Las Vegas Bank Owned Homes

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November 21, 2010

Las Vegas Bank Owned Homes Report

Posted by lasvegasrealestate4u under Las Vegas Bank Owned Homes, Las Vegas Real Estate, Las Vegas Real Estate Investors, real estate | Tags: |
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Las Vegas Home Value Stability impossible

to predict until Distressed Homes are gone.

Will Las Vegas home values go up, will they go down? Make sure you read my latest report on Las Vegas valley home values in response to a recently released study that predicts Nevada Home Values to fall another 12% before stabilizing.

The first time homebuyers tax credit is over and has been for several months now. Las Vegas real estate inventory available for sale is going back up and the total amount of inventory currently available on the Las Vegas MLS for Las Vegas, North Las Vegas and Henderson (aka the Las Vegas Valley) is:

  • 15,939 Single Family Homes, Condos, Townhomes and Manufactured Homes
  • 519 High Rise Condominiums. (Condos in buildings over 4 stories high.)

Unfortunately, the timing of the first time homebuyers tax credit was all completely wrong as distressed homes or homeowners owing far more on their mortgage then the home is worth were going through the process of foreclosure. In other words, Las Vegas home values were still in the correction process and working through the system while a program was put in place to entice buyers to catch a thrown knife.

I know plenty of potential home buyers that wanted to buy when the first time homebuyers tax credit was available, but lack of quality inventory of well priced homes prevented them from buying so they gave up after going through the frustration of competing with other buyers and multiple bids on the decent Las Vegas homes that were available.

Sure… plenty of Las Vegas homes were purchased during the available time frame for the $8,000 tax credit, but FAR more could have been purchased if the distressed inventory was allowed to be worked through and put on the market.

Now the tax credit is over (officially over on 04/30/2010 to have a contract of sale)… and the Bank Owned Inventory for Las Vegas available for sale is going back up.

Bank Owned Homes Available for Sale

Notice that in April there were 1,281 Bank owned Single Family Homes, Condos, Townhomes and Manufactured homes available for sale on the Las Vegas MLS.

Today.. there are 3,480 Single Family Homes, Condominiums, Townhomes and Manufactured Homes owned by the bank currently available for sale on the Las Vegas MLS or a 272% increase.

I’m not even going to mention all of the Las Vegas short sales currently available for sale. (Ok.. over 7,700…)

Here is a breakdown of the REO (Real Estate Owned aka Bank Owned Real Estate) currently available for sale in the Las Vegas Multiple Listing Service just covering the Las Vegas Valley. (Las Vegas, Henderson and North Las Vegas.)

  • 2,689 – Single Family Homes
  • 506 – Condominiums in buildings less then 5 stories high.
  • 264 – Townhomes
  • 56 – High Rise Condominiums (Buildings 5 stories plus.)
  • 21 – Manufactured Homes
  • 16 – Multi-Family Properties. (2 units or more.)

Total = 3,552 Bank Owned Properties for Sale on the Las Vegas Multiple Listing Service (MLS).

Obviously when banks do finally put a property up for sale after taking it back, they want it sold. When a homeowner is selling their home and owes far more then what it’s worth (Short Sale)… they want out of that overpriced mortgage and for the most part, will do what it takes to get it sold which often means reducing the price.

Foreclosure moratoriums only delay the inevitable. Eventually a distressed home is going to hit the market and it’s going to get sold one way or another.

So… when is it all going to end to return to a Normal

Real Estate Market in Las Vegas?

Impossible to determine as long as there are a large amount of Las Vegas homeowners out there with mortgages higher then what their Las Vegas homes are worth which is currently estimated at around 80%.

The good news is that the percentage of Las Vegas homes with no mortgage is also growing. Over 40% of the homes purchased in the last year and reported on the Las Vegas MLS have been with CASH.

It’s also fair to say that with home values so low and mortgage interest rates so low, that the homes purchased in the last year where a mortgage was taken out, that the monthly mortgage payment is far lower then the current rents in the immediate area. Sure.. there are probably plenty of them who have already lost equity and now owe more then the home is worth, but the mortgage payment is still probably lower then if they were going to go out and rent the same home down the street.

In other words, the 80% of Las Vegas homeowners owing more then their home is worth is not nearly as important as the number of Las Vegans with a mortgage payment FAR higher then comparable rents.

That’s the REAL number we need to know and I have yet to see any credible reports that have come up with some realistic number.

Are Foreclosure Reports Any Big Deal?

For Las Vegas real estate at this point of time I have to say no. Great for headlines from the national media and all of the foreclosure report services out there trying to make a buck with foreclosure searches (Search Las Vegas Bank Owned Homes for Free right here) but pretty much irrelevant for the Las Vegas home buyer and seller.  The correction is going to take place no matter what program is put in place. Maybe the program will delay the correction, but the correction is going to take place as evidenced by what has and is happening with Las Vegas real estate after all of the programs.

Sure… home values may go down in Las Vegas another 12% or even more but at this stage of the game that Las Vegas is in, does it really mean anything? Read Las Vegas Home Values still going down.. big deal and let me know what you think.

I’d be more worried about the numerous real estate markets out there across the country that have not had a chance to even reach half way through the correction process and it’s still cheaper to rent then buy.

In the new economy… it’s all about the cash flow.

Paul Francis, CRS
Prudential Americana Group, REALTORS
Las Vegas Home Values
702.592.3058

 

January 22, 2010

Southern Nevada Gets Nothing in Federal Foreclosure Aid

Posted by lasvegasrealestate4u under Las Vegas Bank Owned Homes, Las Vegas Real Estate, real estate
[2] Comments 

Does Anybody in the United

States NOT know that Las Vegas

is one of the Foreclosure Capitals

of the World?

From Channel 8 News:

Southern Nevada Loses Out on Federal Foreclosure Money 

LAS VEGAS – Nevada leads the way when it comes to foreclosures. But while the northern part of the state got close to $21 million in federal money aimed to help struggling communities, Southern Nevada got nothing.

The program is called the Neighborhood Stabilization Program. The money would ultimately be used to buy foreclosed homes to be resold or rented out to income-eligible families.

From the Las Vegas Sun:

Mayor Angry, Reid Disappointed Las Vegas Denied More Federal Aid for Foreclosures

Rather than help people who were in danger of foreclosure, the money was given to the city to help purchase the homes that were already in foreclosure so they wouldn’t become blighted and allow the city to provide affordable housing, he said.

