RealtyTrac, which analyzed foreclosure data in metropolitan areas with 200,000 people or more, reported 75 Percent of Nation's Top Metro Areas Post Increasing Foreclosure Activity in First Half of 2010

Las Vegas foreclosures continue to lead the pack. One in 15 houses in Las Vegas received a foreclosure  filing. Thats 6.6% of all houses there for a total of 53,525 properties. It is a decrease of nearly 9% from the first six months of 2009 and 15% below the amount of foreclosures in the last half of that year.

In another article, Realty Trac reported First Quarter national foreclosure stats Nearly 233,000 Foreclosure and Bank-Owned Homes Sold at an Average Discount of 27 Percent.

Foreclosure sales increase 2,500 percent from 2005 to 2009
More than 1.2 million U.S. properties in some stage of foreclosure sold to third parties in 2009, an increase of 25 percent from 2008 and an increase of nearly 327 percent from 2007. Total foreclosure sales in 2009 were up more than 1,100 percent from 2006 and up more than 2,500 percent from 2005. Foreclosure sales accounted for 29 percent of all sales in 2009, up from 23 percent in 2008 and up from 6 percent in 2007.

Nevada posted the highest percentage of foreclosure sales in Q1- 2010
Foreclosure sales accounted for 64 percent of all sales in Nevada in the first quarter, the highest percentage of any state, although Nevadas percentage was down from 65 percent of all sales in the previous quarter and 75 percent of all sales in the first quarter of 2009.

Are you looking to purchase property in the Las Vegas area?  Now is the time to buy.

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If you would like a FREE, confidential short sale consultation, please give me a call toll free at 1-866-589-1646.  We're here to help you avoid foreclosure, get a loan modification, or assist you to short sale your home.  Certified Short Sale Professional and Certified Distressed Property Experts handle every aspect of your short sale.

Are you a Homeowner Considering a Las Vegas Short Sale?

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of July 28, 2010, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available 10,018 (+204, Last Week 9,814)
Under Contract 11,399 (-245, Last Week 11,644)
Days of Supply 26 (+1, Last Week 25)
Short Sales 12,650 (-22, Last Week 12,672)

Condominiums and Town Homes (CONDO/TH)
Available 2,446 (+53, Last Week 2,393)
Under Contract 2,831 (-16, Last Week 2,847)
Days of Supply 26 (+1, Last Week 25)
Short Sales 3,190 (+18, Last Week 3,172)

Combined SFR + CONDO/TH
Available 12,464 (+257, Last Week 12,207)
Under Contract 14,230 (-261, Last Week 14,491)
Days of Supply 26 (+1, Last Week 25)
Short Sales 15,840 (-4, Last Week 15,844)

Are you looking to purchase property in the Las Vegas area?  Now is the time to buy.

Search for Las Vegas Foreclosures

Use our NEW Interactive-Map Search foo all Las Vegas Homes for Sale

Are you looking to purchase property in the Las Vegas area?

When the tax credit deadline hit on April 30th, many real estate professionals thought it would be a huge nose dive in sales. I have to say that I am still busy with buyers looking to capitalize on our incredible market because our prices are so reasonable compared to what they were 5 years ago. Here are some statistics for the housing market in Las Vegas from June 2010:

• 4,184 total properties sold (Single Family, Condo and Townhouses)
• 1,422 were short sale homes
• 1,600 were foreclosures
• 1,157 were traditional sellers

Our currently inventory has been increasing since April making it a little easier for buyers looking to get into a home. The past year, our housing inventory has dropped dramatically, to a low point of less than 8,000 houses on the market. With demand so high and inventory low, multiple offers were common place in our market. In fact, they are continuing to be common in this very competitive market. Here's what our current inventory looks like: July 8th, 2010 Las Vegas Housing Market Inventory:

• 9,812 Single Family Homes on the market
• 4,116 of those homes are short sales
• 1,857 of those homes are foreclosures
• 3,811 of those are traditional sales

More and more traditionally sellers are putting their houses on the market and trying to salvage any of the equity that they still have. Most importantly, for nine consecutive months, the median price of homes has remained stable varying slightly up and down. If there is any indication that we might have hit bottom that is a good sign. Some popular neighborhoods, are seeing increases in price as consumers gain more confidence in the economy. Many of the master planned communities like Summerlin, Anthem, Mountain's Edge, Aliante are continuing to experiencing multiple offers from buyers, even on short sale properties. Here is one good piece of news regarding short sale homes, they are getting faster and easier to do! The average short sale was taking about 120 days to close, and that number has shrunk to about 90 days. My team and I recently got a home owner a full release from the loan with Citibank in 7 weeks! Any time you are thinking of purchasing a short sale home, please make sure you do your due diligence with the listing agent. They can make or break a deal. Make sure you ask the listing agent if they have successfully closed short sales before. Every bank and every transaction is different, but knowing all the information up front can save you a lot of time and heart ache. Las Vegas Home Search is a free tool you can use to see available homes and this site is updated hourly, not like Realtor.com which tends to be very slow to update contingent properties. The market is full of great properties at amazing prices.

Happy House Hunting!

Felipe Crook

Prudential Americana Group Realtors

Las Vegas, NV

1-866-589-1646

felipe@felipecrook.com