Foreclosures!!! I know, they're nothing new, but here are new stats...

By
Real Estate Agent with Keller Williams
Nevada ranks number one again in the percentage of increase in foreclosures.  Foreclosures for the third quarter of the calendar year were up 33.9% from the previous quarter and 212% over the previous year.  I say we are NOT going to come out of this by Spring.  Anybody care to wager?  Just kidding.  Nevada is leading the pack with 1 in every 61 homes in foreclosure.  But, don't think this is an isolated trend.  There were only three (that's 3) states that did not report an increase in forclosures for the same quarters.  Those are Oklahoma, Louisiana and Utah.  Hmmm...Utah's not so bad, and it's not far away...NAH, there's no place like Vegas baby!!!
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Tags:
las vegas
foreclosure
real estate
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Rainmaker
89,676
Daniel Seider
BTRE Big Trees Real Estate

Thank you for this article. I am meeting with a couple in my area that are planning to invest in the nevada area. I can get them to list using this information. There are deals to be made in your state now and the future.

November 16, 2007 12:04 AM
Rainer
102,732
Robert Huntsinger
Empire Realty Upland, CA - Full Service at a Discount
Empire Realty

Let us know when it gets to the bottom, that will be a buying opportunity.

Take care!

RJH

November 16, 2007 12:13 AM
Rainer
12,307
Lowell Caro Jr.
REO Broker and Market Advisor
Keller Williams
Ah, the bottom...I can't seem to find my crystal ball, but I would speculate that we will round the bend in about 12-14 months.  I could be wrong, but that feels about right... 
November 16, 2007 12:18 AM
Ambassador
1,449,341
Renée Burrows
Las Vegas Real Estate Broker - www.urLVhome.com
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate
At least when we look at that market we are seeing nice absorption!  The BPOs don't seem to be slowing down one bit.  I think we will be seeing this foreclosure mess for a very very long time, past spring.   The high rise market may be in trouble in about 2-3 years.  That isn't a popular opinion but I do believe it!
November 16, 2007 08:01 AM
Rainer
125,514
Dawn Lewis
Realtor - San Diego
New Dawn Realty

Lowell,

I'm due for a Vegas trip. I like to play Texas Holdem over at the Monte Carlo. I love their poker room. I love the truth in posting and that you tell it like the facts give them to you. Those foreclosures can be a nuisance if you have listings that you're trying to sell but buyers sure love them. I think you're right Spring 2008 the market will still be trending down. I think my area "San Diego" is about half way through to finding it's bottom. The bright side for me and for you too is that we're first in so we'll be first out. Many areas are just starting to see the signs that we saw a year or two ago and many of them are ignoring those signs. You and I know you can't ignore whats going on in the market, not if you want to truly help your clients. I'll see you on the tables!

Mike Lewis

November 16, 2007 11:54 PM
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Rainer
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Lowell Caro Jr.

REO Broker and Market Advisor
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