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Nevada Association of REALTORS
760 Margrave Drive, Suite 200
Reno, NV 89502

tel: (775) 829-5526
fax: (775) 829-5915

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Nevada Association of REALTORS

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The Nevada Association of REALTORS^® is a professional trade association with nearly 14,000 members. NVAR is committed to protecting, promoting and preserving our communities. Visit www.NVAR.org.

Press Release

Forum on Employer-Assisted Housing Set for Jan. 25

Local business and government leaders are invited to attend “Under One Roof,” a forum on employer-assisted housing programs to be held Jan. 25 at the Las Vegas Chamber of Commerce headquarters in Town Square, 6671 South Las Vegas Blvd., Suite 300. The three-hour event begins at 8 a.m. and is free and open to the public. Attendees are encouraged to register online at <a href="http://www.underoneroof.eventbrite.com">www.underoneroof.eventbrite.com</a>. Scheduled speakers include North Las Vegas Mayor Shari Buck; Henderson Mayor Andy Hafen; Richard Lee, of First American Title Company; Ken LoBene, of the U.S. Department of Housing and Urban Development (HUD); Holly Moskerintz, of the National Association of REALTORS® (NAR); Margarita Rebollal, of Community Services of Southern Nevada; Jodi Royal-Goodwin, of the Nevada Housing Division; Zolt Szorenyi, of Lenders Clearing House; and Michelle Villero, of NeighborWorks America. Clark County and Las Vegas officials are also invited. And Patty Kelley, president-elect of the Nevada Association of REALTORS® (NVAR), will give some brief remarks. Event organizer Dawn Lane, founder of the HOPE Home Foundation, said this is the first event of its kind primarily targeting employers in Southern Nevada. “The goal for the forum is to focus our business leaders on strategies and solutions for responding to today’s two most critical areas – housing and employment,” Lane said. “We want our audience of housing industry professionals, opinion leaders, business owners, human resource managers, elected officials and members of the media to engage in a comprehensive conversation about how to stabilize and strengthen the housing sector using employer-assisted housing programs to encourage sustainable home ownership – especially in neighborhoods near employment centers and in areas needing stabilization.” Lane said local companies are struggling to retain productive, stable workers. Employer-assisted housing “is an emerging strategy that can give businesses a tool to help.” Through such programs, she said employers can offer affordable housing solutions for their employees. Options can include businesses helping their employees buy or rent a home and offering first-time home buyer and foreclosure prevention counseling. Businesses can benefit financially by hiring and retaining quality employees, through improved morale, greater productivity, lower turnover and more. The Nevada Association of REALTORS® (NVAR) is a primary sponsor of the event, along with the HOPE Home Foundation, Lenders Clearinghouse, Chase, Evergreen Home Loans, Southern Nevada Issues Mobilization Fund, Nations Title Company, Stewart Title of Nevada, First American Title Company, All Western Mortgage, and Professional Realty Group.

NVAR releases "Face of Foreclosure" report, showing 23 percent of Nevadans who lost homes "walked away"

