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 Nevada Foreclosure/REO appraisals in Las Vegas,Henderson and Clark County, Nevada
"Foreclosure investing" in Las Vegas describes a few different scenarios: Pre-foreclosure, foreclosure auctions, and buying REO (Real Estate Owned) homes that have been repossessed by the lender or mortgagee.
Like anywhere else in the country, the market for foreclosed properties in Las Vegas and Clark County is attracting a lot of interest. Smart investors browse foreclosure listings and then rely on a professional Las Vegas appraiser to give them reliable advice on marketability.
Pre-foreclosure means buying distressed Las Vegas properties in a "short sale" before a home is repossessed. Foreclosure auctions are the "sale on the courthouse steps" situation where investment decisions need to be made quickly. And REO properties are attractive investments in Las Vegas and Clark County too.
Each kind of situation is different especially in the opportunity an appraiser or inspector will have to effectively value the property. An auction property may not be open and available for inspection, while REO properties usually are.
At Appraisers of Las Vegas, we know you want us on "both shoulders." You want to know how much your potential investment may be worth on the open market once repairs and improvements are made. But you also want the real story about a property, and not a bunch of fluff. You want to rely on a professional appraiser with Las Vegas foreclosure experience to help you make informed decisions.
Whether you want a full blown 1004 with repair estimates or simple a limited use appraisal from the curb, our expert familiarity with the Las Vegas and Clark County market will help you make good foreclosure investment decisions. Contact us or browse Appraisers of Las Vegas to learn more about our services.
October 19th, 2007 Las Vegas Area Foreclosure Facts, Figures and Analysis:
Las Vegas documented the fourth highest metro foreclosure rate for the month, one foreclosure filing for every 120 households.
Nevada documented the highest foreclosure rate among the states for the tenth straight month, with one foreclosure filing for every 154 households — 3.6 times the national average. A total of 6,618 foreclosure filings were reported in the state for the month, a 20 percent increase from the previous month and nearly triple the number reported in October 2006.
U.S. Foreclosure Market Statistics by State:
|
Rank
1 |
State
Nevada |
NODs
3,678
|
NTSs
1,781 |
NFSs
0 |
LISs
0 |
REOs
1,159 |
Total
6,618 |
1 for every #HH
154 |
Change from Sep 2007
20.24% |
Change from Oct 2006
196.9% |
August 24, 2007 Las Vegas Area Foreclosure Facts, Figures and Analysis:
Facts and Figures: In Business Las Vegas reported the following that new second quarter foreclosures in this area of Clark County jumped to 353 which is 87 percent or nine times higher than filings reported in the second quarter of 2006.
More Facts and Figures: There were 3,147 repossessions in the second quarter and 4,535 active cases that have yet to make it that far in the process, according to local tracking firm Applied Analysis. The unincorporated areas had the greatest number of repossessions at 1,263, or 40 percent, followed by 956 repossessions in Las Vegas, 487 in North Las Vegas and 433 in Henderson. There were eight repossessions in rural areas.
Analysis: "We remain concerned about the duration of the current cycle as foreclosures reside at elevated levels," according to Applied Analysis. "The number of new foreclosures reported through the next few quarters will certainly provide additional insight."
More Facts and Figures: RealtyTrac has crunched its foreclosure filing numbers for Nevada over the first half of 2007. It leads the nation with one filing per 40 households. The 25,208 filings involved 14,687 properties. Colorado was second at one filing per 60 households, while California had one filing for every 69 households. Its numbers include default notices, repossessions and other foreclosure filings.
Analysis: As the credit crunch worsens and consumer demand remains soft, Las Vegas builders are cutting back on their production of new homes.
More Facts and Figures: For only the second time since January 1992, homebuilders took out fewer than 1,000 permits in a month, according to Dennis Smith, president of Home Builders Research, who expects new-home prices to continue to fall through 2008. In July, 859 permits were issued, bringing the seven-month tally to 10,140. That's a year-to-year decrease of 36 percent, the lowest total through July since 1993, Smith said.