Some 6,500 homes are going to hit the market in the Las Vegas Valley “and we can’t afford to buy any of them because we don’t have this money,” he said, slamming the grant list down on the podium.

Visit Las Vegas... A city not wasting your Federal Tax Dollars..

The real story here is not how somebody did not know what they were doing when applying for the Federal Money under the new “Neighborhood Stabilization” program and Southern Nevada getting zilch in the current round of payoffs .. its a question of common sense, what the actual program really is, and who authorizes payments in the first place.

Really now… does anybody not know that Las Vegas has had a pretty significant foreclosure problem for the past several years? Is somebody that much out of touch with what is going on?

From the News Story:

Those working on the deal in Southern Nevada now believe they asked for too much money — $368 million.

“$368 million is a lot of money, but when you look at the direct impact of foreclosures for City of Las Vegas alone, 20,000 to 25,000 foreclosures a month, that hardly makes a dent to the foreclosures,” said Steve Harsin with the Neighborhood Services Department.

Officials now say they may have been too ambitious and asked for too much money. The funds from the first round of distributions were supposed to go through non-profits selected for the job, but many admit it’s been a bit of a struggle rolling out the program in Las Vegas and they’re trying to learn from the successes of others areas.

What is the Neighborhood Stabilization Program?

Let’s go straight to the source — Neighborhood Stabilization Grants

The Neighborhood Stabilization Program (NSP) was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized.

The Nature of the Program:

NSP is a component of the Community Development Block Grant (CDBG). The CDBG regulatory structure is the platform used to implement NSP and the HOME program provides a safe harbor for NSP affordability requirements.

NSP grantees develop their own programs and funding priorities. However, NSP grantees must use at least 25 percent of the funds appropriated for the purchase and redevelopment of abandoned or foreclosed homes or residential properties that will be used to house individuals or families whose incomes do not exceed 50 percent of the area median income. In addition, all activities funded by NSP must benefit low- and moderate-income persons whose income does not exceed 120 percent of area median income. Activities may not qualify under NSP using the “prevent or eliminate slums and blight” or “address urgent community development needs” objectives.

This is for the reader to decipher and form your own opinion of what it means.

And hey… if you have more questions.. feel free to read the 57 page Q&A section here. Once again… another relief program spelled B-u-r-e-a-c-r-a-c-y.

Back to the Original Article from Channel 8 News:

 ”Basically, the non-profits are fairly young here. They’re not used to being involved with government, as far as spending the money. That was one of the criticisms leveled at us by the undersecretary,” said Las Vegas Mayor Oscar Goodman.

There may be some reorganization in Southern Nevada to improve and learn from past mistakes. There will be another round of funding coming soon.

Sorry Las Vegas and Southern Nevada… but you don’t know how to spend $368 Million dollars like we do in Washington D.C… Lots of Laughing here. I think that’s more of a compliment then criticism.

On the surface it seems to be unfortunate that there is a money grab going on out there and Southern Nevada / Las Vegas is not getting their fair share. There is truly no Doubt that if Federal Taxpayer Dollars are going to be used to “stabilizing communities that have suffered from foreclosures and abandonment” that Las Vegas / Southern Nevada should receive something… even if the people responsible for filling out tons of paperwork asked for too much or don’t know how to spend it like the government. It’s just a matter of common sense.

Who Really Benefits from the Program?

We really have to dig below the surface and think of who this program REALLY benefits. Las Vegas homes (or anywhere for that matter) that have been foreclosed on are pretty much owned by the Banks. What that sales price will be will probably fall along the lines of “Spending Money Like the Government” instead of being determined by natural market forces set by the private sector.

So, here we have a program using Federal Taxpayer Dollars to buy homes from the Banks and relieve their responsibilities of upkeep, paying property taxes, HOA dues, etc, etc… and putting the burden on the Government. (If I have to explain where the Government gets its money, then please use your computer to learn something today.) 

Just ask some of the thousands of the active buyers for Las Vegas real estate out there what they think about the Government buying homes after they’ve lost out on trying to buy a Bank Owned home a couple of times. Ask private real estate investors what they think about competing with the Government for tenants. Ask potential renters that will not qualify under the program what they think about paying more for rent due to subsidized programs.

And then ask yourself if the people making the actual award decisions have enough common sense to get into the complicated world of real estate and manage taxpayer dollars effectively? (Well… actually, it’s borrowed money at this point but taxpayers will eventually get stuck with the bill.)

Could the Real Story be in the Grant List? Just to share some of the lucky Winners in the $1,930,000,000 lottery.

$11,000,000 to Alameda County. $299,000 is the cheapest house I could find in Alameda for sale. If there was no demand, I would think that prices would be lower.

$22,249,980 – (Bizarre Number) to Long Beach, California. The cheapest home I could find on this Long Beach Real Estate Search was $250,000.

$100,000,000 to Los Angeles. No Comment.

$23,000,000 to the City of Sarasota. LOTS of LAUGHING Here when you search for Sarasota Real Estate for sale.

$18,150,000 to Evanston, IL. - Do a search for homes here. Evanston is in the North Shore where you can find some of the priciest homes in Chicagoland. If you’ve lived in Chicago, it really makes for a good laugh.

I could take this a step further… but I’m not and end it here. People who can think for themselves have a good understanding of what it all really means.

The Blight of Foreclosures Issue

Which brings us back to the “Blight” issue. Instead of Pandering for Federal Taxpayer dollars in programs being run where there are plenty of questions that can be raised concerning the effective management of these dollars, perhaps City and County Officials should be thinking more like the City of Indio when they took the bull by the horns.

City of Indio Fines Banks for Blighted Foreclosures

There are Homeowner Associations across Las Vegas that have gotten pretty aggressive in policing their own neighborhoods. I know from the several short sales that I have listed that some of the better managed HOA’s that actually do something for paying into them have taken a proactive approach to the problem and fining anybody that owns a home that appears to be blighted. There is a reason why there is a big set of Community Covenants & Rules (CC&R’s) provided to new homeowners in such a type of community and it’s not so the Management Company can collect fees for making copies.

As far as actual management of Bank Owned Homes… There are some Asset Management companies and REO Listing Agents representing some certain banks that do an absolutely wonderful job of maintaining the upkeep on their properties. And… there are some that should not be managing or listing homes for anybody in the first place.

Regardless… there is nothing stopping the City of Las Vegas or Clark County from establishing a simple set of standards to prevent blight… and to fine and penalize those that don’t want to follow it. Truly abandoned homes? There is a procedure for a local government to legally take ownership to these homes. Keep in mind… I’m specifically talking about true abandonment and not homeowner neglect. Big Difference.

