Housing
CARSON CITY — A proposal in the state Legislature would allow Nevadans to walk away from their houses after a foreclosure or short sale without getting sued to repay the balance owed, even if they refinanced the property to buy cars, pay off credit cards, send kids to college or otherwise spend their home equity.
A bill before the Nevada Legislature would make it a felony to intentionally damage or remove any part of a home that the occupant knew was in foreclosure. A homeowner or renter who breaks the law could face one to four years in prison and up to $5,000 in fines.
Henderson homeowner Bruce Clemmer said he came home to a 120-day foreclosure notice on his door the week after a story about his frustrating loan modification experience with Merrill Lynch was published in the March 13 Las Vegas Review-Journal.
Foreclosure activity slowed significantly across the West in February with filings down in Nevada, Arizona, California, Oregon and Washington, the foreclosure listing service ForeclosureRadar reported today.
The promise of palm tree groves and low-priced real estate lured Alan and Katherine Ackerly across the Rocky Mountains from Denver to Nevada in 2004, where thousands of new houses beckoned brightly as any neon sign.
The Las Vegas apartment vacancy rate decreased to 9.6 percent in February from 9.9 percent the previous month, CB Richard Ellis reported.
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