Nevada, Arizona, California post top state foreclosure rates

Nearly 5 percent of all Nevada housing units (one in 21) received at least one foreclosure filing in the first half of 2011, giving Nevada the nations highest foreclosure rate during the six-month period despite continued decreases in foreclosure activity.

A total of 53,217 Nevada properties received a foreclosure filing from January to June, a decrease of 17 percent from both the previous six months as well as from the first six months of 2010. Overall Nevada foreclosure activity decreased on a year-over-year basis for the fifth straight month in June despite a 19 percent year-over-year spike in REO activity.

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

Now is the time to buy Las Vegas Homes. Contact Us directly at 702-608-5260.

Search for Las Vegas Foreclosures

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

Search Our Las Vegas NEW Homes Database

Are you a Homeowner Considering a Las Vegas Short Sale?

The O'Brien-Nikolov Team are experts with the Las Vegas short sale process.

Jan O'Brien is the co-author of the Certified Foreclosure Alternatives Consultant designation course.

Call Us direct at 702-608-5260 to schedule a Foreclosure Alternatives Consultation today.

This Las Vegas Housing Report Courtesy of

Steve Bottfeld, Marketing Solutions

Larry Murphy, SalesTraq™

The good news: there were over 5,000 homes sold in Las Vegas during the month of April.   The bad news: prices continued their downward slide.   

Homebuilders struggle as new home sales have practically come to a halt, with only 267 closings being recorded last month.  New home closings now account for only 5% of total home sales, as the average price per sq. foot for a new home sinks to just $91 per square foot. (Average size = 2088 sq ft).  For some time now we have been saying "New home prices are about as low as they can go . . . builders cannot afford to sell them for less money than it cost to build them." 

Indications are that builder confidence in the near term future of the housing market remains low, with only 313 new home permits issued.  YTD 1,141 permits have been issued which is 40% fewer than the previous year.  Last years new home sales tallied just over 5,000 units, with nearly 1,000 of them recording in July, thanks to the homebuyer tax credit.  But with no homebuyer tax credit this year, new home sales probably wont exceed 3,500 units.

Aprils existing home sales consist of these four categories:

1.       Normal, non-distressed sales, 29%

2.       Short Sales, 17%

3.       REO Sales, 41%

4.       Auction Sales, 16%

Existing home prices also continue to decline and now stand at just $70 per square foot.  (Average size = 1788 sq ft).  If the current trend continues, the median price of an existing home could hit a low of $100,000 by the end of this year.  If  that happens, it will be the lowest median home price in Las Vegas since 1989, some 22 years ago.

Bank repossessions continue to flood our market like the mighty Mississippi floods the delta.  The YTD number is 6,476, which is 18% higher than last year.  Realty Trac reports that nationally, the time from NOD to foreclosure sale is now running over 400 days.  Zillow estimates that 69% of homeowners in Nevada are still underwater.  We appear to be stuck in a "catch 22";  the lower prices go, the more properties there are which are labeled as "underwater"!

CoreLogic estimates than just under 20% of Nevadans are 90 days or more delinquent on their house payment.  If this is true, we still have many, many more foreclosures/distressed sales in our future. 

Yet with all this, home sales remain brisk!  50% of all sales today are for CASH.  Many investors apparently feel that our housing market is over corrected and under-valued.  We feel the same way.  We expect prices will continue to decline through the end of this year, and possibly into next year, but not by much.  We do not look for a quick turnaround, but we do feel that we are "at or near" the bottom of this cycle, and that the long term outlook is excellent.  Every recession in history has come to an end at some point, as will this one.  Meanwhile, we say "If you want to look like a genius five years from now, buy all the Las Vegas real estate you can today."

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

Now is the time to buy Las Vegas Homes.  Contact Us directly at 702-608-5260.

Search for Las Vegas Foreclosures

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

Search Our Las Vegas NEW Homes Database

Are you a Homeowner Considering a Las Vegas Short Sale?

The O'Brien-Nikolov Team are experts with the Las Vegas short sale process.

Jan O'Brien is the co-author of the Certified Foreclosure Alternatives Consultant designation course. 

Call Us direct at 702-608-5260 to schedule a Foreclosure Alternatives Consultation today.

This January 2011 LAs Vegas Housing Market Report is Courtesy of Larry Murphy, Salestraq.com

Zillow estimates that approximatley 23.2% of U.S. mortgages are underwater.  Las Vegas continue to top the list with an estimated 80.2% of Las Vegas homes with mortgages underwater.

Core Logic's Second Quarter 2010 Negative Equity Report indicates:

Negative equity remains concentrated in five states: Nevada, which had the highest percentage negative equity with 68 percent of all of its mortgaged properties underwater, followed by Arizona (50 percent), Florida (46 percent), Michigan (38 percent) and California (33 percent).

Business Insider reports the 20 Cities with the Most Underwater Homes:

Negative equity is the prime factor driving a record number of mortgage holders into delinquency. Delinquencies will lead to foreclosures, which will drive down home prices, creating more negative equity -- a very dangerous cycle.

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

Now is the time to buy Las Vegas Homes.  Contact Us directly at 702-608-5260.