Some 6,500 homes are going to hit the market in the Las Vegas Valley “and we can’t afford to buy any of them because we don’t have this money,” he said, slamming the grant list down on the podium.

Is this Program really just about blighted homes or is there more to the real intention of the program? Should Federal Taxpayer Dollars be used by who knows who to purchase private real estate owned by banks? Should Las Vegas take it as a compliment that they don’t know how to spend money like the Federal Government?

There are some Clever minds creating very entertaining commercials for Las Vegas… Somewhere in all of this, I think there is an idea in here for a new one.

Paul Francis, CRS
Prudential Americana Group – Realtors®
Las Vegas Real Estate
702.592.3058

* Paul Francis is an Independent Contractor specializing in Common Sense Las Vegas Real estate. Opinions formed in this post are his opinions and may not reflect the opinion of Prudential Americana Group – Realtors® or Prudential Real Estate Affiliates, Inc.

Prudential Americana Group – Realtors® is An independently owned and operated member of The Prudential Real Estate Affiliates, Inc. Prudential is a registered trademark of The Prudential Insurance Company of America. Used under license. Equal Housing Opportunity.   

 

September 2, 2009

Las Vegas Bank Owned Homes for Sale Report

Posted by lasvegasrealestate4u under Las Vegas Bank Owned Homes, Las Vegas Foreclosures | Tags: , |
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Las Vegas Bank Owned Homes

for sale 09/01/09

In the previous post concerning the number of Notices of Trustee’s Notices filed in Clark County, Nevada, we saw a significant increase in June & July that suggests more bank owned homes are on the way for Clark County.

As of 09/01/09.. the following numbers are from the Las Vegas MLS. (Bank Owned Homes available for sale under Residential real estate for areas 101 – 606 which includes North Las Vegas, Henderson and Summerlin Homes.)

  • 11,334 Total Properties available for sale
  • 2,479 Listed as Bank Owned Properties

Of the 2,479 Listings classified as Bank Owned Homes in Las Vegas, North Las Vegas and Henderson:

  • 1,899 are classified as Single Family Residences
  • 395 are classified as condominiums
  • 169 Townhomes
  • 15 Manufactured Homes

Quite a significant decrease from past Las Vegas Bank Owned Homes reports.

To search for Bank Owned homes available for sale in Las Vegas, you can view them at my Las Vegas Bank Owned Homes search.

Paul Francis, CRS
Prudential Americana Group – Realtors®
Las Vegas Real Estate
702.592.3058

 

May 17, 2009

Sign up for the Newest Bank Owned Homes Before They Become Available for Sale on the Las Vegas MLS

Posted by lasvegasrealestate4u under Las Vegas Bank Owned Homes, Las Vegas Foreclosures
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Sign up for The Newest Bank

Owned Homes available for Sale

Before They Become Available

for Sale on the Las Vegas MLS!

Contact me to get access to my Las Vegas Bank Owned Listings before they become available for sale on the MLS.

I first heard this commercial on a mainstream radio station in Las Vegas by a Las Vegas real estate broker and it really made me wonder. There has been some mention of this practice going on where some agents representing banks in listing their properties for sale are holding out and trying to get both sides of the deal.

While there has long been some speculation that this has been happening… it’s the first time that I actually came across it openly advertised and it really makes you wonder if the Bank being represented is really getting the most value possible for it’s investors.

 

The Highest Price Possible in The Shortest Amount of Time

Bear Markets using the Horse to get Ahead

Riding The Horse for All the Bucks

Anybody in real estate that understands the system will tell you that the NUMBER one way to get the MOST Money for your home in the SHORTEST amount of time is the Multiple Listing Service aka MLS.

So… how can this practice of advertising for buyers by giving them first access to Las Vegas Bank Owned Homes be in the best interest of the client they are representing?

IT’S NOT.

Great for Marketing for a double commission but it certainly is not in the best interest of the seller.

I don’t know… maybe it’s just me but if I was an Asset Manager for this particular Bank I certainly would not be too happy.

Paul Francis
Las Vegas Bank Owned Homes for Sale
702.592.3058

 

April 3, 2009

Las Vegas Foreclosure Report

Posted by lasvegasrealestate4u under Las Vegas Bank Owned Homes, Las Vegas Real Estate | Tags: , |
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Las Vegas Foreclosure Report

- 04/03/2009

lasvegasrealestatehomecom_welcome-to-vegasFor areas 101 through 606 on the Las Vegas MLS which includes Henderson, Green Valley Real Estate, Summerlin Real Estate and North Las Vegas, there are currently 6,044 REO homes available for sale. This shows a continued decline in available inventory on the Las Vegas MLS from the last report that you can view on our Las Vegas Foreclosure page. (6,765 on 03/01/2009 and 7,750 on January 20th, 2009)

While the numbers have declined for the past two months, this is still quite an increase from 04/12/2008 when we tracked 3,277 foreclosures for sale on the Las Vegas MLS. (History can be found on our Las Vegas Foreclosure Report page going back to May of 2007.)

However… total listing inventory for the same areas is now 18,733 which is a decrease in total inventory available for sale in comparison to April of 2008. Current total Inventory on the Las Vegas MLS for ALL areas is currently 19,845. In comparison, according to the chart below, there were 22,942 single family residences available for sale on the Las Vegas MLS for April of 2008. (Single Family Home inventory includes condominiums, townhomes and Manufactured Homes since these are zoned “Single Family”.)

Single Family Inventory in Las Vegas

Single Family Inventory in Las Vegas

This could be a very strong indicator that Las Vegas real estate may soon be stabilizing and needs to be watched in the coming months. The big wildcard is the increase in the Number of Las Vegas Notices of Defaults filed in February which could be an indicator of more foreclosures to come if not resolved with a short sale or loan modification.

Keep reading to view the amount of foreclosures in Las Vegas currently under contract and some news that will probably be traveling around pretty fast.

Breakdown of Todays Las Vegas

Foreclosures Available

Single Family Homes – 4,620 Bank Owned Homes ranging in price from $3,950,000 for this Luxury Las Vegas foreclosure to $19,500. 

Condominiums – 952 Bank owned condominiums in Las Vegas ranging in price from $599,900 for this Turnberry Foreclosure to $19,900.

Townhomes – 456 Bank Owned Townhomes ranging in price from $520,000 for this Lake Las Vegas townhome to $19,000.

