Las Vegas real estate, mortgage, appraisal blog

Nevada Foreclosure/REO appraisals in Las Vegas, Henderson and Clark County, Nevada

August 24, 2007 Las Vegas Area Foreclosure Facts, Figures and Analysis:

Facts and Figures: In Business Las Vegas reported 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.