Thursday, March 14 2013 10:27 AM EDT2013-03-14 14:27:39 GMT
LAS VEGAS -- Nevada foreclosure starts reached a 17-month high in February, providing more evidence that banks have begun figuring out how to navigate around a 2011 state law that made it tougher for mortgageMore>>
Nevada foreclosure starts reached a 17-month high in February, providing more evidence that banks have begun figuring out how to navigate around a 2011 state law that made it tougher for mortgage lenders to initiate foreclosures.More>>
LAS VEGAS -- Someone's misfortune could be another's opportunity.
Foreclosure filings are skyrocketing in Las Vegas and that could bring a flood of homes on the market later this year.
Home prices are starting to rise once again, but even so, Las Vegas is still No. 5 in the country for affordable homes.
But with foreclosures up 334 percent in February over 2012, the valley is still hurting after the boom went bust.
Many of the homes that are on the market get sold quickly.
"From a personal standpoint, it's frustrating that we can't even get a home right now," said Dave Tina, who has been looking for a house since November. "I have one child and one on the way, so we wanted four bedrooms. It's a very difficult search."
Tina said he has made offers on six houses, and didn't even have a chance to make offers on another 20 houses he was looking at.
"I'm even a cash buyer, and I'm getting beat out," he said.
Tina is an owner and broker at Urban Nest Realty, along with his father, who shares the same name and is president of the Greater Las Vegas Association of Realtors.
"It's definitely a sellers' market," the senior Tina said. "We don't have enough inventory to cover all the buyers out there."
The Nevada Legislature made it more difficult two years ago for banks to take houses into foreclosure.
For the time being, southern Nevada's home inventory is feeling the fallout -- too many buyers, not enough homes.
"It's a great market," the senior Tina said. "We wish we had more inventory. We hope there's more foreclosures because the buyers are out there, and we do need inventory to get it sold."
Tina Jr. continues to help families deal with the valley's constantly-evolving real estate market.
"I'm an optimist by nature," the junior Tina said.
The recent surge in foreclosures by 334 percent suggests the banks are finding new ways to deal with Nevada's law that made it tougher to take homes into foreclosure.
According to RealtyTrac, these affected homes will likely end up as bank repossessions or short sales later this year.