The Las Vegas foreclosures continue to increase as the adjustable rate mortgages continue to increase payments.

• Overall 4.46 percent of the homeowners are at least one month past due on their payments at the end of the first 2008 quarter. That is a 38% increase. Nevada is number three in delinquencies at 6.59 percent.
• Las Vegas has 17,551 available homes and 4,731 condominiums on the market. 23.8% or 4,177 are short sale homes. 48% or 8,424 of those are vacant homes. 26% or 1230 are condo short sales and 2,791 are vacant condos.
• The trend, however, for sales is increasing. Las Vegas real estate market has over 4,700 homes and condos in the pending status waiting to close escrow. Over 1400 homes actually closed in March 2008. The Las Vegas available home supply has dropped from over 20 months down to 15 months.

If you know anyone who may be experiencing the adjustable rate debacle, please suggest to them that they should contact their lender or a professional REALTOR knowledgeable in short sales. It is better to “short sell” then to default and be foreclosed on by the bank.

We will keep you posted with the stats. Las Vegas homes continue to sell as the prices continue to drop. It appears that the pricing has reached a baseline. We are experiencing multiple offers on homes priced around $250,000 and under.

Filed under: LAS VEGAS MARKET