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Aug
12

Las Vegas Nevada Leads the Nation’s Foreclosure Rate for 43rd Straight Month

By LasVegasShortSales

Foreclosure filings rose 4 percent nationwide last month versus June, according to foreclosure-tracking firm RealtyTrac.com. For the 17th straight month, total filings topped 300,000.

A foreclosure filing is defined as default notice, scheduled auction, or bank repossession.

Nevada continued to document the nation’s highest foreclosure rate for the 43rd straight month,
with one in every 82 housing units receiving a foreclosure filing in July.   A total of 13,727 Nevada properties received a foreclosure filing in July, a nearly 7 percent increase from the previous month but a nearly 30 percent decrease from July 2009.  July was the 10th straight month where overall Nevada foreclosure activity decreased on a year-over-year basis.

Las Vegas Foreclosure activity increased nearly 9 percent from the previous month, which registered the highest foreclosure rate among metropolitan areas with a population of 200,000 or more. One in every 71 Las Vegas housing units received a foreclosure filing in July, more than five times the national average.

July Foreclosure filings - Las Vegas Nevada leads

As with most months, just a handful of other states dominated foreclosure activity nationwide.

  • California : 14.9 percent of all activity
  • Florida : 11.6 percent of all activity
  • Arizona : 6.4 percent of all activity
  • Michigan : 6.2 percent of all activity
  • Georgia : 6.1 percent of all activity
  • Texas : 4.9 percent of all activity

The other 44 states (and Washington D.C.) were home to the remaining 49.0%.

Despite this imbalance, though, in all markets, foreclosures and REO are making a profound impact on pricing and product. “Distressed” homes now represent 32 percent of the overall resale market nationwide, according to the National Association of Realtors®.

Buying a foreclosed home can make for a terrific “deal”, but buying in the REO market is decidedly different from buying a non-foreclosed property.

As 3 examples:

  1. Buying bank-owned homes can take 120 days to close.
  2. Foreclosures aren’t always listed for sale publicly. Some inventory is privately-held.
  3. Bank-owned homes are often sold “as is”. There may be defects that render the homes mortgage-ineligible.

If you have an interest in buying a distressed propert – either Las Vegas foreclosures, (REO) or Las Vegas Short Sales consider giving me a call first.  Even the negotiation process is different as compared to a non-distressed sale. It helps to have an experienced professional representing your interests.

Search all Las Vegas Homes for Sale using our free, interactive map-based search.  You can also search Las Vegas foreclosures and short sales using this map search.

Call Kathryn direct at 702-348-7191 to schedule a Las Vegas home buying consultation today.

Related posts:

  1. Las Vegas Foreclosure Rate is more than 5 times the National Average
  2. 3 Indicted in Nevada Foreclosure Scam….Be Aware of Foreclosure Rescue Scams
  3. Nevada Foreclosure Process and Timeline

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