Nevada Homes Foreclosures
Nevada Real Estate News and Videos - Short Sales - Foreclosure and General Information

The Nevada housing market’s troubles continue.

Average home prices in Nevada dropped from $220,000 in 2008 to just $128,000 in 2011.

Some Nevada builders are claiming that they are selling at prices below replacement costs. The increasing number of foreclosures has sparked an investors marketplace.

Short sales and foreclosures - Nevada has been plagued with the highest foreclosure rate in the nation. It's a result of the dramatic increase in speculative building starting in 2004 when home prices soared over 45%. Home sales are close to half of what they were when the market was hot.

Las Vegas Investors Paradise - Las Vegas continued to be the city with the nation's highest foreclosure rate, but activity there was down 3 percent from a year earlier. More than 90% of the foreclosures or short sales in Nevada are occurring in Clark County, home of the gambling capital of Las Vegas. The foreclosure problem in Las Vegas resulted from home buyers gambling that prices would continue to rise, as in the past. Speculators used adjustable rate mortgages and sub prime loans to get their piece of the action in anticipation of using the real estate or home’s projected appreciation to later refinance under more affordable fixed rate loans.

Nevada’s housing market crashed before they had the opportunity. Homeowners are walking away from their lower to middle-housing market homes in Las Vegas, allowing them to be foreclosed at a rate higher than any where else in the country.

Reno Real Estate is also feeling the foreclosure crunch. As prices boomed, builders built. Now many home builders are beginning to walk out on projects. Home buyers in preconstruction purchases are abandoning earnest money deposits and canceling their transactions.

Carson City also has many home owners going into foreclosure as prices continue to decline.

Lake Tahoe, which is located half in Nevada and half in California is faring fairly well for the high end real estate market. Increasing credit market tightening may also affect Lake Tahoe home prices.

Bank-Owned Foreclosures or REO property are those real estates that are already owned by the bank because it has already completed the foreclosure process. If you are planning to purchase such a property, expect that the sales process is just like buying a property from another owner, except that now, that owner is the bank. Typically, banks should respond to such a purchase within about 48 business hours, compared to several weeks or months which you would experience in a short sale transaction.

Florida Foreclosures          California Foreclosures      New York Foreclosures

Las Vegas News 10/10/2011 - Foreclosure filings in Nevada’s housing market have slowed after the state enacted a law that toughened the foreclosure process.
A new law, which took effect Oct. 1, cracks down on “robo-signing” while also making it a felony for making false representations regarding the real estate title.
Since the real estate housing bubble, Nevada has one of the highest foreclosure rates in the U.S. Some real estate agents say the new law might prevent clearing the glut of foreclosed homes and will slow down the market. Those that agree with the new law say to turn around the housing market, foreclosures must be done correctly. A Las Vegas real estate lawyer, Tisha Chernine helped draft the Nevada bill. She told The Wall Street Journal. “People taking title pursuant to a bad foreclosure run the risk of having no title at all.”


July 2010 - According to LendingTree, the average percentage of mortgages in negative equity for each state was 18.1%. The state with the lowest percentage was Oklahoma with 6%. New York was not far behind. There, 6.3% of all mortgages on the LendingTree network were underwater. But Nevada holds the worst at 69.9%. The next closest is Arizona with a negative equity ratio of 51.3%, followed by Florida at 47.8%.

From April 2008 to April 2009, home prices in Nevada dropped more than 29%, according to the analytics firm CoreLogic. Nevada also holds the highest foreclosure rate. According to an online foreclosure marketplace, RealtyTrac, one in every 79 homes in Nevada received a foreclosure filing in April. In the first quarter of 2010, foreclosure sales in Las Vegas accounted for 68% of all transactions.

Prices in Vegas have fallen so far that regular retail agents have to mark prices down to the REO level.The average discount on property in some stage in foreclosure compared to a property not in foreclosure sold a 10.5% discount in Vegas through Q110, compared to Los Angeles at 26% and New York City at 28%.

