As the economy in Las Vegas continues to slowly improve, we continue to see real estate sales going up as the foreclosure rate decreases. Increased government pressure combined with banks’ needs to increase efficiency have pushed mortgage lenders, banking institutions and their investors to approve short sales in lieu of going through with the foreclosure process, putting 3/4 of all closings as short sales in Las Vegas.
Read more from the Las Vegas Review Journal: Short sales now eclipse foreclosures in Las Vegas
More positive news related to an increase in real estate sales include the rise in demand for land in the Las Vegas Valley. As more and more homes that have sat empty for the last several years begin to fill up, housing developers are gearing up for another round of construction. Expect empty lots to begin booming with construction for new housing developments, increasing options for home buyers to purchase new homes and creating a more competitive market.
Learn more about the increased demand for land: Las Vegas land sales show dramatic rise
Legal battles have been raging here in Las Vegas with numerous mortgage and HOA scandals appearing in court last month. During June, at least 14 new guilty pleas were entered in the HOA takeover scheme that included retired police officers, real estate professionals, property managers and construction companies. This brings the total guilty pleas entered to at least 26, as of the drafting of this newsletter; the defendants in this case have been accused of, charged with and have plead guilty to HOA ballot fraud and election rigging, mail and wire transfer fraud and mortgage fraud.
Additionally, Brett Depue, the mortgage scheme mastermind who robbed banking institutions of more than $24 million was sentenced to 22 years in federal prison in addition to being ordered to pay $1.6 million in restitution. Approximately 200 others have been caught since the mortgage fraud program was implemented in 2008, most of which have been convicted or are currently awaiting trial. Senior U.S. District Judge Roger Hunt says that the negative economic impact Depue’s mortgage scheme had on Southern Nevada is “impossible to calculate,” pointing to numerous unknown victims of his crime as further justification for his sentencing.
For more valuable real estate news from eRealty in addition to helpful tips in having a successful real estate career in Las Vegas, be sure to visit the eRealty Blog at eRealty360.com and check out our social spaces on Facebook and Twitter.
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