Nevada AG: Positive Signs in Housing Market

LAS VEGAS -- Nevada's housing market is taking baby steps in the right direction, according to Attorney General Catherine Cortez Masto who addressed a panel of realtors Wednesday.

Construction jobs were among the hardest hit during the economic downturn. Many of those employees were minorities, especially Hispanics, who also ended up losing their homes.

The National Association of Hispanic Real Estate Professionals say they are starting to see positive signs in the housing industry. Experts say there have been regulatory changes, more settlements, and banks are re-evaluating business practices. Masto discussed many of the changed with the realtors so they could pass the message along to consumers.

"We believe that if we educate our real estate practitioners, they can pass on the message, the right message, to our final consumers," said Omar Lopez, NAHRE president.

Masto talked about Senate Bill 284, which stopped robo-signing. She says, another example is the nationwide mortgage settlement where Nevada received $1.5 billion. That money is designed to help underwater homeowners and fight fraud.

"You have a national mortgage multi-state settlement that's requiring the banks to engage in more loan modifications, principal reductions and short sales."

Because the new home sale market has improved and home prices are increasing, Masto says to expect changes. 


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