Las Vegas HOAs Suffer When Foreclosures Are Abundant

The foreclosure market in Las Vegas has created some unexpected collateral damage. Home Owner's Associations are struggling with cash flow. Too many houses in some Las Vegas communities are sitting vacant so the HOAs are not able to function as they should. Some have had to host emergency meetings to address the issues.

There is a way HOA's can recuperate their funds. They should be placing liens upon the property and the managers should be working with the mortgage lenders to secure funds due. The RJ suggests:
"You may also contact the Nevada State's Business and Industry Administration. There are two departments -- Consumer Affairs Division (486-7355) and Financial Institutions Divisions (486-4120) -- that also can assist you. "

The situation will improve as the market correction ends. Buyers are anxious to make Las Vegas real estate purchases again and the homes will be filled. For now, HOAs need to be creative and use resources the city may provide. You can also contact an agent for information on additional resources.