Foreclosure inventory in Las Vegas and Nevada as a whole is down. As of January Nevada was in the middle of the rankings compared to the rest of the 50 states. Accordingly, this means that the housing market seems to be “balancing out” more, and foreclosures are not dominating most markets in a majority of the states. Nevada is non-judicial foreclosure state and we have been working thru our inventory in a slow but steady manner.
This means good news for sellers as they won’t have the competition on the market when listing their properties. Prices have finally stabilized in the Las Vegas housing market, meaning they are no longer high and neither are they sinking. The bad news is buyers or investors looking for quick deals won’t be able to count on foreclosures to meet their criteria if they are not diligent in looking.
Though Las Vegas foreclosures are down, with the relaxation of key laws giving banks more leeway to pursue homeowners we may see a spike in foreclosures for 2014.
Here are some interesting stats regarding states with high and low foreclosure inventories:
1. The five states with the highest foreclosure inventory as a percentage of all mortgaged home are as follows:
• Florida – 6.4%
• New Jersey – 6.3%
• New York – 4.8%
• Connecticut – 3.4%
• Maine – 3.4%
2. The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes are as follows:
• Wyoming – 0.4%
• Alaska – 0.5%
• North Dakota – 0.6%
• Colorado – 0.5%
• Nebraska – 0.6%
If you want to find out more about what foreclosures are available in Las Vegas, click here and give us a call!