Where have all the listings gone?
Foreclosure and short sale listings are way down in the Las Vegas area. The conventional wisdom, to which I happen to agree, is that this is the result of legislation that took affect October last year.
Nevada’s state Assembly passed a measure designed to crack down on “robo-signing,” where bank employees signed off on huge numbers of legal filings while falsely claiming to have personally reviewed each case.
This issue is a complicated one, but it looks like lenders are reluctant to resume the notice of default process until they can sort out how they can proceed without significant liability
Foreclosure Radar shows the trend in notice of defaults. With 4,656 in September 2011 the following months to date, have shown an average of less than 1,000 defaults. Most of these defaults were initiated by other than the mortgage holders, such as homeowners associations. The notices of sale were down 59.16% from February last year .
The number of listed short sales and foreclosures has plunged dramatically. Two months ago the number of listed was over 8,889 the number as of April 6 is 3,183.
