Las Vegas Foreclosures: Forecast for 2021 and Top 10 Foreclosures

Las Vegas Foreclosures and the forecast for 2021. Todd and Oana talk about the rate of delinquent FHA loans in Las Vegas as well as the rest of the US and the top 10 cities in the US with the highest number of default rates and potential number of foreclosures. The high unemployment and uncertainty in 2020 has created suspicion that there are going to be a high number of foreclosures that could crash the housing market.

Two of the largest factors that signal future foreclosures by banks in the US housing market are the default rate, which are homes that haven’t paid their mortgage in the last 90-120 days and have had a NOD or notice of default filed against them. The other is the number of delinquent FHA loans, which could signal whether there will be foreclosures. Specifically with Las Vegas there is only a medium risk of foreclosures compared with other metro areas since there is a lower default rate and much lower rate of people not paying their mortgage compared to other cities in the US as well as compared to the housing crisis of 2006-2011.

There has also been a significant foreclosure forbearance system in place for delinquent mortgages. This mortgage forbearance program has been in effect since 2020, and in 2021 is still in effect and likely to be in effect until 2022 or beyond. The mortgage forbearance program has created a moratorium on foreclosures in Las Vegas and the rest of the US.

Todd and Oana have sold over 3,000 foreclosed homes in Las Vegas representing big banks such as Fannie Mae, Freddie Mac, Wells Fargo, Bank of America and about 30 other lenders and asset management companies.

If you have questions about the Las Vegas real estate market or foreclosures in Las Vegas please contact us below.

Oana Sterlacci-Miller

Todd Miller

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