The Builder’s Magazine ran a piece last week where they sat down with the Reno/Sparks Association of REALTORS® to discuss their outlook on the Northern Nevada Housing Market, tightening inventory, and the role AB284 has (or has not) played.
From The Builder’s Magazine interview…
It is a common myth [that tightening inventory] is unique to Nevada. The thinking goes that with the passage of AB 284, lenders are unable to produce the necessary documentation, and thus Reno’s real estate inventory challenges are being caused by the lenders inability to foreclose on property. However, a quick check of other real estate markets across the country discloses that a shortage of inventory is prevalent in other states and municipalities, and those areas do not have the influence of Assembly Bill 284. Because this shortage of inventory is not unique to Nevada, we know that it is also influenced by the National Mortgage Settlement, which placed similar requirements on the five major banks, and their servicers, to provide an affidavit prior to filing a notice of foreclosure and establishes a threshold of personal knowledge of key information about the foreclosing property prior to initiating action.
Read the entire story here: Realtors See a Market that is Stabilizing