Manufactured Homes – 16 Manufactured homes ranging in price from $135,000 to $24,900.

Las Vegas Foreclosures Currently

Under Contract

There are currently 5,396 Bank Owned Homes in areas 101 through 606 currently under Contract! These are the highest numbers we’ve seen as buyers are snatching up the good deals and taking Las Vegas foreclosures off of the market.

Asking list prices ranged from $1,600,000 for an Anthem Country Club home to $18,000. For Las Vegas Condominiums, the highest asking list price currently under contract is a $560,000 High Rise Condominium in Panorama Towers.

These are very strong numbers for activity taking place and the total amount of single family properties in Las Vegas currently under contract for areas 101-606 is 9,295.

In comparison to see how significant this is, you can jump over to Ryan Ward’s Atlanta Real Estate site where he keeps track of the total amount of properties under contract and see only 6,396 with a total amount of properties available for sale at 45,871. Atlanta is a much bigger metropolitan area then Las Vegas and it’s pretty obvious to see that Las Vegas is much farther along in the correction process with the amount of activity taking place.

Las Vegas real estate buyers are taking advantage of the low prices, low interest rates and the first time homebuyers $8,000 tax credit to move inventory.

Las Vegas Foreclosure Search

 

To view foreclosures currently available for sale that are listed by cooperating Brokers on the Las Vegas MLS, you can visit our Las Vegas Foreclosure Search.

Or… search thousands of Las Vegas Homes for sale and create/save your own search and have the newest listings that meet your criteria conveniently e-mailed to you.

For personalized service and to be notified of the newest Las Vegas foreclosures that become available with your criteria, please use the contact information below.

Paul Francis, CRS
Prudential Americana Group
Las Vegas Real Estate
702.592.3058

 

March 11, 2009

Report suggests 55% of Nevada Homes are worth less then their Mortgage

Posted by lasvegasrealestate4u under Las Vegas Bank Owned Homes
1 Comment 

55% of Nevada Homes worth Less

then their Mortgage?

A new report by First American Corelogic reports that 55% of Nevada Homes are worth less then the mortgages on them as reported by the Wall Street Journal.

Number of Homes Upside Down

Number of Homes Upside Down

Percentage wise, Nevada led the nation but when it comes to the total number, California leads the way in the total amount of homes underwater followed by Florida, Texas, Michigan, Ohio, Arizona and Georgia. 

Las Vegas Real Estate Reports Record Defaults for February of 2009

In another report by the Las Vegas Sun, Las Vegas reclaimed the lead in February as the foreclosure capital for cities with a population of more then 200,000. According to the Report that you can read here, February was also a record month for the number of Nevada homes in default on their mortgage payments.

From the Article:

“The city’s foreclosure rate of one filing for every 60 households was seven times the national average.

The number of default notices filed against homeowners who are delinquent in making mortgage payments rose 32 percent in February to 8,406. That’s compared with 6,064 notices in January and 4,367 in February 2008, according to RealtyTrac, a California firm that tracks foreclosures.

That is the highest amount in Nevada since the firm started tracking foreclosures in January 2005 and another ominous sign for the Las Vegas housing market. In January, foreclosure filings fell 4 percent from December, causing some to wonder whether the foreclosure crisis was slowing.”

See January Foreclosure Numbers.

The numbers for February are quite startling and almost double from February of 2008. Keep in mind these are homes that have not actually been foreclosed on and homeowners may be working something out with their lenders.

However… if you take a look at our Las Vegas Foreclosures for Sale on the MLS page, you’ll see the increase in the number of available foreclosures for sale shortly after February of 2008.

You’ll also see the decline of Las Vegas foreclosures available for sale from January 20th to March 1st of 2009…

Paul Francis, CRS
Las Vegas Real Estate
702.592.3058

 

February 13, 2009

Las Vegas Foreclosure Report

Posted by lasvegasrealestate4u under Las Vegas Bank Owned Homes, Las Vegas Real Estate | Tags: , |
[3] Comments 

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

 

January 8, 2009

Fannie Mae Extends Suspension of Foreclosures

Posted by lasvegasrealestate4u under General Real Estate, Las Vegas Bank Owned Homes | Tags: |
[2] Comments 

Fannie Mae Extends Foreclosure Sales and Eviction Suspension

Fannie Mae announced the extension of the suspension of Foreclosure Sales from January 9th to January 31st.

“The temporary suspension of foreclosures will allow affected borrowers facing foreclosure to retain their homes while Fannie Mae works with mortgage servicers to implement the SMP. Foreclosure attorneys and loan servicers have been instructed to use the additional time to reach out to borrowers and continue to pursue workout options. The initiative applies to loans owned or securitized by Fannie Mae. 

The SMP is aimed at the borrower who has missed three payments or more, owns and occupies the primary residence, and has not filed for bankruptcy. The program creates a fast-track method for getting troubled borrowers into an affordable monthly payment through a mix of reducing the mortgage interest rate, extending the life of the loan or even deferring payments on part of the principal. Servicers have flexibility in the approach, but the objective is to create a more affordable payment for borrowers at risk of foreclosure.”

Las Vegas Real Estate Foreclosures for Sale on the Las Vegas MLS for 1/08/09:

7,914  Foreclosures on the Las Vegas MLS currently available for sale in areas 101 through 606 which includes Las Vegas, North Las Vegas, Henderson and Summerlin Foreclosures.

  • 6,301 Las Vegas Single Family REO Homes
  • 1,097 Las Vegas Condominium REO Properties for Sale
  • 502 Las Vegas REO Townhomes for Sale
  • 14 Manufactured REO.

Search and view Las Vegas Foreclosures for sale on the Las Vegas MLS with maps.

Use the Contact information below for purchasing Foreclosures in Las Vegas, Summerlin and Henderson.

Paul Francis, CRS
Las Vegas Foreclosures
702.592.3058

 

December 22, 2008

10 Worst Real Estate Markets for 2009

Posted by lasvegasrealestate4u under Las Vegas Bank Owned Homes, las vegas short sales | Tags: , , , |
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Fortune just released their projected 10 worst real estate markets for 2009 that you can read by clicking here.

California dominated the list with a projected 6 real estate markets out of the top 10 forecasted to have a not so great 2009. Las Vegas did not make the top 10.

I also found this side article interesting that you can read by clicking here. From the Article:

“Auctions are a pretty simple game,” Rob Friedman, REDC’s chairman, explains to me during a walk around the block to escape the noise. “The more people that you get to see your ads, the more people that will go to your open houses. The more people that go to the open houses, the more people that will show up at your auction. The more people that show up at your auction, the more competitive the bidding, and the more we sell.”

