When will the WAVE of Foreclosures hit Las Vegas?

By
Real Estate Agent with EXP REALTY
http://actvra.in/yKN

When will the WAVE of Foreclosures hit Las Vegas?

Will they come again?  Will they come as a drip or a full force tsunami?

These are questions that I'm sure are coming up in many other places than just Las Vegas.

The Las Vegas real estate market is in somewhat of a "turn around" right now with our inventory of available houses dropping drastically as investors are still gobbling up a lot of the homes as they hit the market.

We are back to multiple offers coming in on homes, but this may not last if a bunch of foreclosures are dumped all at once on the market.  There may still be issues with some of the current pending sales that may not close due to appraisal issues. 

Some feel that now that the Big 5 have made the settlement, that we should start to see an increase in foreclosure filings again and that could equate to 90-120 days out to hit the market.

Only time will tell!

Posted by

Dawn Barrier    EXP REALTY Las Vegas   (702) 812-4550 

 

 

 

 

 

  

 

   

 

 

 

 

 

 

 

Any Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing or as noted,covers the Las Vegas Valley, North Las Vegas, Henderson area or as noted.

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Topic:
Real Estate Market Trends
Location:
Nevada Clark County Las Vegas North Las Vegas
Groups:
Las Vegas, NV Area Real Estate Professionals
Foreclosures
Foreclosure Help and Prevention
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LAS VEGAS - NEVADA
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Ambassador
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Praful Thakkar
eXp Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Dawn, good to know the change is coming to your market - and so will be the effect on rest of the country.

Apr 12, 2012 01:29 PM #1
Rainmaker
1,110,081
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

why do you think it will be 'wave"?

So far they release properties very carefully, and we'd could use some more inventory here too.

 

Apr 12, 2012 03:43 PM #2
Rainmaker
319,712
Dawn Barrier
EXP REALTY - Las Vegas, NV
EXP REALTY Las Vegas 702.812.4550

Our change is happening Now with the low inventory and the multiple offers which may drive prices up slightly, But we all still wonder if it just may be "temporary". 

Apr 13, 2012 01:04 AM #3
Rainmaker
319,712
Dawn Barrier
EXP REALTY - Las Vegas, NV
EXP REALTY Las Vegas 702.812.4550

Hi Inna,

Just a term "wave"... Will they come again? Will they come as a drip or a full force tsunami?  Those are the questions I pose for thought,,,  big wave, little wave, etc.

Banks "seem" to be controlling the markets now by slowly putting the foreclosures on the market, but it really has not been by their choice as the laws in place and the lawsuit has been what has held up the foreclosures from coming on the market quicker. (JMO)

Apr 13, 2012 01:10 AM #4
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Dawn Barrier

EXP REALTY Las Vegas 702.812.4550
Buy a Las Vegas Home (702) 812-4550
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