May 2010 - The foreclosure crisis is finally showing signs of subsiding.
Among states, Nevada posted the highest foreclosure rate in April, 2010 with one in every 69 households receiving a foreclosure notice. Foreclosures there were up 10 percent from March, but unchanged from a year earlier. Next on the list were Arizona, Florida, California and Michigan.

Las Vegas continued to be the city with the nation's highest foreclosure rate, but activity there was down 3 percent from a year earlier.

And in another sign the problem is receding, nine out of the top 10 cities with the highest foreclosure rates posted annual declines. The exception was Reno, Nev., where foreclosures were up 16 percent from a year ago.

The short sale process can be significantly less expensive and a good alternative to foreclosure for both lenders and homeowners. For homeowners in trouble, it doesn't help them keep the home, but it can keep the foreclosure mark off their credit report. It's also less expensive than going through the court system in a foreclosure lawsuit. A short sale is an alternative to bankruptcy or foreclosure proceedings.

Nevada remains the No. 1 state in the nation with 3.2 percent of households in pre foreclosure, followed by Arizona (2.8 percent) and Florida (2.6 percent).

The Mortgage Forgiveness Debt Relief Act, made it even cheaper for owners of primary homes. Before the legislation, homeowners who persuaded a lender to accept a short sale had to pay income tax on the loan amount forgiven by the lender. Under the new law, they won't have to pay taxes on the forgiven amount, up to the original mortgage amount on the purchase of the home. Review The Mortgage Forgiveness Debt Relief Act of 2007 Click Here

Real Estate News 2/2009 - In Las Vegas, there is an estimated 40 month supply of homes on the market. In the month of January only 50 properties over $500,000 have sold. In 2008 for the entire year there were 1,110 luxury home sales in Las Vegas, Nevade. Until this year, the luxury home market was not affected nearly as much. It’s believed that in the next 6 to12 months there will be a big drop in these real estate prices due to the “step-up” buyer who now cannot sell their $650K home in order to purchase the 1 million dollar home.

The East and West Coast Real Estate Market continues to offer homes and condos for sale at prices the buyers are benefitting from.
Whether they call it a foreclosure, pre foreclosure, bank owned, short sale or a distressed sale, a pre-foreclosure is the keyword for searching the best deal.From 2002 thru 2006 the West Coast real estate market was hot. Buyers were getting loans that were very risky. In many cases they were not qualified for the amounts. Some were not for homes as a permanent residence, but for townhomes, villas or condos on the water to rent out as a secondary residence while waiting to flip it for a much higher price. Teaser Rate Loans and 100% stated products were sold and people that were not qualified financially to pay for a traditional loan. The real estate market was growing so fast that these people would take out a home equity line of credit, when they needed more money. They assumed that since their current home had gone up in value...so would their investments. As time went on...the real estate market came tumbling down because of sub prime and exotic loans to poor credit risks. Sellers who are forced out of their homes are usually not pleasant to work with. The bank employees who are just doing their jobs follow procedures that many times keep the buyer in suspense. Because of the large amount of foreclosures, banks are overloaded with work and their response time could be lengthy. Even though they want to sell a home, they will push to get the best price to minimize their losses. They might not play by your rules, they have their own paperwork and time frames. Unlike real home sellers, they’re not really attached to the properties they sell. They could take 1-3 months just to respond to your offer, and it could take sometimes 6 to 9 months to close a transaction. In most of the cases, their counter-offer to the buyer will be the actual appraised value which could be much more than the asking price you saw in the (MLS) Multiple Listing System. There is no guarantee that a lender who accepts the short sale will not legally pursue a borrower for the difference between what is owed to them and the amount that was paid to them. Be sure to contact a CPA or a real estate attorney to determine your tax consequences.

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RESPA - Real Estate Settlement Procedures Act  U.S. Dept of Housing & Urban Development
 

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 The Nevada Real Estate Market continues to offer homes and condos for sale at discount prices. Foreclosure, pre foreclosure,
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