Sunday, November 04, 2007

Damaged REOs in Las Vegas

by Calculated Risk on 11/04/2007 12:28:00 PM

From the Las Vegas Review-Journal: Foreclosure Fallout: Home Sour Home

Housing crisis leads some former owners, tenants to take anger out on property
As many as 25 percent of Las Vegas' bank-foreclosed homes suffer intentional damage, according to an informal R-J survey of valley appraisers and real estate agents. According to Thomas Blanchard, owner/broker of First Realty Group, this damage -- most of which is inflicted in the four to 12 months between the notice of default and the constable's knock at the door -- typically requires $3,000 to $10,000 to repair. However, it can approach or exceed 10 percent of a home's total value.
This is a video I found of a vandalized REO in Las Vegas.
"Some of the time, the house's worth is a detriment to the land value," says Blanchard. "It's amazing what some people will do to their houses."