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Foreclosure sales rise sharply in Las Vegas
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LAS VEGAS REVIEW-JOURNAL
Updated: Feb. 16, 2011 | 8:42 a.m.
Foreclosure sales bounced back to levels not seen since the "robo-signing" scandal that prompted lenders to call for a moratorium last fall, Discovery Bay, Calif.-based Foreclosure Radar reported Tuesday.
The number of Las Vegas homes sold to third parties on the courthouse steps rose to 388 in January, a 35.7 percent increase from the previous month, while 1,517 went back to the bank as real estate-owned, or REOs, up 43.2 percent, the foreclosure tracking website reported.
Notices of default, which start foreclosures, increased 7.2 percent in January to 3,923, though they're down 17.1 percent from the same month a year ago.
Trustee sale notices, which set the auction date and serve as the homeowner's final notice before the sale, numbered 3,240 in January, down 23.6 percent from December, but up 32.3 percent from a year ago.
ForeclosureRadar found significant increases in both properties that went back to the bank and those sold to third parties in Arizona, California, Nevada, Oregon and Washington. As a result, REO inventories increased everywhere except Oregon, where banks sold more homes than they took back.
"What's interesting this month is the activity on the courthouse steps," said Mark Skilling, chief operating officer of ForeclosureRadar.com. "We saw those numbers increase quite a bit. It brings us back to October of last year before the robo-signers and lenders' moratorium. The banks were postponing everything and investors were down there twiddling their thumbs for the most part."
The inventory of bank-owned homes in Las Vegas remained steady in January at 9,353, compared with 9,080 in December. It's up about 20 percent from 7,809 in January 2010. These are properties that have been sold back to the bank at the trustee sale and the bank has yet to sell them to a third party.
On a positive note, the increase in foreclosures comes just in time to provide a fresh supply of entry-level homes for the spring buying season, ForeclosureRadar Chief Executive Sean O'Toole said.
The published bid for trustee sales in Las Vegas -- typically the balance due at the original date of sale -- was $270,000 in January. The opening bid was $163,000 and the winning bid was $164,000, down 6.6 percent from a year ago.
Time to foreclose -- or the average number of days between the notice of default filing and the final sale at auction for sales that occurred in January -- was 260 days, about the same as a year ago. The time between the final sale at auction and when the property was resold by the bank or third party was 168 days, compared with 153 days in January 2010.
Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.
Las Vegas foreclosure filings
| Month | Notice of Default |
Notice of Trustee Sale |
| January 2011 | 3,923 | 3,240 |
| December | 3,660 | 4,241 |
| November | 3,529 | 3,892 |
| October | 3,677 | 3,191 |
| September | 4,250 | 4,339 |
| August | 4,165 | 3,845 |
| July | 4,289 | 3,604 |
| June | 3,864 | 3,421 |
| May | 4,218 | 3,390 |
| April | 4,309 | 3,690 |
| March | 5,170 | 4,445 |
| February | 4,981 | 2,160 |
| January 2010 | 4,731 | 2,160 |
| Source: ForeclosureRadar.com | ||
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mrability, moron, someone has to own the house or apartment building that you are recommending people rent. Check your keyboard, there are two keys that you should be come familiar with, Caps Lock and Shift.
Anyone purchasing real property in the next DECADE is "trying to catch falling knifes".
Japan has been looking for a way out of much smaller mess for 22years and counting...
We are all in the midst of a multi-generational calamity here and the sooner we realize this, the real discussions should emerge.
The next big word is going to be JAPANIFICATION... try Google this term.
I welcome all comments at: providencegroup@ymail.com
HOME OWNERSHIP IS A HUSSTLE AND IS BAD FOR YA
HOUSING IS A DEBT BEAST
bE SMART RENT
NEVER HAVE TO WORRY ABOUT THE DEBT BOMB CALLED A MONEY SUCKING PIT
nEVER EVER BUY A CHEAP STUCCO SHACK IN THE VEGAS DEPRESSION
THE DESERT SUCKS AND NOW THAT THE JOBS ARE GONE SO ARE THE SUCKERS THAT USED TO BUY THIS CRAP
kick the broke losers out of that sh-t shack
home ownership is a scam
never own a home in loser vegas
"HARRY REID IS COMING TO THE RESCUE !!!" --------- Yeah, right, don't hold your breath on that ever happening. Are all of you Liberal Socialist Democrats enjoying your Obama/Reid "HOPE AND CHANGE ???" ------------- This whole mess has a ways to go, especially foreclosures and next "INFLATION IS ABOUT TO GO BALLISTIC !!!"
Two years ago bankers were threatening world economic collapse with less than 2% defaults on home mortgages, now with over 10% they are breaking all time record profits. "It's easy,when you know your business"
After the first time home suckers credit expired,15 % unemployment low wage jobs there is no hope for these cheap stucco shacks to go up in price for many years.
And not to mention the still over levered home sucker that will be botted from that shack this year,because of all the alt a option arms are due and will continue to recast untill 2013
Gald i dont own a stucco shack in this town anymore
love to watch the greed punished
but the builders just keep building. i can only assume that they can still make money and still have buyers otherwise why would they build?