Clark County Nevada Notice

of Trustee’s Sales

Through July of 2009

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.

Notice of Trustee’s Sales

Notice of Trusee's Sales filed in Clark County, Nevada through July 2009

Through July of 2009, the chart to the right shows the number of Notice of Trustee’s sales that have been filed in Clark County, Nevada. Once this is filed and a date is scheduled, the real estate owner has another 30 days before the scheduled sale and the Mortgagee takes title to the property.

Once the Mortgagee takes title, they then file a Notice to Quit to insure the legal process of evicting homeowners is followed. (Generally.. homeowners that have stayed past the actual Trustee’s sale have another 30 days.)

Obviously… you’ll notice the sudden increases that took place in June and July of 2009. This is partially due to the foreclosure moratoriums that took place and delayed the foreclosure process that was mentioned in a post I did back in February.

The latest numbers being reported for the number of Notice of Trustee’s sales being recorded is suggesting that more Bank Owned Homes in Clark County are on the way as the Banks get them ready for sale.

Remember the time frame of what happens after a Notice of Trustee’s sale is filed. Also keep in mind that the $8,000 tax credit for new homeowners is set to expire on December 1st. (Homes must close by November 30th for new homeowners to take advantage of this program.)

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

*Information deemed reliable but not guaranteed. The number of Notice of Trustee’s Sales supplied by First American Title from the Clark County, Nevada Recorders office.

Las Vegas Takes Top Spot Again

From CNN Money – Las Vegas Tops Foreclosure List in latest report that you can Read Here.

The 26 cities with the highest foreclosure rate in the nation are all located in four hard-hit states, with Las Vegas topping the list, according to a report released Wednesday.

It’s really no surprise considering the foreclosure moratoriums that were put in place while new help for homeowner programs were being created and delaying the correction process in cities such as Las Vegas where many Las Vegas homeowners would not qualify for the program due to the enormous amount of equity already lost.

From the Article:

“The concentration of troubled metro areas within the hardest-hit states, candidly, was even more severe than we expected it to be,” Sharga said. “The degree to which those four states dominated the rankings surprised even us.”

What’s not being reported is the number of Las Vegas Homes currently in escrow or the big jump in sales currently taking place for Las Vegas Real Estate.

As of today… there are 10,723 properties in either a “contingent” or “pending” status on the Las Vegas MLS for areas 101 through 606 which covers Las Vegas, Henderson and Summerlin.

Only 16,902 single family residences are currently available in the same areas… some more proof of a theory from my last Las Vegas Foreclosure Report that values may be stabilizing from the free fall.

Remember… without buyers you can’t have a healthy real estate market… No matter what programs are in place.

Paul Francis, CRS
Las Vegas Foreclosure Search
702.592.3058