In the resale market, Smith said, 2,101 transactions in July brought the yearly total to 16,957, a yearly decrease of nearly 37 percent.
Given that the prices of new listings are declining and inventory continues to rise, Smith predicts the median price of resale homes will have fallen 7 to 9 percent in 2007 and prices will continue to soften in 2008 and possibly into 2009. Once prices stabilize, they will remain flat for a while. Smith said his timetable changes if interest rates are lowered.
Nevada Foreclosure Appraisals
Appraisers of Las Vegas.com is the number one appraisal company in Las Vegas and has been for the past eight years (click here for proof). We have over 20 appraisers with over 200 years combined experience.
We have the foreclosure appraisal experience you need for appraisals in Las Vegas, Henderson, North Las Vegas, Boulder City and all parts of Clark County and parts of Nevada and adjacent parts of California and Arizona. Order an appraisal online or call (702) 253-9872 or Fax (702) 257-0111. Click on your choice to download an order form (PDF or Word File) or call to receive an order form.
Nevada Foreclosure Laws
You could read the source document here: http://www.leg.state.nv.us/nrs/NRS-107.html; but, it is better explained on the following page: http://www.foreclosure.com/statelaw_NV.html
Old Las Vegas Area Real Estate REO/Foreclosure Appraisal News:
Nevada’s July 2007 foreclosure rate (the highest for the sixth straight month and more than four times the national average) has one foreclosure filing in June for every 175 households. That's a 10 percent drop from May but three times the year-earlier level. Appraisers of Las Vegas.com provides appraisals for foreclosures in Las Vegas, Henderson, North Las Vegas and Clark County, Nevada.
To place the Las Vegas foreclosure rate into perspective nationally: There are 16 foreclosures for every 10,000 properties in the Washington area, compared with the national average of 37, according to George Mason University’s Center for Regional Analysis. In Detroit, Las Vegas and Atlanta, the rate exceeds 100.
New home sales (measured by closings) in June 2007 are down 48% from the same month last year. Sales Traq reports that June 2007 existing home sales were down 43%. There have been 14,856 resales in the first six months of 2007. There were 8,200 more sales in 2006. For reference, there are currently over 29,900 homes for sale on the MLS.
Larry Murphy of SalesTraq reported that the median new home price was $329,990 in June,  up from $314,100 in May but down 2.2 percent from a year ago. June's resale median price of $277,900 beat May's $275,000 and is off 4.1 percent from a year ago, according to SalesTraq.
Home prices have fallen, but not nearly as much as pundits predicted. California real estate consultant John Burns said housing Las Vegas prices must drop 30 percent to return to a normal market.
"Is it realistic for houses to back off by 30 percent?" Smith asked. "Why are we even talking about it? Come on. I think prices still have a ways to come down in Vegas, but not 30 percent. Eight to 10 percent, maybe."
An illustration of the difficulkties in Las Vegas foreclosure appraisals is a certain southwest Las Vegas neighborhood of 300 homes with 60 for sale and about 35% in some state of foreclosure. About 30 houses in this neighborhood were sold in the past year, and many other homes are vacant.
InBusiness Las Vegas was the source for the following data:
In June, Nevada had one foreclosure filing for every 175 households to lead the nation for the sixth-consecutive month, according to RealtyTrac, the California company that tracks foreclosures. That's a 280 percent increase over June 2006 and well ahead of second-place California, which had one filing for every 315 households.
The Las Vegas metropolitan area ranked sixth in the country in June with one foreclosure filing for every 138 households, according to RealtyTrac.
Nevada is securing its dubious distinction as the foreclosure capital of the nation.
Based on the current trend and its lead over the state with the second-highest foreclosure rate, Nevada may hold its worst-in-the-nation position for a quite a while.
"It's probably going to get worse before it gets better," Sharga said. That's the view by others tracking the Las Vegas market.
Michael Krein, president of Nevada Real Estate Services, said he's carrying 700 properties that have been foreclosed and expects that number to increase.
