Face to Face: A Rebuttal On AB 284 (Video)
So my quote in the Reuters article, here, regarding AB 284 has moved to the big screen. Well, not really the big screen unless you own a very large flat screen.
Face to Face , typically hosted by John Ralston, took on the good and the bad side of AB 284 in a recent taping and included the Reuters’ article as a talking point.
The first segment in the video below includes broker Glenn Plantone, of VIP Realty in Vegas, discussing the foreclosure statistics down south that compare to the Reno/Sparks area less magnitude due to population differences. Most of the information he provides is an echo of what we hear up north like appraisal issues and multiple offers but nonetheless worth listening too.
The meat and potatoes of the show begins at the 11:45 mark. Victor Joecks of NPRI and Andras Babero of Black and LoBello go back and forth on the positive and negative effects of the bill.
Make sure to read on after the video for my take on Andras’ statements.
Much of the quotes are paraphrased for space and because I didn’t want to take the time go word by word. The audio is marked if you want to do the research.
10:30 mark: “I have a challenge to the premise that this is a bad law and does these things (referring to lack of inventory and poor housing market in the previous segment)… 284 didn’t do all those things.…”.
I completely disagree with this and have covered it in another post. In September of 2011 there were 1700 active and available homes in Reno/Sparks. By May 2012 there were 778. Something had to have created this shortage. Enter Ab 284 in October of 2011.
Below is a historical chart for the Notice of Default filings in Nevada. A NOD is when a bank publicly informs the home owner that they have missed their payments and the foreclosure process has started. At this point most home owners seek legal counsel and potentially list their property as a short sale…
…Meaning, another home is added to inventory. When there isn’t any fear of losing the home or at least in a typical foreclosure time frame the home doesn’t go on the market. Home owners want to ride it out and see how long they can live for free.
I won’t even get into how this affected Notice of Sales (NOS) that were ready to be foreclosed but the correct answer is… Yes, the bill did affect the housing market.
7:45 mark: In reference to people using Ab 284 to live free and the affect on neighborhoods. “What you have by far and away are people that are trying to do the right thing… short sale, modification… those are the predominate ones. The ones were there sitting in there for year after year after year are much smaller.”
I’d like to invite Mr. Babero to hang out with a Realtor