[ddrhazy]

http://www.unlv.edu/sites/default/fi...et-Aug2014.pdf

[BBMW]

I think there are a lot of people still in houses not paying mortgages. Now many of these may have short sold of the last few years, but many have not.

Originally Posted by ddrhazy

I would like Zillow to do an analysis on the underwater inventory of Las Vegas. There's a big difference between being underwater 50k and 200k. Most people have already walked away from their houses that were heavily underwater.

[007 license to sell]

I was really worried that eventually the banks would start going after home owners for the deficiency, years later after a foreclosure and it looks like it's starting to happen.

Click on the link to view:
Bracing for the Recession Aftershock

The IRS is also looking for fraudulent filings

[BBMW]

^
For some reason, your link isn't working.

[lvoc]

Originally Posted by BBMW

^
For some reason, your link isn't working.

Probably this one..

Bracing for the Recession Aftershock | National Real Estate Post

The only place where this should come as a surprise is perhaps a short sale. But it would have been taken care of on a properly done short sale so it might even be malpractice for an agent to have missed it and not disclosed the problem to the seller very specifically.

You can't get a default off a non-judicial foreclosure without a separate action within 6 months of the foreclosure. Judicial foreclosure was relatively rare as was the deficiency judgement action.

The counter of course is BK though it should have been done at the time of the default judgement. Years later it may be difficult.

So very few people involved but those who are could be hurting.

[ohhboy]

Originally Posted by BBMW

I think there are a lot of people still in houses not paying mortgages. Now many of these may have short sold of the last few years, but many have not.

This is true. A realtor told me a lot of inventory has yet to hit the fan of ****.............lol.

[ddrhazy]

@ohhboy - I disagree. Most of the delinquent mortgages have already been repoed or short sold. The amount that the remaining houses are underwater does give us an idea of any potential future delinquency rates though.

[BBMW]

I really doubt that, because as the foreclosures were ramping up, NV changed the law to make it more difficult (this was when the robosigning scandal was big news), that had the effect on slamming the door on most of the foreclosures, because the banks lost or never had the correct paperwork. There are still probably a few 10,000s of houses carrying non-performing mortgages out there, some vacant. Some have been short sold, but a good chunk are likely just stuck in limbo.

Originally Posted by ddrhazy

@ohhboy - I disagree. Most of the delinquent mortgages have already been repoed or short sold. The amount that the remaining houses are underwater does give us an idea of any potential future delinquency rates though.

[ddrhazy]

@BBMW - But without solid information from the banks, this is all just speculation.

[User 105]

[url=http://www.youtube.com/watch?v=3NXm_3IoHC0&sns=em]Las Vegas Real Estate Market Update (November 2014) - YouTube[/url]