Foreclosures by homeowner associations in Nevada’s two largest counties led to more than $1 billion in lost property sale values.
The Nevada Association of Realtors released a report this week, looking at the impact of sales involving properties that were foreclosed after residents failed to pay their HOA fees.
The study was done by the University of Nevada, Las Vegas’ Lied Institute for Real Estate Studies. In Clark County, 611 homes were HOA foreclosures between 2013 and 2016. That equaled about $840 million in property sales value losses. Combined with 71 foreclosures in Washoe County, officials said that had a negative impact of more than $1 billion on local property values.