Las Vegas Foreclosures Receding as our market continues to shift to more Las Vegas Short Sales as our local financial institutions continue to work with homeowners. However, the state of Nevada, with Las Vegas leading the way is still ranked number one for foreclosure filings in the US for the 43rd consecutive month in a row.
Realty Trac has just reported that our 13,727 Las Vegas Foreclosures filings in July were about 30% less than July of 2009, which is indicative of Las Vegas Foreclosures Receding. These numbers reflect the tenth consecutive month that Nevada Foreclosures dropped contrasted with year over year analysis.
Las Vegas and National Foreclosure Picture
On a national basis, foreclosure filings dropped by approximately 10% from July of 2009 to July of 2010. The state of Nevada had one foreclosure for every 82 households in the state. Focusing on the city of Las Vegas, we had one Las Vegas Foreclosure filing for every 71 households in the Las Vegas Metropolitan area. But, our 11,453 Las Vegas Foreclosure listings were down 41% from July of 2009, which is indicative of Las Vegas Foreclosures Receding.
Las Vegas Foreclosures Receding
Just underscore what we are seeing locally here “on the ground” in Las Vegas. Our local financial institutions across the board are clearly shifting their strategy from forcing homeowners into foreclosures and letting them stay in their homes and utilize a Las Vegas Short Sale as an alternative to a Foreclosure. This is good for the homeowners, the community and our overall market, as it ads some much needed stability.
Where is the Las Vegas Real Estate market headed? It’s hard to predict, but we don’t anticipate any significant changes in the foreseeable future. We believe financial institutions have woken up to the reality that it’s better to let homeowners opt for a Las Vegas Short Sale than a foreclosure and we do think that our market will continue to shift to more short sales. Clearly, Las Vegas Foreclosures Receding will continue.
