Las Vegas Foreclosure Numbers: Will High Foreclosures Crash the Housing Market?

The latest Foreclosure filings for Las Vegas. These numbers are the notice of defaults, notice of trustee sales, and the actual trustee deeds (foreclosures). The Las Vegas real estate market is seeing historically low foreclosure numbers for 2022 compared with almost any year in the last two decades.

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

Todd Miller

Leave a Reply

Your email address will not be published. Required fields are marked *