Las Vegas Foreclosure Charts
First American Title just sent out some pretty neat Foreclosure charts via e-mail to Las Vegas Realtors® that shows the trends for Foreclosures in Clark County, Nevada.
Notice of Defaults in Clark County Nevada
Clark County, Nevada Defaults
Notice of Defaults are the first stage of the Foreclosure process in Nevada. The chart to the right shows the trends that have taken place so far this year.
You’ll notice a pretty significant drop off of the number of Notices of Defaults filed in Clark county for July of 2009.
Once a Notice of Default has been filed on a home in Clark County, NV… you generally have another 120 days before the servicer can go on to the next step and file a Notice of Trustees Sale.
Something to keep in mind here… Just because a Notice of Default has been filed does not automatically mean that the home will end up Bank Owned. Out of all of these Defaults… many of them could be in the process of a loan modification or a short sale.
I personally have a couple of approved Las Vegas short sales that have Notices of Defaults filed on them that will be sold and reported as short sales.
When the gloom and doom media singles out Las Vegas and reports that Las Vegas has the highest foreclosure rate… keep in mind they are using a percentage based statistic. There are parts of the country that have more foreclosures taking place.
Remember – Foreclosure is the process. Bank Owned is when the Lender actually owns the home.
In the next post… I’ll provide the chart that shows the Number of Notice of Trustee Sales that have been recorded through July of 2009 — the Next Stage of the Foreclosure Process in Nevada.
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September 1, 2009 at 6:19 am
[...] In my previous post I covered the chart of the Number of Notice of Defaults filed in Clark County that was provided by First American Title of Nevada that you can read by clicking the following link: Notice of Defaults for Clark County, Nevada. [...]