The Las Vegas zip code 89131, which includes Silverstone Ranch and part of Centennial Hills, ranked 18th in the nation with 488 foreclosure filings. It had 105 bank repossessions, the most of any zip code in the valley. |
The most current data available from Standard & Poor’s S&P/Case-Shiller Home Price Indi ces shows the annual growth rate in prices of existing single family homes across the United States declined again, the 17th The 10-City composite’s annual decline of 2.7% is at levels not seen since late 1991.
Foreclosures and homes repossessed by financial institution can present appraisal complexities. At Appraisers Of Las Vegas.com, we're more than ready and able to help.
For a property in foreclosure, it's important to know the difference between fair market value and "quick disposition" or "liquidation" value, to know your potential liability. At Appraisers Of Las Vegas.com, we have experience in both providing snapshots of fair market value for our mortgage lending and servicing clients as well as "quick sale" forecasts that understand your timeline.
Owners of property in foreclosure, of course, present special challenges. They may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected care of the home for some time -- or worse, caused damage. We have the experience and training to deal with the special dynamics of a foreclosure appraisal, and you should not hesitate to rely on us.
 For a property that has already reverted to Real Estate Owned, you likewise will be interested in a quick disposition. But you may want to know and compare three values: As-is, as repaired, and "quick sale." These represent the value of the property without any work done to it, with the work required to make the property marketable to full market value commensurate with competing properties in the area, and, somewhere in-between, with minimal investment in repairs -- selling the property quickly, probably as a "fixer-upper." Again, we understand your timeline and the unique circumstances of an REO property, as well as the special information you'll need -- competing listings, market trends, and the like.
Please browse our website to learn more about our qualifications, expertise and services offered. Appraisers of Las Vegas.com provides appraisals of homes in foreclosures in Henderson, Las Vegas and Clark County Nevada.
The following is a list of lenders who have "imploded":
"Imploded" Lenders:
