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January Market Update

It’s time to review our real estate sales numbers from 2010 and think about what the new year will bring.  A total of 39,667 single family houses, condominiums, townhouses and manufactured houses were sold in 2010.  18,226 were bank owned properties, 11,115 were short sales and 10,326 were regular resales.  Right now there are 10,234 listings with offers, of which 6,949 are short sales and 2,291 are bank owned.  Currently available properties number 14,762, with 3,282 bank owned and 7,272 short sales.  These numbers reflect about a 4 month inventory of houses.  Absent a substantial change in these numbers, we can expect prices to remain flat through 2011. 

With individuals and states, including Nevada, filing lawsuits against banks, we will probably see banks approving more short sales and carrying out fewer foreclosures.  One thing I, for one, would like to see the Nevada legislature consider when it convenes is a state bill prohibiting deficiencies on short sales.  Nevada passed a bill making it a nondeficiency state with regard to foreclosures in 2009.  California passed a bill prohibiting deficiencies on short sales last year.  Nevada should follow suit, offering more protection to underwater homeowners and helping to move through distressed housing inventory.  Short sales would be much easier to negotiate.

For more information on foreclosure alternatives, contact us at  We are able to provide a variety of information on options for underwater homeowners.

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