Real estate reseller Lenders Clearing House Las Vegas has been chosen to participate in the Neighborhood Stabilization Program to work with local banks in reducing their large REO inventories in order to revitalize the region's foreclosure market.
The Neighborhood Stabilization Program was established in September 2008 by the U.S. Department of Housing and Urban Development to stabilize communities that have seen foreclosures rise during this housing crisis. The program allows Realtors to assist banks in facilitating the purchase and redevelopment of foreclosed and abandoned homes that are located in distressed markets.
In Clark County and the entire Southern Nevada market, HUD selected Lenders Clearing House for its NSP program due to the company's experience in foreclosure rehabilitation by providing certified “move-in ready” homes that retain property values throughout the community.
Zolt Szorenyi, CEO of Lenders Clearing House, said the company acquires and sells approximately 300 foreclosed and abandoned homes a year. He added that the company restores the REO homes to “like new” conditions and then offers the properties to buyers at or above current market pricing.
“Now, in cooperation with the National Neighborhood Stabilization Program and in participation with local banks with large REO inventories, we look forward to processing as many as 25 to 40 homes a week,” Szorenyi said. “With an anticipated rate of about 1,300 to 2,000 homes a year, this should soon have a noticeable impact in improving the overall Las Vegas foreclosure market in the very near future.”