Translation: The more people we can get in one room and get bidding on a property, the more we can sell it for.

On my last check on the number of Las Vegas Foreclosures for sale on the Las Vegas MLS, we had a little over 7,500 bank owned properties available for sale. You can search through them right here on my Las Vegas Bank Owned Homes search engine.

Personally, I’ve found that Banks are becoming more receptive to Short Sales and keeping the properties from going to foreclosure in the first place. If you have the patience, you can get some really good deals before they end up on “Foreclosure Radar” screens that everybody is sifting through.

Remember….More people bidding on the same properties means higher prices.

Paul Francis, CRS
Las Vegas Real Estate
702.592.3058

 

November 28, 2008

Las Vegas Short Sales vs. Las Vegas Foreclosures

Posted by lasvegasrealestate4u under Las Vegas Bank Owned Homes, las vegas short sales | Tags: , , |
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Reducing Las Vegas Foreclosures

from happening in the First Place

It’s even obvious to the out of town real estate investors that pop into Las Vegas as we take them from property to property in what once were highly desirable neighborhoods with meticulously landscaped yards. Las Vegas Homes that have been foreclosed on or are in the foreclosure process and have been abandoned. Old phone books and leaflets piling up and littering the front entry, trees and shrubbery dying, no trespassing warnings stuck to the garage doors and even piles of leave behinds piled up at the curb for the next garbage haul as somebody else vacates their home to move on.

“There’s one that looks like a foreclosure – is that one available for sale?” I’ll check the status on the property and see where it is in the process I often reply.

At this point I can’t even count how many I’ve seen or checked into. I can’t even count how many times I’ve asked in my mind if it was even necessary to put up the tacky “Bank Owned” or “Foreclosure Home” riders on the real estate signs in neighborhoods where homes easily sold for over $500,000 at one time. Like it’s not obvious that the home is a bank owned home in the first place or it’s a special find for somebody who might just be driving down the street. Geez… we only have over 7,400 Bank Owned Homes currently available for sale on the Las Vegas MLS right now.

My New job seems to have become the cleanup guy. Yep.. that’s me picking up the phone books that were delivered a couple of months ago and putting them inside the house or picking up after the obvious signs of abandonment for Bank Owned not checked up in a month or two. Strangely, it seems to have become just another day in a Las Vegas neighborhood…

Las Vegas Short Sales

Every Las Vegas real estate agent seems to want the bank’s business for listing the bank owned home for sale and I certainly can’t blame them. They are priced to sell and it’s probably safe to say that over 75% of the requests I receive from buyers is for a Las Vegas foreclosure. You have to keep in mind that certain banks are doing business all over the United State with different procedures and laws. Baiting potential buyers with ridiculously low prices that they won’t accept in the first place,  Buyer pays for the CC&R’s, utilities are not turned on for proper inspections, put in your highest and best offer, etc.. etc..

Personally, I prefer listing Las Vegas Short Sales for sale. There is a lot of gratitude we receive from Las Vegas homeowners relieved to get out from being buried in debt and moving on the right way. Perhaps it’s the fact that the homeowners we do help out still have pride in their neighborhood, pride in their home and I don’t have to pick up old phone books.

Maybe it’s because they are genuinely nice people caught up in an unfortunate situation and just want to do the right thing which tells you a lot about somebody. I know every Las Vegas homeowner will not qualify for a short sale and sometimes letting their Las Vegas home go to foreclosure is their best option but I can tell you, more often then not, the homeowners trying to do a short sale are really good people.

Our Las Vegas short sales listed for sale are for the most part in great condition (in far better shape then most of the Las Vegas Bank Owned Homes I’ve seen) and while dealing with the loss negotiators for the banks certainly requires patience with all parties involved in such a transaction, in the long run I think it’s just an overall more positive experience for all parties involved as long as everybody involved knows it requires some patience.

For Las Vegas Home Sellers – Don’t be Embarrassed to do a Short Sale

I don’t think anybody wants to walk from their Las Vegas Home and just let it go to foreclosure without trying to do something. But.. the conditioning and programming that has been put into people’s minds over the years creates a feeling of embarrassment for many.

Despite an obvious hardship due to tough economic times, I’ve come across Las Vegas Homeowners who have waited too long doing nothing while draining their savings accounts to make it to the next mortgage payment with feelings of despair. Property management companies further add to this by offering to rent out homes until “the real estate market rebounds and prices go back up” as the solution for not being able to sell homes for what is owed on the home. Meanwhile… the homeowner comes out of pocket each and every month several hundred dollars a month waiting for real estate prices to reach back to the artificial levels created at the peak of the market. Some have waited six months plus and bleeding to death before the realization sets in that there is no quick solution… and there will be no quick solution.

The further distrust of everybody just seems to be compounded with stories of being told when they purchased their Las Vegas home that real estate is always a good investment, you better buy now while rates are low, Las Vegas is running out of land or their lender said they could just refinance after a year, etc..etc..

There is absolutely no reason to be embarrassed to list your home as a short sale.

The causes for the housing bubble are extremely complicated and hard to understand unless you’ve taken the time to go back and follow the procedures created. Cheap interest rates, lax lending, leveraging consumers to the max, everybody suddenly becoming Las Vegas real estate investment experts and even the “experts” often quoted in the dear old Las Vegas Review Journal got it wrong. And even for some of us that did sense this coming, the knowledge of just how bad the mortgage fraud was is kind of beyond disbelief.

Regardless of why you bought your Las Vegas Home in the first place, if you’ve come across a hardship, need to cut your expenses and need out of your Las Vegas home and owe more then what’s it worth… you are certainly not alone.

For Las Vegas Real Estate Buyers — DO NOT IGNORE Las Vegas Short Sales!

I know… I’ve seen it. Potential Las Vegas real estate buyers have told me it, and I know Las Vegas real estate agents are saying it. “Don’t waste your time buying a Las Vegas short sale…”

I was reminded of the stigma concerning Las Vegas short sales a couple of days ago when a Summerlin home buyer called me from their car off of our sign in front of this great Summerlin Home we have for sale. (Questions are in quotes..)

“What’s the Price?”

I told them the price.

“Is it a brand new listing?”

No.

“How come my Agent did not show me this property this past weekend”

I have no idea

“Is it a Short Sale?”

