Nevada continues to have the highest number or foreclosure filings for all US states according to www.Realtytrac.com. Realtytrac records and defines foreclosure filings as:
".... documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank)."
"Nevada foreclosure activity in January decreased 4 percent from the previous month, but the state continued to register the nation’s No. 1 foreclosure rate, with one in every 76 housing units receiving a foreclosure filing during the month. Foreclosure filings were reported on 14,444 Nevada properties in January, up 137 percent from January 2008."
Las Vegas ranked as the second highest metro foreclosure rate (#1 was Merced, CA) in January with one in every 63 housing units receiving a foreclosure filing.
Bank-owned (REO/Foreclosure) sales accounted for 81% of all residential closings for January 2009 in the Las Vegas Real Estate market.
The Greater Las Vegas Association of Realtors reported the following breakdown of closed residential transactions for January 2009:
- Cash 25% Average Sale Price = $149,267
- Conv 31% Average Sale Price = $221,460
- FHA 36% Average Sale Price = $168,760
- VA 8% Average Sale Price = $193,787
What is the good news? There are tremendous purchasing opportunities for Las Vegas properties. With interests rate low and prices even lower, there has truly never been a better time to buy then now.
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