Notice of Defaults soar in Nevada but let's look at the real numbers that matter...

Posted by Paul Francis on Friday, August 15th, 2014 at 6:31am.

Notice of Defaults soar 128% in Nevada

From the Las Vegas Review Journal:

Notice of Defaults Soar in Nevada

Lenders filed 1,037 notices of default to start foreclosure proceedings in July, up 128 percent from July 2013, RealtyTrac reported. It’s also the highest number of starts since October, when the state’s Homeowners Bill of Rights took effect and put new restrictions on banks looking to foreclose. Monthly foreclosure starts had ranged from 284 to 708 in the first half of 2014 as banks adjusted to the regulations.

Is this a reason to panic if you are a homeowner concerned about their equity? Probably not when you look at the real numbers of bank owned homes that are actually available for sale on the Las Vegas MLS. Should a Las Vegas real estate buyer wait to see what happens? Probably not a good idea to not pay attention and jump on an opportunity that comes across.

Bank Owned Properties in Las Vegas Available for Sale as of 08/14/2014:

Areas 101 through 606 which includes Summerlin Real Estate, Henderson and North Las Vegas.

  • 281 Single Family Homes
  • 61 Condominiums under 5 stories
  • 34 Townhomes
  • 9 Manufactured Homes
  • 3 High Rise Condominiums. (5 Stories plus.)
  • 4 Multi Family properties

Total equals a whopping 392 bank owned properites in Las Vegas, Henderson and North Las Vegas available for sale. These are comparable numbers to what I used to see long, long ago when I started in the Las Vegas real estate business back in 2001. Far lower then my last Las Vegas Bank Owned Homes for Sale report in March of 2014

Compare it to the numbers on my Las Vegas Bank Owned Homes for Sale report that I started back in May of 2007 and you can see that the current numbers today are FAR lower than back during the foreclosure crisis. Heck... there are several months in that reporting where there were FAR more bank owned properties for sale in Las Vegas than the latest report of the amount of Notices of Defaults being filed.

Las Vegas home sellers just need to prepare properly with a full service real estate agent affiliated with a top company and buyers just need to follow the fundamentals and you'll be fine. If you have any questions on what this means... please feel free to contact Paul Francis, Team Leader of the Francis Group that has over 14 years of Las Vegas real estate experience helping savvy buyers and sellers navigate the Las Vegas real estate roller coaster ride through the good and bad times at 702.592.3058.

Absolutely free consultations for Las Vegas home sellers and buyers.

Paul Francis, REALTOR
Berkshire Hathaway HomeServices | Nevada Properties





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