
0 votes Thank Flag Link Fri Oct 8, 2010
It's hard to say if this would further affect the values in Vegas. I know inventory went up substantially in September. That normally drives prices downward. Prices fell again last month. See the link below.

Please feel free to contact me if you have any questions.

Leonid Vekslin
0 votes Thank Flag Link Fri Oct 8, 2010
It doesn't affect NV at all, the freeze for judicial states only and NV is not one of them.
0 votes Thank Flag Link Fri Oct 8, 2010
It actually does nothing.
We still have a huge inventory of short sale's and resales. In fact short sales are predominantly priced lower than REO properties.
The freeze was done on 23 states that did not include Nevada. The BOFA freeze includes all 50 states.
So the freeze only applies to BOFA backed short sales here in Nevada.
Anymore questions, thoughts, or comments.
Please contact me
Chantella Brimhall
Web Reference: http://www.cbrimhall.com
0 votes Thank Flag Link Fri Oct 8, 2010
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