A “Face of Foreclosure” report released today by the Nevada Association of REALTORS® (NVAR) shows that most Nevada homeowners facing foreclosure were not aware of federal and nonprofit programs designed to help them and that nearly one in four who lost their homes to foreclosure admitted to “walking away” as part of a strategic default. NVAR found this and more in its second statewide report on the home foreclosure issue that continues to plague Nevada’s economy, housing market and neighborhoods. NVAR 2010 President Linda Rheinberger, broker and owner of One Source Realty and Management in Las Vegas, said the report conducted for NVAR by the SGS national research firm contained several interesting findings and points to at least a few changes that could help homeowners avoid foreclosure. “With Nevada continuing to have the highest foreclosure rates in the country, we think this landmark research provides a valuable public service,” Rheinberger said. “We think this research will help the public, the real estate industry, lawmakers and others grappling with this difficult issue. Personally, it was striking to see that nearly one in four Nevadans who lost their homes to foreclosure admitted that they simply walked away from their mortgage. “As for solutions, there may not be a single cure-all, but this report suggests that we can do more to make distressed homeowners aware of the free and low-cost resources available to help them. It also reinforces our belief that lenders would do well to speak to their customers before foreclosing and to continue streamlining their short sale processes, since short sales are one viable alternative to foreclosures.” Other highlights of the NVAR report include: <ul> <li>Very few Nevadans facing foreclosure knew about the leading programs available to them, and fewer still found them helpful. The report cites “a clear disconnect between what programs are being offered and what is needed and used by those facing foreclosure.” For example, 61 percent of those surveyed after experiencing or narrowly avoiding foreclosure had never heard of the HAFA, or federal Home Affordable Foreclosure Alternative, program. Only 3 percent said they used the Nevada Foreclosure Mediation Program or were helped by it in any way.</li> <li>By their own admission, 23 percent of those surveyed described their own situation as a strategic default, defined as the borrower deciding to stop making payments on a debt despite having the financial ability to pay.</li> <li>Many of those who “walked away” from their homes said they were advised by trusted confidants that a strategic default was their best option.</li> <li>The rural counties of Lyon (with one in 49 homes receiving a foreclosure notice, based on October 2010 RealtyTrac data) and Nye (one in 66 homes) had the state’s highest foreclosure rates, followed by Clark County (with one in 70 homes).</li> <li>Many Nevadans experiencing foreclosure faced two or more “life-altering events” that increased their risk of defaulting on their mortgage. The report found loss of a job and unexpected medical bills were the most common of what it called “plus-one” events triggering a foreclosure.</li> <li>Homeowners statewide were far more likely to blame banks and lenders (46 percent) and the government (20 percent) than homebuyers (13 percent) for foreclosures.</li> <li>Short sales (when a lender agrees to sell a home for less than the borrower owes on the mortgage) have proved to be “a moderately helpful tool in avoiding foreclosure,” with the report showing that 10 percent of those surveyed believed a short sale helped them.</li> </ul> Mike Young, NVAR president for 2011 and a longtime REALTOR® based in Incline Village, Nev., said NVAR is already working with Nevada lawmakers and others to seek changes that could help this situation. According to the report, these include a mix of legislative changes, advocacy and counseling options and actions designed to stabilize local housing markets, such as streamlining short sales. The report was commissioned by NVAR, utilizing information from its Nevada DataMine, and conducted by SGS, a national research firm that has done similar studies in Florida and Pennsylvania. SGS compiled data from leading sources, held two focus groups in Las Vegas and interviewed more than 1,000 Nevadans by phone, including 500 who had either experienced, were experiencing or narrowly avoided foreclosure and another 500 who live in areas throughout the state with high foreclosure rates. For a copy of the “Face of Foreclosure” report, visit <a href="http://www.NVAR.org">www.NVAR.org</a>.

NVAR statement on outcome of energy audit issue

The Nevada Association of REALTORS® (NVAR) issued the following statement today about new energy evaluation regulations set to take effect next month in Nevada: “On Dec. 16, 2010, new regulations were passed regarding a home seller’s energy evaluation. These regulations go into effect Jan. 1, 2011. There is a lot of false information circulating regarding these regulations,” said NVAR President Linda Rheinberger, broker and owner of One Source Realty and Management in Las Vegas. “It’s important to note that these statutes and regulations DO NOT require a home energy audit. “NVAR has been protecting its members by fighting a move by energy auditors to mandate home energy audits at the point of sale. NVAR recognizes that point of sale requirements delay the closing of transactions and, if tied to an expense, may prohibit a buyer’s ability to purchase a home. In this market, buyers and sellers do not need more obstacles to the buying and selling of homes. “NVAR has succeeded in limiting this point of sale effort so that a seller is only required to disclose the energy consumption of the home on a form created by the Nevada Office of Energy. Further, THIS FORM CAN BE WAIVED if the seller and buyer both agree.”