Nevada Needs Well Qualified Home Buyers
The U.S. Senate has put together the Foreclosure Prevention Act and Senate Majority Leader Harry Reid (D-NV) states he is seeking the 60 votes needed to make the much needed changes to foreclosure rules law.
“Every day, new statistics illuminate the depth of this growing crisis,” said on the floor of the Senate. “Just yesterday, the Associated Press reported that the number of homes facing foreclosure across our country jumped 57 percent in January, compared to a year ago.
“We also now know that sales prices lost 9 percent in the final quarter of 2007, marking the steepest drop in the 20 year history of the Standard and Poor’s housing index,” Reid said.
Reid stated his home state of Nevada has one of the highest foreclosure rates in the nation with reported bank foreclosures, government foreclosures and the number of foreclosure homes found on foreclosure listings up 96 percent in the last 12 months, with a 600 percent surge in the Reno area. There is simply too many foreclosed homes and foreclosures waiting to happen.
Reid states persons who lose their property due to foreclosure aren’t the only victims.
“Those who live near foreclosures – families who have done nothing wrong and pay their bills on time – are seeing the values of their property sapped,” he said. “The Center for Responsible Lending has estimated that 40 million neighboring homes will experience a loss in equity if the expected foreclosures materialize. That could lead to a total decline of more than $200 billion in home equity. This could mean more than $3 billion in loss for Nevada alone.”
With this in mind, Nevada needs your help. Should you be seeking Nevada property as a first time homebuyer, a move up homebuyer or for investment or vacation property, Nevada has a variety of housing options that can be purchased well below market value. A smart move for the savvy real estate investor. Become a member of our website today and you will have access to all Nevada foreclosure properties and tips and pointers on how to make them yours.
Related Links:
- Las Vegas Foreclosure Listings
- Henderson Foreclosure Listings
- Nevada Foreclosure Listings
- Foreclosure Listings
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