Experts Offer Advice on Las Vegas Housing Market

Experts Offer Advice on Las Vegas Housing Market

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LAS VEGAS - Las Vegas leads the nation in foreclosure filings with more than five times the national average. That is why several homeowners met with industry experts at an informational session Tuesday night.

Some are curious about the market. Others are desperate to stay in their homes. The group learned about loan modifications, short sales, and other options for those having trouble paying their mortgages.

Citizens Home Advocacy President Mandy Peacock was one of the experts at the event. Her company offers advice on loan modifications and foreclosures. She predicts a surge in foreclosures in Las Vegas, because so many programs and incentives for struggling homeowners have not worked in the past.

"For a foreclosure to take two years, that's not normal," she said. "A foreclosure only really needs to take about six months. So, I think we're going to start seeing, if people aren't going to start taking action and handling it, that their bank is not just going to forget to file a notice of default."

Peacock says our housing market has a long way to go before it recovers. She blames new foreclosures hitting the market, high unemployment, and consumer fear.

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