Foreclosure relief comes to Las Vegas in the form of a shift to Las Vegas Short Sales. During the last four months alone the bottom line number of foreclosures in 2009 has dropped significantly and Las Vegas Short Sales (owner is in the home and bank agrees to take less) are increasing. We expect this trend to continue and accelerate as we move forward into 2010.
The number of Las Vegas Short Sales has increased from approximately 300 per month to just over 700 per month as of last month (December). Short sales averaged just about 7 percent to 8 percent of all existing-home closings in early 2009, but averaged 22 percent of the total sales market by January of this year.
The Las Vegas Real Estate market is clearly shifting to much different fundamentals and financial institutions may be “testing” our market with their embrace of Las Vegas Short Sales – time will tell!
We think this is real Foreclosure relief for Las Vegas; it’s good for homeowners, our market, neighborhoods and financial institutions – we hope this foreclosure relief trend in Las Vegas increases.
