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Foreclosure Updates

View the latest statistics and analysis of local Las Vegas foreclosure trends.

Found 87 blog entries about Foreclosure Updates.

The supply of single family homes for sale in Las Vegas keeps dwindling at an alarming pace and average home prices are inching upward again. As of June 4, 2012, only 3.923 single family homes remain listed in the Las Vegas MLS as active (not under contract) in Clark County. At the end of April there were 4.594 homes actively listed, so this represents a 15% decrease in inventory and only gives the local market a 5 week supply of resale housing.

Properties selling for under $100k posted the biggest decrease in inventory as investors continue to purchase for cash as an investment.  Available foreclosures in this price range dropped over 50% as Las Vegas foreclosure filings remain stymied by AB 284.  

The current market breakdown looks like this:

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Who says you have to be IN Las Vegas to SELL Las Vegas? Not our agents, that's for sure.

Our agents keep a weekly "diary" of general activities, just to keep them focused on what they are actually doing each day. Nothing formal, just a random list of "stuff" they have done during the week, including pesonal time. And it's fun to see just how busy they actually are, even when they are "out of town."

A perfect example is Katrina Johnson, one of our most energetic and enthusiastic team agents. She had to go to Louisiana for ten days on family business. Not only did she write offers and get contracts accepted long distance, she lined up tons of clients back to back for after she got home. Here's Katina's actual activity diary for just this past week:

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As of April 26th, only 4,594 single family homes remain listed in the Las Vegas MLS as active (not under contract) in Clark County. Our inventory is continuing to shrink as few, if any, bank foreclosures are reaching the market due to the restrictions of AB 284.

The sale of lower priced housing, in particular, is really active. This week one of our agents had an offer in on a home that had received over 70 offers within just a few days, most above list price!

The current market breakdown looks like this:

874 homes priced under $100k - including 361short sales and 225 foreclosures
1644 homes priced between $100k and $200k - including 664 short sales and 278 foreclosures
846 homes priced between $200k and $300k - including 262 short sales and 89

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"Where have all the homes gone?!" In the Las Vegas real estate market it's like the clock has suddenly been turned back to the year 2004. Within hours there are multiple offers on everything listed under $250k, often sight unseen, and most accepted contracts are going above list price. New home builders are warning real estate agents about imminent price increases.

At the beginning of November there were approximately 11,500 single family homes actively on the market that were not yet under contract. Today, less than 6 months later, there are only 5,074 active single family listings in the Las Vegas MLS. That's about a six week supply at the current rate of absorption.

This is a direct result of Assembly Bill 284, which effectively stopped the non

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Nevada has always been a non-judicial foreclosure state.  If a borrower was past due, all the mortgage holder had to do was produce copies of the appropriate documents and file foreclosure notices, and within approximately 5 months the foreclosure sale took place at the county steps. There was no right of redemption for the borrower, and the new purchaser took possession immediately.

But in the wake of the robo signing scandals, the Nevada legislature passed a new amendment, AB 284, which included the requirement that an authorized representative of the current lien holder had to complete and sign an affidavit indicating they had “personal knowledge” of all previous transfers of interest in the note. Most notes are sold by the originating lender within

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We are truly excited to announce the launch of our newly redesigned web site at www.GreatLasVegasHomes.com. The new site has much more information on specific housing communities and condo developments, with on-page statistics for high, low and median prices within each community and direct links to listings by price range.

The new real estate search engine also gives you many more choices to refine your search results – you can even eliminate short sales or look specifically for bank foreclosures. Each detailed property listing has maps showing nearby amenities like schools, restaurants and shops. And, unlike the national sites, contingent properties have been eliminated, so you don’t waste hours looking at properties that are already under contract.

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Like the mythical Phoenix, Lake Las Vegas is rising from the ashes of the real estate melt down. Still the most unique and beautiful of any of the Las Vegas master planned communities, Lake Las Vegas stands like a Tuscan mirage in the middle of the desert, and once again new home builders are taking the plunge to put it back on the map as one of the most desirable projects in the country.

Set on 320 lush acres with its own private lake, three hotels, a casino, the Lake Las Vegas Marina and home to the prestigious South Shore Golf Club, Lake Las Vegas is an elegant European themed resort destination with 1400 luxury homes and condos surrounding the Montelago Village, a boutique collection of shops and restaurants. Each year over 20 events are featured in the…
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