When will the WAVE of Foreclosures hit Las Vegas?

By
Real Estate Agent with Prominent Realty Group, LLC
http://actvra.in/yKN

When will the WAVE of Foreclosures hit Las Vegas?

Will they come again?  Will they come as a drip or a full force tsunami?

These are questions that I'm sure are coming up in many other places than just Las Vegas.

The Las Vegas real estate market is in somewhat of a "turn around" right now with our inventory of available houses dropping drastically as investors are still gobbling up a lot of the homes as they hit the market.

We are back to multiple offers coming in on homes, but this may not last if a bunch of foreclosures are dumped all at once on the market.  There may still be issues with some of the current pending sales that may not close due to appraisal issues. 

Some feel that now that the Big 5 have made the settlement, that we should start to see an increase in foreclosure filings again and that could equate to 90-120 days out to hit the market.

Only time will tell!

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Topic:
Real Estate Market Trends
Location:
Nevada Clark County Las Vegas North Las Vegas
Groups:
Foreclosure Help and Prevention
LAS VEGAS - NEVADA
Las Vegas, NV Area Real Estate Professionals
Posts to Localism
Foreclosures
Tags:
las vegas real estate market
las vegas short sales
las vegas homes for sale
when will the wave of foreclosures hit las vegas

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Anonymous
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Ambassador
1,194,697
Praful Thakkar
Andover, MA: Andover Luxury Homes For Sale
Keller Williams Realty

Dawn, good to know the change is coming to your market - and so will be the effect on rest of the country.

April 12, 2012 08:29 PM
Rainmaker
266,128
Inna Ivchenko
Los Angeles / Valley Homes
Mannis Real Estate Group

why do you think it will be 'wave"?

So far they release properties very carefully, and we'd could use some more inventory here too.

 

April 12, 2012 10:43 PM
Rainmaker
264,589
Las Vegas Realtor® Listing Agent Dawn Barrier 702-812-4550
Las Vegas Homes For Sale
Prominent Realty Group, LLC

Our change is happening Now with the low inventory and the multiple offers which may drive prices up slightly, But we all still wonder if it just may be "temporary". 

April 13, 2012 08:04 AM
Rainmaker
264,589
Las Vegas Realtor® Listing Agent Dawn Barrier 702-812-4550
Las Vegas Homes For Sale
Prominent Realty Group, LLC

Hi Inna,

Just a term "wave"... Will they come again? Will they come as a drip or a full force tsunami?  Those are the questions I pose for thought,,,  big wave, little wave, etc.

Banks "seem" to be controlling the markets now by slowly putting the foreclosures on the market, but it really has not been by their choice as the laws in place and the lawsuit has been what has held up the foreclosures from coming on the market quicker. (JMO)

April 13, 2012 08:10 AM
Anonymous
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Rainmaker
264,589

Las Vegas Realtor® Listing Agent Dawn Barrier 702-812-4550

Las Vegas Homes For Sale
Buy a Las Vegas Home (702) 812-4550
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Additional Information

Selling Las Vegas on Home at a time! Dawn Barrier is an experienced Realtor® & Las Vegas Short Sale Agent- Sell your Las Vegas Home Equity Sales and Short Sales www.AwesomeLasVegasHomes.com