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need to actively deal with the "shadow inventory" issue. According to Ticor Title Co., Reebok Latest Shoes there could be as many as 12,000 homes in the foreclosure pipeline in Northern Nevada. Not all of that inventory will ever come to the market; there are many reasons these properties are in limbo. But some of it should.
We have some outstanding local and regional builders who will not come back into the market until Chapter 40 is more fairly structured.
Buyers also need to be prepared. They will need to get more competitive, have their financial house in order, get prequalified and have a realistic understanding of the value of real estate in our market.
surprising facts about our housing market
Part of our supply challenge is the Reebok Ers Shoes
There is a concern we are in another "micro bubble," but in my opinion, lenders have learned their lesson that when they are able to foreclose, they will not flood the market with excess inventory. It is simply not in their financial best interest to do that again. Their efforts in streamlining the short sale process and loan modifications should help dispel this concern.
This needs to be addressed and stopped as it only delays our full recovery and extends our housing pain. I believe with the positive proposed changes to AB 284 in the upcoming legislative session, lenders will be able to work through this issue.
Given the lack of inventory, we need to get construction going again; otherwise, our attempts to bring new industry and jobs to the region may be affected by a lack of housing. Construction lending is a problem, but the bigger impediment to new construction in our state is what is known as Chapter 40, which deals with the state construction defect laws.
Our biggest challenge is that our housing inventory is at an all time low. That has helped to raise house values (22 percent from December 2011 to 2012), which in my opinion have been undervalued for some time.
The consumer protection legislation AB 284 has helped reduce foreclosures, but it has also had some unintended consequences. It has significantly decreased the lenders' ability or appetite to foreclose on properties. For homeowners who need help with this issue, the Nevada Attorney General's Office has launched a new program called Home Again.
try to fix some of its state problems, has once again been a positive factor for Nevada.
Sellers interested in receiving the most amount of money for their property need to insist their properties are listed with the Northern Nevada Regional Multiple Listing Service, which distributes properties to almost 2,000 Realtors in the area. Tactics such as marketing properties on Craigslist, making properties hard for other Realtors to show or making "insider" deals with cash investors need to stop. Only exposing properties to all potential buyers ensures that properties are purchased for real market value.
In some markets, we are back to pre 2000 pricing. Most properties, once listed and exposed to the full market of potential buyers, are receiving multiple offers. These are properties listed at the low end and the high end. Our proximity to California, which in the last election voted for tax increases to Saucony Jazz Original Vintage
I believe we in the real estate industry needs to be part of the solution. Lenders, the real estate community and sellers who participate in short sales or distressed properties need to be sure that properties are exposed to all potential buyers.
Another issue concerns the current lending environment. According to industry source Real Trends, CEOs of real estate brokerages believe home sales would be up 20 25 percent above where they are now if underwriting standards were loosened. We have gone from having standards that are too loose to standards that are too restrictive. We have created a situation where cash investors have an advantage over bona fide prospective homeowners in purchasing properties. With little inventory, multiple bids above listing prices are more prevalent today than any time in recent history. In an appreciating market, appraisals need to reflect the true value of properties.
One of the unintended consequences of AB 284 is the fact homeowners who have the ability to pay or modify their loans or to short sell their properties have instead chosen to take advantage of the current situation and live in their properties mortgage free, some for as long as three years. There is little incentive for them to change as they take advantage of the banks' inability to foreclose.
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