We, like many Las Vegas Realtors are not sure why, but Foreclosures around the US have dropped 11% for the month of June. Nationally, preforeclosures fell 10 percent in the second quarter to 494,078, with the largest drop of 42 percent in the Midwest, the index showed.

“These tremendous drops in Foreclosures around the USA — double digits in many parts of the nation, are definitely a sigh of relief for the economy and housing markets as they bump along toward recovery,” Foreclosures.com president Alexis McGee said.

However, Las Vegas Foreclosures were up about 3% for the month of June. This is a good thing for Las Vegas Real Estate in our opinion. As we are experiencing multiple offers on several price points and we need more inventory of homes to sell.

But, as we have been saying for months Las Vegas Real Estate is clearly rebounding, driven by affordability, low mortgage rates and our overall quality of life! We expect to see more Las Vegas Foreclosures hit our market moving forward, although difficult to predict the actual number.

Filed under: Las Vegas Foreclosures, Las Vegas Market