In a city known for being number one in foreclosures, the Las Vegas real estate market has a lot fewer foreclosure homes on the market than people realize. At the moment, there are 9,125 homes available for sale in the Las Vegas valley. Of those, only 1,570 are bank owned. 4,116 of them are short sales and the remaining 3,439 are a traditional resale.
In 2011, banks cut back on the number of homes they foreclosed on. That was due to legal scrutiny of their foreclosure practices. It all centered around a practice called “robo-signing”. According to Realty Trac Inc., the number of homes receiving a notice of default, auction or repossession last year was down 34 percent from the previous year.
But this year, change is in the air. Home repossessions are expected to rise 25 percent as lenders begin to resume foreclosure proceedings. In Nevada, one in 16 homes is undergoing foreclosure. In Las Vegas, it’s one is every 14 households. Due to legislation enacted this past October, banks must now file an additional affidavit before starting the foreclosure process.
Other states with the 10 highest foreclosure rates are Arizona, California, Georgia, Utah, Michigan, Florida, Illinois, Colorado and Idaho.
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