136. Mortgage Investors Group (MIG) - Wholesale
135. Amstar Mortgage Corp
134. Quality Home Loans
133. BNC Mortgage (Lehman)
132. Accredited Home Lenders
131. First National Bank of Arizona (FNBA) Wholesale, Correspondent
130. Chevy Chase Bank Correspondent
129. GreenPoint Mortgage - Capital One Wholesale
128. NovaStar (Wholesale), Homeview Lending
127. Quick Loan Funding
126. National City Home Equity
125. Calusa Investments
124. Mercantile Mortgage
123. First Magnus
122. First Indiana Wholesale
121. Pacific American Mortgage (PAMCO)
120. Spectrum Financial Group - Wholesale
119. Express Capital Lending
118. Deutsche Bank Correspondent Lending Group (CLG)
117. MLSG
116. Trump Mortgage
115. HomeBanc Mortgage Corporation
114. Mylor Financial
113. Aegis (Everything)
112. Alternative Financing Corp (AFC) Wholesale
111. Winstar Mortgage
110. American Home Mortgage / American Brokers Conduit
109. Sunset Mortgage
108. Fieldstone Mortgage Company
107. Nations Home Lending
106. Wells Fargo Alternative Lending Wholesale
105. Entrust Mortgage
104. Alera Financial (Wholesale)
103. Flick Mortgage/Mortgage Simple
102. Alliance Bancorp
101. Choice Capital Funding
100. Premier Mortgage Funding
99. Stone Creek Funding
98. FlexPoint Funding (Wholesale & Retail)
97. Starpointe Mortgage
96. Unlimited Loan Resources (ULR)
95. Freestand Financial
94. Steward Financial
93. Wells Fargo (Correspondent)
92. Bridge Capital Corporation
91. Altivus Financial
90. ACT Mortgage
89. Alliance Mortgage Banking Corp (AMBC)
88. Concord Mortgage Wholesale
87. Heartwell Mortgage
86. Oak Street Mortgage
85. The Mortgage Warehouse
84. First Street Financial
83. Right-Away Mortgage
82. Heritage Plaza Mortgage
81. Horizon Bank Wholesale Lending Group
80. Lancaster Mortgage Bank (LMB)
79. Bryco (Wholesale)
78. No Red Tape Mortgage
77. The Lending Group (TLG)
76. Pro 30 Funding
75. NetBank Funding
74. Columbia Home Loans, LLC
73. Mortgage Tree Lending
72. Homeland Capital Group
71. Nation One Mortgage
70. Dana Capital Group
69. Millenium Funding Group
68. MILA
67. Home Equity of America
66. Opteum (Wholesale, Conduit)
65. Innovative Mortgage Capital
64. Home Capital, Inc.
63. Home 123 Mortgage
62. Homefield Financial
61. First Horizon (Subprime)
60. Platinum Capital Group
59. First Source Funding Group (FSFG)
58. Alterna Mortgage
57. Solutions Funding
56. People's Mortgage
55. LowerMyPayment.com
54. Zone Funding
53. First Consolidated (Subprime Wholesale)
52. EquiFirst
51. SouthStar Funding
50. Warehouse USA
49. H&R Block Mortgage
48. Madison Equity Loans
47. HSBC Mortgage Services (correspondent div.)
46. Sunset Direct Lending
45. Kellner Mortgage Investments
44. LoanCity
43. CoreStar Financial Group
42. Ameriquest
41. Investaid Corp.
40. People's Choice Financial Corp.
39. Master Financial
38. Maribella Mortgage
37. FMF Capital LLC
36. New Century Financial Corp.
35. Wachovia Mortgage (Correspondent div.)
34. Ameritrust Mortgage Company (Subprime Wholesale)
33. Trojan Lending (Wholesale)
32. Fremont General Corporation
31. DomesticBank (Wholesale Lending Division)
30. Franklin Financial (Wholesale Operations)
29. Ivanhoe Mortgage/Central Pacific Mortgage
28. Eagle First Mortgage
27. Coastal Capital
26. Silver State Mortgage
25. ResMAE Mortgage Corporation
24. ECC Capital/Encore Credit
23. Lender's Direct Capital Corporation (wholesale division)
22. Concorde Acceptance
21. DeepGreen Financial
20. Millenium Bankshares (Mortgage Subsidiaries)
19. Summit Mortgage
18. Mandalay Mortgage
17. Rose Mortgage
16. EquiBanc
15. FundingAmerica
14. Popular Financial Holdings
13. Clear Choice Financial/Bay Capital
12. Origen Wholesale Lending
11. SecuredFunding
10. Preferred Advantage
9. MLN
8. Sovereign Bancorp (Wholesale Ops)
7. Harbourton Mortgage Investment Corporation
6. OwnIt Mortgage
5. Sebring Capital Partners
4. Axis Mortgage & Investments
3. Meritage Mortgage
2. Acoustic Home Loans
1. Merit Financial
Ailing/Watch List Lenders:
"Imploded" lenders: The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). Note: Companies listed here may still be operating in some capacity; check with them before making assumptions.
Ailing lenders haven't shut down, but they're significantly scaling back or are (or recently have been) in manifest financial, legal, or operational distress. Unfortunately, most of the industry now falls under this description, so we are forced to reserve this list for the more glaring cases or those which we happen to have more specific info about.
Ailing/Watch List Lenders:
11. Delta Financial Corp
10. Countrywide Financial
9. Meridias Capital
8. Option One
7. CIT Home Lending
6. All Fund Mortgage
5. Ocwen Loan Servicing
4. Doral Financial Corp.
3. Evergreen Investment/Carnation Bank
2. Coast Financial Holdings, Inc.
1. Residential Capital, LLC*
Ailing lenders haven't shut down, but they're significantly scaling back or are (or recently have been) in manifest financial, legal, or operational distress. Unfortunately, most of the industry now falls under this description, so we are forced to reserve this list for the more glaring cases or those which we happen to have more specific info about.
Note: This site changes rapidly. You should always check other sources regarding information found here, and check with the companies themselves if you plan on doing business with them. And as always, please let us know if you have corrections, clarifications, or additions.
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