Yes — but my partner primarily works on working with the lenders for our Las Vegas short sales and she has a very good record of getting them closed. I do market reports for the zip code on a bi-weekly basis and we adjust the prices accordingly.

“My Agent told me to not waste my time with a short sale.”

Do you want a great Summerlin home at a great price?

“No… my agent said short sales were a waste of time.”

So… that was pretty much the end of the conversation and even though the buyers could have at least taken a look at the property.. they did not. Once again.. I know there are over 7,400 Las Vegas Bank Owned homes for sale on the Las Vegas MLS but if it was me looking to buy in that particular Summerlin neighborhood… I would want to take a look at the house. Trust me… you are not inconveniencing the sellers looking to do the right thing. I know it’s easier to show/view the Summerlin Bank Owned Homes for sale but not all short sales are a waste of time and can actually be a better deal.

So.. Why is there such a Stigma about buying a Short Sale?

Plain and simple. While the banks are no joy to work with due to their overworked staff, understanding how they work in the first place is the precise reason why some real estate agents know (or don’t know) what they are doing with Las Vegas short sales in the first place. The person working the file in Virginia has pretty much zero clue of what’s actually going on for a particular Las Vegas home unless we know how to communicate that to them. That’s what we do.

The proper interviewing process of the Las Vegas homeowner that is facing a hardship has to take place in the first place. Much like qualifying a buyer, we have a set of questions before we’ll even tell a Las Vegas home seller to submit all of the paperwork needed in the first place. WE DO NOT take every Las Vegas short sale request. There has to be a hardship and this has to be documented before we’ll even put the home up for sale. We have a complete set of guidelines for this that we require before we even put the home up for sale.

Yes.. we turn down listings. Imagine that.

  • Baiting Las Vegas Real Estate Buyers

MY Biggest Hangup. Baiting a buyer is putting a home up for sale at a ridiculously low price that the bank/investors will never approve of just to get offers in on it with the hope that it will be bid up on price to an acceptable number. Read some of the popular forums on what people think about this tactic and what it does to our industry in building credibility. Yep… once again ridiculous…

Keep in mind what I said to the Summerlin Home buyer inquiring about our Summerlin Home for Sale and how we consistently keep track of current market values and adjust the price accordingly.

We did the exact same thing for our other two approved Las Vegas short sales that will be closing in the next week. One was a North Las Vegas Home and the other was a Green Valley Home.

These Las Vegas Home Buyers Had Patience

I have to give sincere Kudos to the Las Vegas real estate agents that represented the buyers on these Las Vegas short sale deals. We priced them right… they called us and asked the right questions to see if we knew what we were doing in the first place … and their buyers ended up buying some great Las Vegas real estate at a fantastic price. Our sellers are thrilled that they can move on in life knowing they did the right thing and when they rebound… they’ll be able to buy a home a couple of years sooner then if they would have just let it go to foreclosure.

For Las Vegas Real Estate Investors

I mentioned about property management companies seeking out the business to rent out homes “until prices rebound”. Many of these same people are now contacting us to sell their Las Vegas homes with tenants already in place which equates to a fantastic opportunity for you. The tenants are already there, you get to do the due diligence and see them already living in the home and you have no down time that you would have if you bought a vacant bank owned home. Some of our Las Vegas short sales are an incredible opportunity for true Las Vegas real estate investors. Contact me for the newest one we will be putting up for sale next week in the 89052 zip code of Henderson with a dream tenant to be contacted right away when it comes up for sale.

My whole Particular point of this VERY long Las Vegas Real Estate Post…

Somebody contacted me a couple of days ago concerning doing a short sale and they were referred to me by somebody else. Before our meeting I did plenty of research on their property with a detailed Comparative Market Analysis and forwarded this to them including details on seller contribution costs that are not obvious on a regular comparative market analysis. During our meeting this particular person said something that will stick in my mind that I’ll never forget:

You Have a Ton of Passion for What you Do.

This particular person is in a real estate related industry who over the years has probably sat down with hundreds of real estate agents and that’s a great compliment.

Yes… we do have a ton of passion for what we do and the whole point of this blog post and the several that will follow is education and doing whatever it takes to keep our clients Las Vegas homes from becoming a foreclosure in the first place.

Because true Las Vegas real estate agents have passion…. and real estate agents with a soul are going to do everything they can to keep these homes from going into foreclosure in the first place…

If you are facing a hardship and the monthly mortgage is too much to continue handling and you’ve tried contacting your lender for a loan modification with no success, please contact us with the information below to see if we can help you with a short sale.

Paul Francis, CRS
Las Vegas Real Estate
702.592.3058

 

September 9, 2008

Las Vegas Bank Owned Homes Report – 9/9/08

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Las Vegas Bank Owned Homes

Report - 9/9/08

Ok.. we’ve been a little bit busy doing some Las Vegas Short sales.. and buildng a new Las Vegas real estate site that will give potential Las Vegas home buyers a simple to use (and commercial free!) source to search all of the homes available for sale on the Las Vegas MLS.

Hopefully our efforts in helping Las Vegas Home sellers avoid the foreclosure process in the first place by doing a short sale will help slow down the number of Las Vegas bank owned homes available for sale on the Las Vegas MLS.  The number of bank owned homes available for sale in Las Vegas just keeps growing and you would think with the big increase in sales for all of the great deals in recent months, we would see this number start to level off. But.. they are still growing. Currently, there are:

5,368 Las Vegas Bank Owned Properties

available for Sale on the Las Vegas MLS

Since the last Las Vegas Bank Owned Homes report on 8/17/08, we’ve added 282 more bank owned homes available for sale. What’s really interesting is I did a search for Bank owned homes that closed escrow (title actually transferred) during this period and came up with 1,437. Currently, there are 3,751 Bank owned homes in Las Vegas that are Contingent or Pending. (In Escrow.) When you really think about it… there is some fascinating movement taking place right now just in the Bank owned homes category.

Not sure how to apply that information yet or if it really even means anything except as a reference that we can all look back on someday when we get through this mess. (Please note — this real estate blog is just bits and pieces of statistical information I keep track of for my clients so they are not misinformed by salesy types or the media. It’s not really out to sell you anything… You can visit my Las Vegas Real Estate site for that ;) )

Here are some further breakdowns of that 5,368 number:

  • 4214 Single Family Homes
  • 811 Condominiums
  • 337 Townhomes
  • 6 Manufactured Homes

Price Ranges of the Bank Owned Homes for Sale:

www.LasVegasRealEstateHome.com
Asking Price Ranges Number of Las Vegas area Bank Owned Properties
$99,999 and Lower 1010
$100,000 – $199,999 2,708
$200,000 – $299,999 1,008
$300,000 – $399,999 338
$400,000 – $499,999 146
$500,000 – $599,999 84
$600,000 – $699,999 23
$700,000 – $799,999 12
$800,000 – $899,000 14
$900,000 – $999,999 9
$1,000,000+ 16

If you’ve been paying attention.. there are a couple (only a couple) of price ranges where the inventory actually went down from the last report. And.. they are in price ranges that have been very soft in sales in the past year which tells me something. There was also a big jump in the under $100,000 price range… which also gives me some opinions.

