Las Vegas Foreclosure Report

2/13/2009

CitiGroup, Chase and Bank of America delay the foreclosure process for any new owner occupied homes that you can read about at the WSJ Online by clicking here.

Lawmakers in a congressional hearing Wednesday asked the executives of several of the nation’s largest banks to institute a moratorium on foreclosures until the details of a revamped government bailout effort are announced. The Office of Thrift Supervision, which regulates U.S. thrifts, on Wednesday also called for institutions it oversees to suspend foreclosures for the next few weeks.

Fannie Mae and Freddie Mac once again extend Foreclosure Freeze that you can read Here.

In November, both companies first suspended foreclosure sales until the end of the year and announced extensions of the program twice in January, with the latest suspension planned through Feb. 28.

Las Vegas Foreclosures for Sale on the Las Vegas MLS

For Residential Las Vegas area homes including North Las Vegas, Henderson and Summerlin Homes currently listed for sale on the Las Vegas MLS:

• 7,044 Total Residences
• 5,528 of these are Single Family Homes
• 1,024 Bank Owned Condominiums
• 477 Townhomes
• 15 Manufactured Homes

Inventory has decreased from the last report on 1/20/2009 by 706 properties posted on our Las Vegas Foreclosure Report page. Due to the foreclosure moratorium by Fannie Mae and Freddie Mac that started last November it’s entirely too dificult to say if Las Vegas Foreclosures for sale are actually decreasing under normal conditions. Instead, they may only be getting delayed from entering the market for sale.

Las Vegas Bank Owned Homes currently Under Contract:

We are going to start keeping track of Las Vegas REO Homes currently under contract to help gauge actual sales activity. As of 2/13/09, there are currently 4,228 Bank Owned Residential homes under contract showing nice buyers activity in clearing out distressed Las Vegas Homes for sale on the Las Vegas MLS.

January Closed Sales for Las Vegas Bank Owned Residences:

We will also begin including the previous months actual sales for Las Vegas Bank Owned Homes to help track the inventory of Las Vegas foreclosures. For January of 2009 for areas 101 – 606 on the Las Vegas MLS:

• 2,119 Total Residences
• 1,756 Las Vegas area Single Family Homes that were Bank Owned
• 261 Bank Owned Condominiums sold
• 102 Townhomes

For a Las Vegas home valuation request, please visit our Las Vegas Home Value request page for an analysis.

To search for Las Vegas Foreclosures available for sale, please visit our Las Vegas Foreclosure Search.

For any other questions concerning Las Vegas Real Estate, Summerlin Homes or Henderson, NV Real Estate, please use the contact information below.

Paul Francis, CRS
Las Vegas Real Estate
702.592.3058