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Mediation Reduce Foreclosures
By Stephen Roberts | December 2, 2009
Nevada’s new foreclosure mediation program is helping reduce the number of foreclosures here in the Las Vegas and Henderson valley. The program gives homeowners who are being foreclosed upon, the right to seek mediation. Although Nevada is still ranked number one in foreclosures, filings fell twenty six percent from September to October, and four percent from October 2008. The program gives home owners an opportunity to work out a deal with the lenders, and often times leads to short sales.
Another reason that the foreclosure rating is starting to decline is because of the recent stability in home prices. This fact makes it more likely that a lender will approve a short sale over a foreclosure. Some evidence that was obtained by mediators has shown that there has been over a sixty percent success rating in the mediation. Success means that something happened with the loan other than proceeding with the foreclosure. This has overall been a positive step for Nevada Real Estate, especially in the Las Vegas and Henderson valley. It is good to see some positive changes in the Nevada economy.
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Topics: Henderson Nevada Homes, Holiday Season, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate, foreclosures | 1 Comment »
December 22nd, 2009 at 5:05 pm
For sure the mediation is a great thing. It really can make good moves to avoid foreclosures