For some time, there has been talk that the housing market in Las Vegas was finally out of the woods. More people have been buying homes and sale prices have been on the rise. Even the number of Nevada foreclosures was reported to drop to record lows during this past June.
Unfortunately, experts believe the foreclosure crisis may not truly be over. Although foreclosures are down, there has been a steady increase of default notices being served to Las Vegas homeowners. A RealtyTrac report said that the increase was 56 percent from a year ago.
However, the large increase isn’t a reason to panic. There may be many reasons for the increase,the most significant of which is the fact that there is a backlog of foreclosures. The backlog is probably the result of the amount of time it takes to complete a foreclosure. Today, it takes about 495 days to fully foreclose a property. One year ago, it took 420 days. Before the housing market crisis, it took a short 140 days from start to finish.
The increased amount of processing time means that more foreclosures will be pushed through at a later date. It makes it seem as though foreclosures are trending upward again. This element is creating a lot of confusion for the people tracking such statistics, and sadly, the numbers only seem to get more confusing.
On the positive side of the spectrum, Nevada was one of only ten states that saw such a huge decrease in their foreclosure numbers following the crash. Roughly 8,500 foreclosure filings were made on Nevada properties during the first half of the year. While that seems like a lot, such number is actually down 48 percent from the previous year.
On the negative side, Nevada still ended the first half of the year with the fifth highest rate for foreclosure filings in the country. Essentially, that means that while Nevada is doing better statewide, nationally, it can still be said that Nevada is experiencing a foreclosure crisis.
Hopefully these inconsistencies will level out over time. Experts believe that we should see a leveling of foreclosure numbers over the next six to nine months. One thing that can help the housing market improve is for prospective home buyers to consider purchasing a foreclosed property.
With the real estate lawyer Las Vegas relies upon, buying a foreclosure can be a safe possibility. Contact the attorneys at Simon Law. With over 30 years of experience, you can feel confident that you have a knowledgeable attorney on your side. For more information about this Las Vegas real estate attorney, contact 702.451.7077 or firstname.lastname@example.org.