Chances are that when Nevada lawmakers approved new rules to protect homeowners in the state from lender foreclosure abuses they did not intend for them to cause a shortage in the housing market. Many Las Vegas lawyers see how banks and other lenders have responded to the new regulations by slowing the rate of foreclosures and post-foreclosure evictions. The unintended impact of this new trend has been a shrinking housing inventory available to prospective buyers.
The shortage of available homes for sale has created a “supply and demand” phenomenon in which the demand for homes is driving up prices. Middle class buyers are being locked out of the marketplace.