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Sep
16

Las Vegas Foreclosure Rate is more than 5 times the National Average

By LasVegasShortSales

Foreclosures per capita, August 2010

According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings climbed 4 percent in August from the month prior. A foreclosure filing is defined as default notice, scheduled auction, or bank repossession.

Despite the number of filings surpassing 300,000 for the 18th straight month, RealtyTrac’s report shows some bright spots for housing.

  1. The number of default notices served per month fell for the 7th time this year
  2. Foreclosure activity in Nevada, the nation’s leading foreclosure state, is down 25% from last August
  3. Foreclosure activity has not materially increased since early-2009, pointing to a stabilization

For home sellers, it’s a welcome development.

Foreclosures have had a hand in falling home values in Nevada and across the country. And, although it’s self-serving for banks to meter the release of homes under ownership, everyday homeowners benefit, too.  Fewer homes on the market helps to provide a floor for Las Vegas housing values.

Nevada Continues to Lead the Nation with Highest Foreclosure Rate

Nevada continues 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. July saw nearly a 7% increase from the previous month in foreclosure filings with a total of 13,727.  However, this number represents about a 30 percent decrease from July 2009. July was the 10th straight month where overall Nevada foreclosure activity decreased on a year-over-year basis.

Foreclosure activity increased nearly 9 percent from the previous month in the (Clark County) Las Vegas-Paradise, Nev., metro area, 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.

But, perhaps, most important, is that mortgage lenders and servicers appear to be managing their REO more effectively, making properties available for sale at a measured pace as opposed to flooding markets with new homes.  As noted by RealtyTrac, the probable reason is “to prevent further erosion of home prices”.

If you have an interest in buying foreclosed homes, be sure to talk with a real estate agent first. The process of buying a home from a bank is different from buying from “a person”. Having the help of a professional should work to your benefit.

If you are a Las Vegas area homeowner facing a possible foreclosure and wanting to learn more about your options – including a Las Vegas short sale, contact us today for a no obligation short sale consultation.

Kathryn Bovard is experienced with the often lengthy and stressful Las Vegas short sale process.   If you are contemplating a  Las Vegas short sale , she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

Search all Las Vegas Foreclosures, including Henderson, Green Valley and North Las Vegas.

Related posts:

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

Comments

  1. Les says:

    These stats are great. The fact that Foreclosure activity increased nearly 9 percent from the previous month worries me.

    Hope things get better after the election.

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