The long decline in home prices may lighten the tax load for Las Vegas homeowners, but it’s also left 75 percent of them “underwater,” or with negative home equity, meaning they owe more than their home is worth, First American CoreLogic valuation service reported.
The Las Vegas housing market may be starting the dreaded “double dip” as home sales and median prices declined in July from the previous month, the Greater Las Vegas Association of Realtors reported Monday.
New-home prices will drop another 5 percent this year and stay essentially flat in 2011 as builders compete with more foreclosures and short sales, a Las Vegas housing analyst said Thursday at his quarterly presentation.
More than 90,000 notices of default were recorded against residential and commercial property owners in Nevada in the last 12 months, according to a statement released by the Administrative Office of the Courts, which oversees the Nevada Foreclosure Mediation Program state lawmakers established in 2009.
The average homeowner doesn’t think about so-called “strategic default” on their mortgage until equity falls to 62 percent of the home’s value, a study from the Federal Reserve Board showed.
Tyree Brown, the homeowner who complained that Wells Fargo Bank blindsided him with a foreclosure during loan modification negotiations, has won the first round in court.
