David Hughes on
Well kind of, the economist's at the National Association of Realtors are reporting that existing home sales for 2011 were up by 1.7% and the inventory of existing homes on the market is the lowest since March of 2005. Consumers are gathering confidence from the low interest rates, great prices and job growth. Here in Nevada we have to keep this in perspective, we will always trail behind any sort of national statistics. But also thanks to the new law AB 284 that went into effect in Nevada on October first, the number of NOD'S, (notice of defaults) that were filed have been cut by about 95%.
The reason why is the law states that before a bank can foreclose on you, they must be able to prove that they have the right to foreclose on the property. They…
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