The foreclosure crisis has been very tough on Las Vegas. But at least it couldn’t get any worse.
Or could it?
Bank of America has announced that it’s adding another 6,000 foreclosed homes into the market at a rate of about 500 units per month over the next year.
Where are all of these foreclosed Las Vegas homes coming from? According to this article in the International Business Times, “The properties make up part of the so-called shadow inventory held by banks while they negotiate short sales or loan modifications with borrowers or while they wait for more favorable pricing trends.”
The article also noted that bank and government foreclosures will still continue to drag heavily on the Las Vegas economy for the next two years.
This is not great news for Las Vegas residents. Even if you’re not in foreclosure yourself, the impact of the foreclosure crisis is affecting all of us who live here in one way or another.
But it’s important to remember that thanks to the bankruptcy laws, thanks to loan modifications, thanks to the Nevada Foreclosure Mediation Program and thanks to experienced, thoughtful, good Las Vegas bankruptcy attorneys like the ones I work with at Haines & Krieger, Las Vegas residents do still have options and tools for protecting themselves.
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