Search for Las Vegas Foreclosures

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

Search Our Las Vegas NEW Homes Database

http://www.lasvegasforeclosureconnection.com/genre/All-Las-Vegas-NEW-Homes

Las Vegas, Nevada has held the highest rate of foreclosures for any metro area for 19 of the last 20 months.  And with more than 80% of Las Vegas homeowners underwater on their mortgage in the third quarter, Las Vegas continues to hold the nation's top spot for underwater (negative-equity) homeowners and rates of foreclosure.

Overall, the volume of foreclosures has decreased by about 8.5%.  In the first quarter of 2009, there were 35,321 Las Vegas properties that received a foreclosure filing, compared to the third quarter of this year with 32,288 properties receiving a foreclosure filing.

The median Las Vegas home price has fallen more than 58% from the peak in November 2006 to land at $130,000 in September, according to a report from MDA DataQuick.  This steady decline in Las Vegas home values has left four out of every five homeowners in Las Vegas owing more on their mortgage than the home is worth, according to a recent study from Zillow.

The U.S. statistics for underwater homes is nearly one-quarter, or 23.2 percent of U.S. homeowners in the third quarter, meaning they owe more on the home than it is worth, according to figures released recently by Zillow.

The third-quarter underwater number rose from 22.5 percent in the second quarter and is the highest its been since Zillow began tracking negative equity in 2009.

According to the October Realty Trac foreclosure report, 5 states make up more than 50% of America's foreclosures:

Sources DS News 11-10-10 and HousingWire 11-11-10

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

Contact Jan O'Brien directly at 702-858-9191.

Search for Las Vegas Foreclosures

Use our NEW Interactive-Map Search for all Las Vegas Homes for 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 October 6, 2010, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available 12,019 (+55, Last Week 11,964)
Under Contract 10,452 (-335, Last Week 10,787)
Days of Supply 34 (+1, Last Week 33)
Short Sales 13,072 (-117, Last Week 13,189)

Condominiums and Town Homes (CONDO/TH)
Available 2,781 (-17, Last Week 2,798)
Under Contract 2,446 (-79, Last Week 2,525)
Days of Supply 34 (+1, Last Week 33)
Short Sales 3,072 (-36, Last Week 3,108)

Combined SFR + CONDO/TH
Available 14,800(+38, Last Week 14,762)
Under Contract 12,898 (-414, Last Week 13,312)
Days of Supply 34 (+1, Last Week 33)
Short Sales 16,144 (-153, Last Week 16,297)

According to RealtyTrac, foreclosure homes accounted for 24% of all residential sales in the second quarter of 2010 and the average sales price of properties that sold while in some stage of foreclosure was more than 26% below the average sales price of properties not in the foreclosure process--down slightly from a 27% average discount in the first quarter.

A total of 248,534 U.S. properties in some stage of foreclosure--default, scheduled for auction or bank-owned (REO)--sold to third parties in the second quarter, an increase of nearly 5% from the previous quarter, but still down 20% from the second quarter of 2009.

Foreclosure sales by type in second quarter
A total of 151,290 bank-owned (REO) properties sold to third parties in the second quarter, up 3% from the previous quarter but down 28% from the second quarter of 2009. REO sales accounted for nearly 15% of all sales in the second quarter, down from nearly 19% of all sales in the previous quarter and down from nearly 20% of sales in the second quarter of 2009. REOs sold for an average discount of nearly 35%, close to the average discount of 34% in the previous quarter and also to the average discount of just over 35% in the second quarter of 2009.

A total of 97,244 pre-foreclosure properties--in default or scheduled for auction--sold to third parties in the second quarter, up nearly 8% from the previous quarter but down 3% from the second quarter of 2009. Pre-foreclosure sales accounted for 9% of all sales, down from nearly 12% of all sales in the previous quarter but nearly identical to the 9% of all sales in the second quarter of 2009. Pre-foreclosure sales, which are often short sales, sold for an average discount of nearly 13%, down from an average discount of nearly 16% in the previous quarter and down from an average discount of 19% in the second quarter of 2009.

Nevada post highest percentage of foreclosure sales in second quarter 2010
Foreclosure sales accounted for nearly 56% of all sales in Nevada in the second quarter, the highest percentage of any state despite a decrease in foreclosure sales from the previous quarter and from the second quarter of 2009. Nevada pre-foreclosure sales jumped 29% from the previous quarter and were up 2% from the second quarter of 2009, but Nevada REO sales decreased 14% from the previous quarter and were down 43% from the second quarter of 2009.

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

Contact Jan O'Brien directly at 702-858-9191.

Search for Las Vegas Foreclosures

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

Realty Trac release its' Foreclosure Report for July 2010, which shows that foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 325,229 properties in July, a nearly 4 percent increase from the previous month but a nearly 10 percent decrease from July 2009. One housing unit in every 397 in the U.S. received some type of foreclosure filing in July 2010.

Lenders foreclosed on 92,858 U.S. properties in July, a 9 percent increase from the previous month and a 6 percent increase from July 2009. Julys bank repossession (REO) total was the second highest monthly total since RealtyTrac began tracking REO activity in April 2005 and was 1 percent below the monthly REO activity peak of 93,777 in May 2010.

Nevada Continues to Lead the Nation with Highest Foreclosure Rate

Nevada continues to document the nations 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.

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

Contact Jan O'Brien directly at 702-858-9191.

Search for Las Vegas Foreclosures

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