Nevada Association of Realtors to produce State Foreclosure Crisis Report

April 5, 2012

The Nevada Association of Realtors has received an $86,000 grant from the National Association of Realtors to produce its next “Face of Foreclosure” report on the state’s foreclosure crisis.

The report has been instrumental in gaining insight into questions and concerns of struggling homeowners, as well as potential solutions for moving the housing market forward, said Blane Johnson, president of Nevada Association of Realtors.

The 2011 report earned national recognition and helped shape legislation such as ensuring that Nevada consumers aren’t penalized through deficiency judgments on short sales and that lending instruments, when sold to collection companies, do not hamstring homeowners from buying a home in the future.

Another law provided regulatory structure for property asset management companies that are “trashing out” foreclosed properties. Asset managers now must be licensed and insured in Nevada.

The 2012 report will update information from two previous reports, following up with those who participated in previous reports while facing foreclosure.

It will address other issues important to local homeowners and the real estate industry, including how lenders throughout Nevada are dealing with today’s housing market, how they expect to deal with it in the coming years and how “the new reality of lending” will impact consumers, Johnson said.