What is going on in the real estate market in Incline Village, Nevada. To start with, we will explore the single family home sales since January 1, 2012. So far 28 closed sales, of which 17 were either short sales or bank owned. Over sixty percent for those of you keeping track were upside down in their equity.
Looking at active home listings, currently we have 162 on the market with only 4 being represented as short or bank owned. Sounds like a recovery, not so fast. Enter the Robo Signing Law. Rather then try to explain, read the Wall Street Journal Article http://blogs.wsj.com/developments/2011/11/07/nevada-foreclosure-filings-dry-up-after-robo-signing-law/
Once the Robo Law Clears up, will the flood gates open, or will lenders slowly release their inventory. We will have to wait and see.
Despite my findings, we are seeing a lot of activity for this time of year. Stay tuned.