Tuesday, May 01, 2012

Why There Is An Artificially Low Amount Of Inventory Of Homes In Las Vegas

Nevada foreclosure starts plummeted 81 percent in October 2011 in reaction to a new law (AB 284) that imposes stricter requirements on filing notices of default.

Since AB 284 has gone into effect the banks are not actively releasing homes on the market - thus, In my opinion delaying a housing recovery. However, on the positive side with low inventory and great demand it does help stabilize the current prices of properties that are up to 70% off of peak 2007 home values.

AB 284 has created a lot of winners and losers.....the winners so far are home sellers as this has created an artificial seller's market with multiple offers on properties and over list offers on short sales with desirable locations - also, the new home builders are killing it currently with all the stagnation from the REO/Bank properties.

The losers are the consumers who often get frustrated and drop out of the buyers seat due to frustration with the local real estate market/real estate agents who do not explain the pitfalls of AB 284.

If you are looking for a home, please call 702-217-1680 - I will be glad to explain what is happening in the current las vegas market and can offer some options that may surprise you.

Steve Harless - Haines and Krieger Realty http://www.NewLasVegasRealEstate.com

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