RGJ: NVAR report shows HOA foreclosures tied to more than $1B in lost Reno, Vegas home values
Foreclosures by homeowner associations in Nevada’s two major counties led to more than $1 billion in lost property sale values, a report found.
The Nevada Association of Realtors report looked at the impact of sales involving properties that were foreclosed after residents failed to pay their HOA fees. The study was done by the University of Nevada, Las Vegas’ Lied Institute for Real Estate Studies.
Homeowners association foreclosures are a controversial topic in Nevada, where HOA assessment liens are given higher priority over the rights of the first mortgage holder such as the lender.
Geoff Giles, a Reno real estate attorney, says he is surprised that the lost value in the Nevada Association of Realtors report was not higher. Read more here.