RENO, Nev. – The Nevada Association of REALTORS^® (NVAR) has received a grant of $86,000 enabling it to produce its next “Face of Foreclosure” report outlining issues and suggesting solutions to the state’s foreclosure crisis.

NVAR President Blane Johnson said the grant from the National Association of REALTORS^® (NAR) will help the local association produce its third annual “Face of Foreclosure” report, which is already in the works.

“As its name suggests, this report has put a face on the foreclosure issue in Nevada,” Johnson said. “It has been instrumental in gaining insight into the questions and concerns of struggling homeowners, as well as potential solutions for moving the housing market forward. It has been highly regarded by state and federal lawmakers, who have used the project as a go-to manual when working on legislation involving homeowners, lenders and REALTORS^®.”

He said the 2011 report earned a national award and helped change Nevada laws, including: 

• AB 273, a law sponsored by Assemblyman Marcus Conklin, ensured Nevada consumers can not be penalized through deficiency actions and that lending instruments, when sold to collection companies, do not hamstring homeowners from buying a home in the future.
  

• SB 314, a law sponsored by state Sen. John Lee, provided regulatory structure for property asset management companies that are “trashing out” foreclosed properties. Thanks to this law, asset managers now must be licensed and insured in Nevada.
  

• SB 414, a law sponsored by state Sen. Mike Schneider, required lenders to respond to short sale offers within 90 days to help cash-strapped homeowners.

Last year’s “Face of Foreclosure” report earned a bronze award in the educational program category in the 2011 All-Media Contest presented by Association TRENDS magazine.

Johnson said the 2012 report will update information from previous reports, following up with Nevadans who participated in previous reports while facing foreclosure. It will address additional issues important to local homeowners and the real estate industry, including looking at how lenders throughout Nevada are dealing with today’s housing market, how they expect to deal with it in the coming years and how “the new reality of lending” will impact consumers. He said it will also examine new and lingering challenges facing Nevada homeowners and REALTORS^® and survey Nevadans about their views on homeownership.

About the NVAR

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, where visitors can also access NVAR's "Face of Foreclosure" report.

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