Foreclosure filings in Las Vegas

Foreclosure filings in Las Vegas NV Hello welcome to Todd Miller TV. I wanted to give an update today on foreclosure filings in Clark County. So numbers came out recently that were showing last months numbers saying that there was a drop in the total number foreclosure filings and it was heralding this is good news and I think I agreed that anytime that we have you know less foreclosures that is a healthier market and that is better for everybody.But it was misleading and this is why, they defined a foreclosure filing is any type of foreclosure action so that means a default was filed. I notice a trustee sale was filed doing actual foreclosure happening at the trustee sale. Now the reason why that is misleading to look at that number is because some of these houses have been to the noticed trustee sale over and over and over and what that means is that you know they will post a notice trustee sale and then a week before the trustee sale they will postpone it.They will just say, “Oh we are going to cancel it move of tonight’s month through the month after whatever” so you have a lot of properties every month that are going through this so that number doesn’t really tell you that much. It just shows you it is skewed by the number of postponements and cancellations that happened. The real number to C is the number to default.Notice the default NOD is the first time and it only happens in months. It goes into default and it is in default. That is the key number to track. That number was actually up from April a little bit so it is bouncing around. It was higher in March down in April up again in May. That is really the number that tells you what is coming in all those you know properties the thousands of properties that we have that are in default already. You know some of those are waiting to foreclose on some of them have short sales on them some of them are just trying to get loan modes or whatever so I just want to give you that update. Clark County still ranks number one, Nevada ranks number one in the nation for total numbers of foreclosures for foreclosure percentages. How long is it going to last and where dos this fit with the bottom of the market it is a good question.Right now it looks like we still have 4 to 5 more years of at some level of higher than average, much higher than average foreclosures. Now it will just be interesting to see this be a stretched house 6 to 7 years. This could end up quicker if the government will just allow the foreclosures to take place you know, banks are trying to get back into lending and they don’t like lending in markets that are losing money because you know just incentivises more.Foreclosures and something interesting is worth seeing properties. We are foreclosed 3 years ago being foreclosed again because 3 years ago they paid 200,000 today it is worth 120 and they are like, you know they got an FHA loan, they like the 3% down and they are just saying well forget it, I have lost 80 grand and a lot of the people buying 200,000 FHA houses don’t have $80,000 we just make up the difference and it sort of frustrated.So that is kind of the interesting thing is that you know, while the market was declining in 2006 and 2007 and 2008 people still were paying you know, buying a house and values of client. We have seen that level off substantially. There is so much, so much less downside risk. There is so much upside potential right now in the Las Vegas market so. Anyway, every month when these numbers came out, I will do another video.I will keep you updated to sort of give you information to let you figure out where to go from there anyway that is my update for today. I hope to see you on the next video thanks.