If not yet, you likely will be hearing a lot about AB300. Why? Because AB300 the assembly bill that contains revisions to AB284, and is expected to be heard this week by the Assembly Judiciary Committee.
from Friday’s Nevada REALTOR® Advocate…
The bill, introduced by Assemblyman Frierson, is expected to be heard in the Assembly Judiciary Committee early next week. The introduction of AB300 is the culmination of months of work by the Nevada Association of REALTORS®, the Nevada Land Title Association, the lending industry, consumer advocate groups and the Attorney General. Every word in the bill was carefully analyzed and scrutinized by all parties at the table, and the working group struck a delicate balance between those who pushed for changes to the law, and those proponents who advanced the law last session.
D Lopez
In case you missed it, AB300 passed the Nevada Assembly 40 – 0. The language of the bill had been amended so that the changes contained within it take effect immediately upon signing. It now heads to the Nevada Senate so if people care about having inventory on the market and if they care about not having a regional housing bubble, it’s time to contact their State Senators and the Governor to show their support of this bill.
Guy Johnson
D Lopez, Thank you for the update on AB300!
D Lopez
Just another update. The Nevada Senate approved AB 300 with a vote of 21 – 0 on May 24, 2013. Here’s where things are a little unclear. The Senate Judiciary Committee proposed an amendment (No. 738) where the changes contained in the bill would not take effect until 1/1/2014. However, the adopted amendment (No. 812) does not appear to have the changed language and still says, “This act becomes effective upon passage and approval.”
The bill is back in now back in the Assembly and on today’s Daily File. Unless something bizarre happens, we should be able to assume that AB 300 will become law.
By the way, Guy, thanks for maintaining the best source of real estate information in this region!
Guy Johnson
D Lopez,
Thank you very much for the update on AB 300. You rock!
And thank you for the compliment; much appreciated.
Guy Johnson
AB 300 was approved by the Governor. The revised provisions went into effect June 1, 2013. https://nelis.leg.state.nv.us/77th2013/App#/77th2013/Bill/Overview/AB300
Maximus
Guy, what do you think the effect will be for AB300 ? http://www.leg.state.nv.us/Session/77th2013/Bills/AB/AB300_EN.pdf , I was reading the final amended text (which shows the changes). Looks like the point is that instead of having to hunt down all the previous debt holders, one must only prove they are the current servicer/owner of the debt, reducing red tape.
This in tandem with the rising interest rates may mean there will finally be significant inventory coming out at a cheaper price. I’m coming over there with $150k in cash in 3 years to semi-retire and I hope the prices drop as foreclosures come to market. I’d like to pick up a decent 2 BR home and a multi-unit rental, so for me higher interest rates leading to lower prices is desirable. I only view a housing “recovery” via healthy inventory, not price. They need to get out of the “pipe” and into the MLS.
Sully
AB300 was basically a re-write of AB284 to conform to the NV Supreme Court ruling last year in favor of MERS. There was some spiking activity back in Oct and NOD’s started increasing. Since Jun 1th there has been 10 NOD’s filed. The rush to the doors has already happened, I think the banks prefer short sales to REO’s as they can expect to receive more money in a limited market with buyers bidding prices up. However, anything that cannot last forever – won’t!
ellen miller
I haven’t seen any change as yet with the market showing an increase in foreclosures. How long do you think the procedure with actually take, or has it really begun? Thanks