Sorry about that play on words in the title. I do know how to spell most words. Here is an email I received from a client I am working with on some insurance issues.
"Hello Mr. Stevens,
Here's a link that you can click to show how they are trying to cope with the foreclosures in Las Vegas www.lasvegassun.com/news/2009/oct/15/nevada-bucks-nationwide-downward-foreclosure-trend/
**also view the comments.
I lived there 2 years ago. I know first hand that some of the new homes weren't selling and the developers rented the homes out - this was on the news. Apparently, this is what they are doing now to curb the destruction of these properties. Here on the west coast, the people of foreclosures (I'm not sure if I should say victims) they are also flooding the homes, pulling copper wire, removing cabinets, toilets, holes in the walls, removing lighting fixtures.....In fact, there were scams where people would rent out million dollar homes for $1,000 a month.
I now see why the prices are slow to come down here, they are not releasing all of the homes. There's also rumor that it has something to do with new legislation that maybe there will be some kind of RTC to take these properties, or something to do with getting more TARP money. BTW, one of the properties for condos, I think it's Flamingo Palms, the homeowner assoc DOESN'T own the land. These condos once sold $100K+, now some are as low as $10k but the homeowner dues are $400+ monthly for legal fees.
Thanks,
Carla"
Anyone have any thoughts on this?
