Good Morning! Welcome to Todd Miller TV. I have the Trustee Sale Data that I wanted to go over. This is for the Las Vegas greater Southern Nevada area. We only have one Trustee Sale, it handles really all of Clark County.
So, there’s and interesting data that came out. This was from last month and what they do is, every month they get datas (Historical), goes over the last year.
So, I’m gonna start with this: What’s being foreclosed? Could the average right now of what’s being foreclosed are loans made in 2006. These were purchased loans as well as refinances. So, and a lot of refinances ’cause the loan is made no >/6/<, but the person bought the house know too. So we can see like, when they bought it versus when the houses were closed. They lived there for years, they >/refiled/< it.
If you go out a year on either side: 05 to 07, That's like the bell curve. That's when most of the loans right now are being foreclosed. See many newer loans being foreclosed, not many older ones. Some of those already have,so that's kinda where we are right now. So, it's about a 5-year lag; a loan, 5 years later, foreclosure.
The opening bid, on average, the winning bid is 12% above that. So, if the opening bid's a Hundred thousand, the winning bid is One-twelve. That's an average. And that's, this Data I'm gonna get some Trustee Sale guys. There actually down there bidding, we're gonna try to go over and see if we could get some different numbers from them.
The winning bid versus the value is 20%. What that means is, people on average are getting the property at 20% under market value. I think that number is skewed 'cause I think there's more in there. I think there's more value in there. And I don't think that takes to new accounts, the repairs and things that people have done to the house. But, that's the hard numbers that I've got.
As far as what sold third party, what goes back to the bank, that hasn't change. About a quarter of them go back to the bank, about 8% are sold to a third party, and the rest of them are cancelled and postponed. Those numbers are pretty consistent.
Right now, in Clark County there are Thirty thousand properties in preforeclosure. That's a waiting Trustee Sale. But there Eight Thousand scheduled for Trustee Sale which is a couple months worth, maybe/probably two months worth, month and a half. They usually schedule them Thirty days out, sometimes if they get postponed 'til more than that.
Anyway, those were the numbers. These were numbers from last month. I'm gonna get, do another video with actual Trustee Sale people that are actually down there bidding everyday for me and for our clients and, we're gonna sort of go through some more strategy and tactics with them.
Anyway, that's my update and hope to see you on the next video. Thanks!