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Bank of America Expected to Release Homes
By Stephen Roberts | January 19, 2010
Bank of America expects to release about 6,000 foreclosed properties into the housing market here in Nevada in 2010. They are going to evenly distribute the releases, releasing about 500 homes per month. This process is part of the so-called “phantom inventory” of foreclosed homes being held by banks. Banks are working out loan modifications and negotiating short sales on homes, two options that are more desirable than foreclosures. The system has become somewhat clogged by a voluntary moratorium of foreclosures while banks met the requirements of President Obama’s mortgage plan program. The program requires mediation before banks can start the foreclosure process on a home.
Many banks such as Bank of America are starting to get short-sales done in as little as 30 days. Many are also offering “Cash for cooperation” deals, giving people up to $5,000 to leave their foreclosed home in good condition. It is becoming easier and easier to buy a short sale home.
For a look at the current inventory of short sales in the Las Vegas Valley visit our website.
For all your Real Estate needs contact Steve Roberts at 702-739-4392 or visit the website at www.hendersonrealestateonline.com!
Topics: Henderson Nevada Homes, Homebuyer tax credit, Investment, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate, foreclosures | No Comments »