Las Vegas Foreclosure Numbers: Will High Foreclosures Crash the Housing Market?
Concern that high foreclosures will crash the housing market is real, but nothing suggests that there will be a large number of foreclosures hitting the market anytime soon. The normal timeline for a foreclosure is as follows:
3-6 Months after not paying mortgage: NOD filed (Notice of Default)
90 days after NOD filed: Notice of Trustee Sale (NOT) filed
28 days after NOT filed: Foreclosure auction (Trustee’s deed)
Clark County was issuing 300-500 NODs a day back from 2007-2012 and today we are seeing 3-5 a day. It was not uncommon to have 40-60 foreclosures a day, and not we are seeing 1 or 2 total. Tracking foreclosures is a great leading indicator since they take a while to go through the process and its all public, so it can be measured. Also it provide a great heads up/warning to future inventory that could crash the housing market.
Todd and Oana are Las Vegas real estate agents and own Nevada Realty Solutions, a boutique brokerage in Las Vegas specialize in selling listings and working with investors.
Oana Sterlacci-Miller
broker@nvrs.com
Todd Miller
todd@nvrs.com