What I will certainly tell you is this:

THERE is absolutely NO WAY you can tell me that Las Vegas Real Estate is now unaffordable with traditional financing methods. Something that we certainly could not say in 2005 and 2006. ;)

Paul Francis, CRS
Coldwell Banker Premier
Las Vegas Real Estate
702.592.3058

 

August 17, 2008

Las Vegas Foreclosure Report for August 17, 2008

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The Las Vegas Foreclosure Report 8/17/2008

For my July Las Vegas real estate sales report, I broke down the percentage of July Closings that were bank owned homes that sold. Over 65% of total sales on the Las Vegas MLS were bank owned properties in the Las Vegas, Henderson and North Las Vegas areas or areas 101 through 606 in the Las Vegas area Realtor world.

I also broke down the price ranges and gave the number of Las Vegas area bank owned homes and what asking price range they were in. Today.. Let’s explore the:

  • Current Number of Bank Owned Properties on the Las Vegas MLS
  • # of Bank Owned Homes available for sale on the Las Vegas MLS broken down by price range.
  • What any of this means to you as a buyer… or Las Vegas Real Estate Seller.

Bank Owned Properties currently for sale on the Las Vegas MLS

As of today, there are a total of 5,086 properties on the Las Vegas MLS that are classified as bank owned homes. A further breakdown:

  • 4005 of these are classified as Single Family Homes in Las Vegas
  • 745 are classified as Condominiums in Las Vegas
  • 332 are classified as TownHomes in Las Vegas
  • 4 are classified as Manufactured Homes in Las Vegas

(You can compare these numbers to my reported numbers for the past year by clicking the following link at one of my Las Vegas real estate websites.)

Price Ranges for Las Vegas Bank Owned Homes Currently available for Sale 

www.LasVegasRealEstateHome.com
 Asking Price Ranges  Number of Las Vegas area Bank Owned Properties
 $99,999 and Lower  834
 $100,000 – $199,999  2,635
 $200,000 – $299,999  962
 $300,000 – $399,999  330
 $400,000 – $499,999  165
 $500,000 – $599,999  90
 $600,000 – $699,999  27
 $700,000 – $799,999  13
 $800,000 – $899,000  11
 $900,000 – $999,999  7
 $1,000,000+  12

 

 

For Las Vegas Real Estate Buyers – Looking at what we see… If you are a buyer and comparing it to the number of Las Vegas Bank Owned homes that sold in the July market report, despite all of the sales that took place, Bank Owned Inventory continues to climb. So…In my opinion, Don’t go over Market Value (different then asking price) when buying a bank owned home. (Banks are doing a really good job of playing the emotions right now with some of the tactics taking place.) You win games by understanding the game. Are you really going to be missing out because somebody offered more then market value and their price is accepted by the bank? That’s for you to decide.

For a FREE list of Las Vegas Bank Owned Homes currently available for sale on the Las Vegas MLS that meets your criteria and for expert Las Vegas real estate representation free to you, please submit your request by clicking on the following Link –> Las Vegas Bank Owned Homes For Sale.

Paul Francis, CRS
Las Vegas Real Estate
702.592.3058

(P.S. – Don’t miss the most current reports conveniently e-mailed to you when they are released by Subscribing to this blog by clicking on the following link -> Subscribe to the Las Vegas Real Estate Blog.)

 

August 3, 2008

Why are Las Vegas Bank Owned Homes Being Priced so Low?

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Playing the Auction game with Las Vegas Bank owned Homes

 

One of the main questions we’ve been getting asked lately is why would listing agents list bank owned Las Vegas Homes available for sale far below market value?

Simple. It draws a lot of attention due to the low price and even gets plenty of free advertising from all of the Las Vegas real estate agents:

  • E-Mailing these “great deals” to prospective clients
  • Advertising the Properties on their websites or blogs as “The Best Deals” for Summerlin Real Estate, Henderson, etc.

Much like Auctions advertising increbibly low prices to get people interested in attending the auction in the first place, the whole point is to get as many people as possible to the “event” and let the emotions take over. It’s been working for hundreds of years and it will work for as long as people do not take the time to learn the Auction concept.

Experience in Las Vegas Foreclosures Matters

Experienced Las Vegas Real Estate agents know the auction concept game and we also know what agents and banks they represent that are playing the latest games. Obviously, everybody has been chasing the really good deals (too good to be true) and from my experience, it’s the same agents playing the games and then blaming it on the asset managers.

Unless you don’t read the paper or have never read a Las Vegas real estate blog, you’ve probably seen the “feeding frenzy” quotes and the claims of ”multiple offers coming in on properties under $300,000″. It certainly sounds great and it is true, but reality is, that it’s on bank owned properties with extremely low asking prices that is creating all of the attention and the multiple offers that you may be reading about. 

For example, a well known REO agent listing a lot of Wells Fargo owned properties is notorious for this and gaining quite a reputation from investment Las Vegas real estate agents in the know. Mention the name and expect a groan. A couple of others have made our list and will probably soon be just as well known in the circle.

For us… our most outrageous experience with this particular group was when we were working for a first time homebuyer three to four months ago and found a great little townhome listed a little above market value. We put an offer in at market value… and waited for the bank response. Only one other offer was in on the property and what did they do? They dropped the price (while two offers were in on the property) $30,000 below market value or $38,000 lower then their original asking price. When we called up and asked why they would do this… supposedly it was a “miscommunication” between their various asset managers and as listing agents, they only do what the asset managers tell them. After all of the other offers come in (obviously many, many more) we get the typical phone call with the “put in your highest and Best offer”.

We knew the value and did not budge. Somebody else came in (as normal) and bid more on the property and the bank accepted their offer. Guess what? Two months later we get a call back saying the deal fell through (probably did not appraise) and the property was available for our buyer.

