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April 27, 2011 07:20 pm PDT
Original Link: http://feeds.boingboing.net/~r/boingboing/iBag/~3/fKVDV7D-9hA/new-las-vegas-homeow.html
New Las Vegas homeowners must pay collection agency fees for previous owners' unpaid debts
There is a big battle brewing in the wasteland of the Las Vegas residential real estate market. Christopher Maag of credit.com writes about it in an article titled "Las Vegas foreclosure mess and in bitter duel." One in 28 homes in Las Vegas were foreclosed upon in the first quarter of 2010, giving the city the highest foreclosure rate in the nation--one that is five times the national average, according to the Las Vegas Sun newspaper. The city now has one of the highest home vacancy rates in the nation, second only to Detroit, according to the U.S. Census Bureau. ... That leaves few regular people buying houses in Las Vegas. Instead, the vast majority of home sales there involve investors looking to buy when the market is low and then sell at a profit, says Bill Uffelman, president of the Nevada Bankers Association. That normally simple process is made complicated by Nevada's unique and vague real estate laws, which say that homeowner associations are entitled to nine months' worth of unpaid fees after a home goes into foreclosure. The home's new owner would be responsible for paying the HOA fees....
Original Link: http://feeds.boingboing.net/~r/boingboing/iBag/~3/fKVDV7D-9hA/new-las-vegas-homeow.html
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