We and the Crystal Ball are on the Surfboard now in Las Vegas Real Estate!
On May 11, 2011 the Nevada Senate passed Assembly Bill AB 284. Assembly Bill 284, called the “Foreclosure Reform Law”, has gone into effect on October 1, 2011.
This bill [and not limited to]….
~Has been implemented in order to give Nevada residents transparency in the foreclosure process.
~Requires that [NOD] Notices of Default filed after September 30, 2011 are required to be accompanied by an “Affidavit of Authority” that names the beneficiary, often referred to as investor of the deed of trust.
~Defines who can act as foreclosure trustee and the standard of care for such trustee.
Below please find a LENDER NOTICE OF DEFAULT ACTIVITY – Clark County, Nevada showing you the effects on the NOD filings since AB284 has gone into effect on October 1, 2011.
As you can see NOD activity has dropped substantially from 3,223 NODs filed in September 2011 to 96 NODs filed in October 2011!!
What do you think the next effect(s) of this bill will be on the Las Vegas Real Estate Market??
~~Supply will drop
~~Bidding wars are to get even more competitive [harder for a buyer to purchase]
~~Supply and Demand: Pricing will go up from less supply of foreclosed properties on to the MLS block
~~New home sales will flourish even greater
Is the window of opportunity closing up for lower priced homes in Las Vegas?
Is this another indication that Las Vegas has hit the bottom?
Is this an indication that Las Vegas is on the way up?
Whatever results that this new wave does bring, I will be here as a Ready, Willing and Able Realtor to help you with your Las Vegas Real Estate needs!
Julia St. Marie, ABR, RRG, RSPS
Certified REO Specialist
Attentive, Knowledgeable, Honest and Caring