Las Vegas Area Bank Owned Homes and Bank Owned Condominiums For Sale Trending Up
Posted by Paul Francis on Thursday, July 29th, 2010 at 12:30pm.Las Vegas Area Bank Owned Properties Inventory Going Back Up
July 29 Inventory Report for Bank Owned Properties Shows Increase in Availability
Now that the First Time Homebuyers Tax Credit has expired and some certain Loan Servicers have gotten serious about Foreclosing on Las Vegas Home Owners, it appears that the inventory of Las Vegas Bank Owned Homes is trending back up in comparison to an Las Vegas REO Inventory Report Provided on April 14th, 2010.
Currently Listed as Bank Owned Homes available on the Las Vegas Multiple Listing Service:
07/29/2010 - 2,741 Las Vegas Bank Owned Homes for Sale. Includes Henderson Nevada Bank Owned Homes and North Las Vegas REO properties. Broken down by Property Type:
- 1,976 Single Family Homes
- 450 Condominiums
- 203 Townhomes
- 74 High Rise Condominiums (Condominium Buildings 5 Stories+)
- 30 - Multi-Family (2 units+)
- 8 Manufactured Homes
Search and View Las Vegas Bank Owned Properties for Sale
| Style | April 14th Numbers | July 29th | Increase | % Change |
| Single Family Homes | 992 | 1,976 | +984 | +99.19% |
Condominiums in | 189 | 450 | +261 | +138.10% |
| Townhomes | 92 | 203 | +111 | +120.65% |
| High Rise Condominiums (5 Stories+) | 51 | 74 | +23 | +45.10% |
| Multi Family (2 Units +) | *Not Known | 30 | ||
| Manufactured | 8 | 8 | 0 |
*April 14th, 2010 - First Time Homebuyers Tax Credit Available
Due to the sharp increase of Las Vegas Bank Owned Homes available for sale in comparison to a time where First Time Las Vegas home buyers were being offered up to an $8,000 Tax Credit, it's a fairly safe assumption that future Las Vegas Home Values may trend downwards.
There are currently over 2,500 Bank Owned Properties available for sale under $300,000 and 10 Las Vegas Bank Owned Properties available for sale over $1,000,000.
Las Vegas Short Sales
Of particular concern and something to watch out for are the over 9,400 Las Vegas Short Sales currently Contingent awaiting Lender's Approval of the Short Sale. Many of these properties are Pre-Foreclosure sales meaning that the foreclosure process has started but has not been completed. Due to the long time frame for some of the Major Loan Servicers such as Bank of America to approve a Las Vegas short sale, values may trend down and there could be appraisal issues to contend with. Also, as the inventory of Las Vegas Bank Owned Homes increase, Las Vegas Home buyers who purchased a Las Vegas short sale that have been waiting patiently may be tempted to cancel these deals and move on.
For Buyers who put in a contract on a Las Vegas short sale after 04/30/2010 (the expiration date to have an accepted contract to qualify for the $8,000 Tax Credit), there is no incentive or hook to keep going and waiting out the process unless they are getting a stellar deal.
As we learned over 2 years ago, Lenders are slower to respond and accept lower prices on Las Vegas short sales in a declining market as compared to reducing prices for Bank Owned Homes. Lenders for Short Sale / Pre-Foreclosure Buyers do not perform their appraisals until there is a written lender approval from the sellers lender(s). Lower home values could create even more problems since buyers will probably not want to make up the difference and banks may be hesitant to lower their agreed upon minimum proceeds acceptable for approving the short sale.
The continued frustration of major Loan servicers in approving Las Vegas Pre-Foreclosure sales within a reasonable amount of time may end up contributing to even more Bank Owned Homes for Las Vegas.
Paul Francis - Realtor
Prudential Americana Group - REALTORS
Las Vegas Real Estate
702.592.3058
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