There has been some press recently stating Bank of America expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, or about 500 a month.  The local real estate agent community has been hearing the same type of message from REO agents, asset managers for months.  Hopefully, we will actually start seeing some of this inventory become available and soon! 

Key Points:

• It's part of the so-called "phantom inventory" of foreclosed homes being held by banks as they work out loan modifications and negotiate short sales, two of the more desirable alternatives to foreclosure.
• BofA has been receiving about 40,000 new short sale offers a month, but has not been processing as many as it has received because of the difficulty of the process.
• According to California-based research firm Concord Group, the Las Vegas market will still struggle from bank foreclosures over the next two years. It said that Southern Nevada has lost more than 90,000 jobs since the downturn, falling to about 850,000.
• Las Vegas has a supply of 16,215 residential units for sale, 8,845 units of which are bank-owned, HUD homes and other types of foreclosures.
  
• The city currently has a total of 700,000 households, which is expected to rise by 2.5 percent over the next 5 years.

Read all the details:

Here is the LVRJ article dated 1-14-10 from Hubble Smith Bank of America to release homes

and another post Las Vegas Foreclsoures to Rise with BofA Bank-Owned Homes (1-20-10).

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