The skinny on the Las Vegas market is exactly this, with all the new laws that have gone into place since our new President things are changing. I can't really say that they are helping the people of Las Vegas and Clark county that much. The programs sound wonderful but just aren't accomplishing what they were set out to do. For example, the July 1 program that started where it's mandatory that banks and the seller sit in separate rooms and a mitigator/negotiator goes between both parties and tries to make all parties content. The real problem with this is the bank/lender has the final word and if they say slit the buyers throat and don't give them what they want or need then the deal is over and the seller has no recourse.
Secondly, banks are holding off on releasing the foreclosures they have on books. They are only releasing a few at time trying to drive prices up. It is somewhat working but one of the problems with this is our unemployment rate is going up. People are moving out of Las Vegas. I was at a U-Haul atore on Sunday and the manager told me that 7 different people where coming in to rent trucks and move out of Las Vegas. Some moving to CA, Washington State, Montana, Oregan. I was there when one women came in. She is moving to Billings Montana to live with her sister because she told me a year ago her job as an architect was a great year, but now there is no work. I could feel the frustration with in her voice.
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