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Vegas Valley Experiencing Home Shortage

By Andy Karpf

Las Vegas Valley home buyers are noticing that if they are looking for a foreclosure bargain, there are not very many to choose from.  At the current time there is only a one month supply available on the market.

Homes priced in the range of $80,000 – $125,000 are being snapped up quickly, often with multiple offers within just a few days of being listed.

Foreclosure listings of single family homes have decrease about 40% in the past year.   Many experts predict that this trend will continue for the next several months as a result of the robo-signing laws that took effect in October of last year.   This law requires that banks be able to provide affidavits of authority to be able to foreclose on a property.  This has lead to a major slow down for the banks to obtain the legal paperwork involved.

With the new laws in place, many homeowners are choosing to remain in their homes without making mortgage payments.   Many are figuring that with all of the problems that the banks are currently having foreclosing on homes, they may as well just continue to live in the home and not pay.  They can always work on a short sale at a later time after the bank has begun foreclosure proceedings.

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