Obviously though, like many other potential Las Vegas real estate buyers, our first time homebuyer became completely frustrated with the whole process of the games and ended up renewing their lease for another six months. (Sure, we could have advised to put in a higher offer, but continue reading and you’ll understand why we do not advise this in the current market.)

As another Las Vegas Realtor® stated:

“This market has got to be one of the most confusing and frustrating for buyers. Everything they hear has been telling them it’s a buyers market. Then they start looking…make an offer or two and say “WHAT’S GOING ON! my full price offer sat around for 3 weeks and the home was sold to someone else for $40k over list.”

Las Vegas Real Estate Values – Knowing what Market Values Should Be in the First Place

 

For our areas of specialization, we know the values and when we review the listings, we can spot the game right away — especially when we see who the listing agent is.

The fact of the matter is, there is no shortage of future foreclosures in Las Vegas that will be hitting the market in the coming months. When you know how many Notice of Defaults (first stage of formal foreclosure proceedings) have been filed in the past couple of months, you’ll certainly think twice about putting in offers above market value. Truly experienced Las Vegas foreclosure agents know this information and when you also do Las Vegas short sales as we do, you also have a pretty good grasp of how many Las Vegas homeowners are contemplating just walking away and letting their Las Vegas homes go to foreclosure.

Yes.. homes in Las Vegas are finally selling again since prices have dropped, but the Las Vegas bank owned inventory numbers are not.

Despite all of the sales going on (over 50% of total sales were bank owned properties in my May report –> Las Vegas Real Estate May Sales Report, Bank owned inventory is still going up. Currently it is up to 5,000 bank owned homes and condos on the Las Vegas MLS right now — up from 4,851 from my report on 7/20/2008 –> Las Vegas Foreclosure Homes Report.

TRUST me, I’ve been Extremely tempted to Highlight properties and provide the fax numbers to send the offers to for properties obviously under priced so I can waste somebody else’s time like they’ve wasted ours.

Now that prices are where they are, several people want to buy in this market and IMO, the biggest deterrent is exactly what keeps getting brought up. Las Vegas homes that are fairly priced are not getting the attention because everybody is wasting their time with the one across the street that is listed for an unrealistic price, being advertised that it’s the best deal in town, etc.. etc.. and causing frustration with buyers because they want to chase down the next “great” deal.

Personally, I am seeing stability in certain areas we specialize in.. but obviously plenty of confusion being created because of lack of transparency, experience and/or education in simple economics.

If it’s too good to be true… then more then likely it’s not.

Hopefully this post helps you to understand what is going on when you come across tactics and I certainly Don’t mean to rant.. I just hate it when I see tactics in the real estate business that are equivalent to a third rate used car dealership.

Paul Francis, CRS
Las Vegas Real Estate
702.592.3058

 

July 20, 2008

Las Vegas Bank Owned Homes Sales Report

Posted by lasvegasrealestate4u under Las Vegas Bank Owned Homes | Tags: |
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OOPS! I just realized that I forgot to post the June sales report for Bank Owned properties in Las Vegas. As many of the long time followers of this blog know, I’ve been tracking the number of Bank Owned Homes in Las Vegas available for sale on the Las Vegas MLS for over a year now.

Why is this important? Well, until we get through them I don’t think we can really call any real estate market normal. If the Bank owned homes in Las Vegas are not selling, the banks will drop the prices to get them sold. The precise reason why prices took the big tumple last November when the inventory was going up and the banks got tired of sitting on the inventory.

So.. for the time being, they are selling as evidenced by my June Numbers for Bank owned homes on the Las Vegas MLS that closed escrow. (Transferred ownership for some of you midwesterners and New Englanders out there that are still doing things the same way as you did 200 years ago.)

Total Sales of Properties Classified as Bank Owned on the Las Vegas MLS (areas 101-606 which includes Henderson, NV and North Las Vegas for June of 2008.)

  • 1,688

A further Breakdown:

  • 1,500 Single Family Bank Owned Homes
  • 124 Bank Owned Condominiums
  • 64 Townhomes

So, did the inventory of Bank Owned properties on the Las Vegas MLS available for sale go down? Well… not according to our Las Vegas Bank Owned homes available for sale report. Despite the increase in sales, inventory is still increasing. That’s ok though — at least it is selling!

As always, use the contact information below for all of your Las Vegas Real Estate needs..

Paul Francis, CRS
Coldwell Banker Premier
Las Vegas Bank Owned Homes
702.592.3058

 

May 13, 2008

Bank Owned Homes in Las Vegas Report

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A current check for Bank Owned Homes available for sale on the Las Vegas MLS for areas 101-606 (includes North Las Vegas and Henderson) shows a total of 4016 Bank owned Properties currently available for sale.

This is approximately a 5.6% increase in Bank Owned Properties available for sale in Las Vegas from the last report on 4/26/08 (less then a month ago) of 3,804.

A further Breakdown:

  • 3,313 of these are classified as Single Family Homes
  • 486 condominiums
  • 217 Town homes
  • 1 Manufactured Home

More importantly, Are Bank Owned Homes in Las Vegas Selling? (When they don’t sell, banks lower the prices to get them sold — reducing values.)

From the Las Vegas MLS for Bank Owned Homes that Sold (closed Escrow) for April of 2008 in areas 101-606 which includes North Las Vegas and Henderson:

1,120 Bank Owned Properties Sold and here is a further break down:

  • 1,012 Classified as Single Family Homes
  • 64 Condominiums
  • 42 Town homes
  • 2 Manufactured Homes

There are currently 2,943 Bank Owned Properties in Las Vegas that are in contract.

From the Las Vegas Review Journal.

For the first time since September 2005, sales of single-family homes in Las Vegas rose from the same month of the previous year, the Greater Las Vegas Association of Realtors reported Tuesday.

Home sales jumped to 1,794 in April, up nearly 30 percent from April 2007 and the fourth consecutive monthly increase.

The median price of a single-family home continued to decline in April, dropping 3 percent from March to $235,875, according to GLVAR statistics. The price is down 22.7 percent from a year ago.

Interestingly, my numbers for April showed a total of 2,056 closings with 1,831 of these being Single Family Homes. I am including North Las Vegas and Henderson.. Not sure why our numbers are different but my numbers for April Closings show that Bank Owned properties in Las Vegas made up 54% of the total sales.

The positive note is the increase in sales for Las Vegas showing some kind of interest for Las Vegas Real Estate.

Paul Francis, CRS
Coldwell Banker Premier
Las Vegas Real Estate
Las Vegas Bank Owned Homes
702.592.3058

 

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