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Archive for March, 2011|Monthly archive page

1 in 7 Nevada homes are vacant

In Data, News on March 15, 2011 at 9:19 am

US Census data shows us the enormity of the housing problem in Nevada and why it will take decades to get out of the hole.

There were 167,564 empty houses in the state last year, according to newly released U.S. Census data, more than double the number in 2000. The number of vacant homes represents about one out of every seven houses across Nevada.

An interesting blip in the statistics is that Nevada has –¬†simultaneously¬†– the highest rate of mobility in the country and the worst market to sell a house.

More than 16 percent of Nevadans relocated to new residences within the state in 2008 alone, the highest mobility rate in the nation, the Census data shows.

So what does that mean? It means that Nevadans are not moving willingly, they are being forced to move. Without a doubt it is going to take Nevada many years to rebuild an economy capable of supporting the excess housing inventory and clear the vacancies.

Read More:

http://www.msnbc.msn.com/id/42084625/ns/us_news/

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Dysfunctional Home Loan System Stacked In Favor of Servicers

In Legal on March 8, 2011 at 6:18 am

Huffingtonpost reports about a proposed “settlement agreement” between Federal and state regulators and the top home loan servicers in the country.

Whether any of the largely common sense “reforms” end up in a final agreement or otherwise get adopted by the industry in any meaningful way remains to be seen. In the meantime the reporting and attention on the abuses in the system are welcomed and deserve more attention.

For years we have been told that the foreclosures are the fault of greedy borrowers who overextended themselves. Instead banks have been acting in their own best interest pushing homeowners toward default and even in many cases requiring default as a precondition to loan modification consideration. The result has been perverse:

servicers are instead forcing through foreclosures, racking up fees through prolonged foreclosure proceedings, and effectively disregarding the rights of investors and borrowers in pursuit of their own profit.

Read More:
http://www.huffingtonpost.com/2011/03/07/foreclosure-settlement-protect-homeowners_n_832699.html#