According to Realty Trac Nevada is #1 in foreclosure rates. #1?! But as I go and look to see what is available on our MLS of 11,607 total single family homes available, only 2087 of them are bank owned. That's only 18%!!!!! While we do have alot of shortsales on the market, making up 50% of our available market. Why are the banks in the highest foreclosure state, basically sitting on these properties?
After further research I think we're number one because of this........
RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default - Notice of Default (NOD) and Lis Pendens (LIS); Auction - Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month or quarter, only the most recent filing is counted in the report
So that 50% of our market......SHORT SALES.....is included in this Foreclosure report by Realty Trac. Here's the thing...The likelyhood of a shortsale getting approved while being current on your mortgage greatly reduces your chance of getting an approval....
How many of these properties avoid foreclosure due to a successful short sale? WELL, In the last 30 days 2970 single family homes have sold in Las Vegas via MLS, 730 were short sales, 1362 were bank owned, and and 878 were homes sold with equity (normal sales)...The successful short sale closings are not removed from Realty Trac's numbers. Hence, WE'RE #1....
So don't believe everything you read....perspective is everything...numbers can always be skewed....even my numbers...I did exclude condos and townhomes. and also I only use data inside our Las Vegas Valley, so other parts of Clark County like Boulder City, Laughlin, etc. are left out. The amount of foreclosures there are minimal anyhow.
P.S Arizona is #2, California #3, Florida #4, and Idaho #5
If your any any of these states I sure would like to hear your thoughts on how it is translating to actual listings in your market
Mahalo For Reading.
If you or anyone you know is thinking about buying or selling a condo in the Las Vegas Valley, it would be my pleasure to help.
Jacob Mitro- the Mitro Team
www.mitroteam.com
702-285-3444
jmitro@remax.net
Jacob is an experienced and respected agent in Las Vegas, NV, who specialize in residential Real Estate and the sale of Condos in the greater Las Vegas area. I am also a licensed Property Manager
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