States May Start Fast Tracking Foreclosures

Even though the foreclosure market in Las Vegas and Henderson has dropped significantly, there are still homes: vacant and occupied that needs to move through the process. Here in Nevada foreclosures can happen faster than in other states but there are some properties that have sat for years, mired in litigation or the process itself.

The Federal Reserve Bank of Cleveland released a study suggesting states could save millions by fast tracking foreclosures on vacant properties. If a state requires a foreclosure to be done in a court to protect property owner’s rights, the homes in question could be left vacant for longer periods of time. They can be vandalized or squatted in which leads to costly repairs. If the process is sped up, the homes could sit vacant for shorter time periods.

Other concerns are unoccupied homes in neighborhoods decrease home values over time and safety concerns about squatters. Fast tracking foreclosures will result in lower costs to the lenders in repairs, reducing the inventory and getting the homes sold or rented will keep property values up.

Nevada’s foreclosure inventory is third in the nation, behind Florida and Maryland. Since we are a non-judicial state when it comes to foreclosures, they can take less time here. The issue of course is if the homes are no longer lived in, then the lender would have to take care of maintenance and repairs.

The bottom line is there are still great opportunities for homeowners and investors in the Las Vegas foreclosure market. If you are interested in looking for foreclosed properties, please contact us today.

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