Foreclosures in March hit record locally  - Jump follows end of moratorium reports The Las Vegas Review Journal, April 17, 2009

Here is an excerpt of the article by Hubble Smith:

Clark County saw 7,747 homes taken by banks during the month, more than double February's 3,286 foreclosures and four times the 1,937 in March 2008. The first-quarter total of 13,642 is on pace to shatter last year's record 31,416 foreclosures in Clark County, Sacramento, Calif.-based Foreclosures.com reported.

The U.S. Foreclosure Index rose 44 percent in March as 175,199 homes were lost to foreclosure, up from 121,756 in February, Foreclosures.com reported.

Clark County pre-foreclosure filings -- the foreclosure process that starts with a notice of default -- jumped to 11,593 in March, compared with 7,635 the previous month.

Nevada ranks No. 8 in foreclosures nationwide with 26,760 real estate-owned -- bank-owned -- properties over the past six months. California is first with 130,855 REOs, followed by Florida, 77,542, and Arizona, 53,928.

All of the REO experts and listing agents we have talked to in Las Vegas are preparing for more properties to hit the market very soon.  There has been alot of talk and waiting as the banks placed a moratorium on foreclosures as the administration unveiled the Housing and Recovery plans. These statistics as reported by Realty Trac and Foreclosures.com clearly reflect the increase starting in March of pre-foreclosure activity (which means the filing of a Notice of Default to a homeowner and the beginning of the foreclosure process) and Foreclosures (signifies bank has title to the property).  What should follow next is the banks (Asset managers) will begin assigning the properties to local REO agents to list them for sale. 

Stay on top of all the latest Las Vegas Foreclosure listings and information right here!

Felipe Crook

Prudential Americana Group

Las Vegas NV 89117

1-866-589-1646

felipe@felipecrook.com