Even though Nevada has seen a slowdown in the foreclosure rate last month, Nevada is still showing an above-average default rate. According to Jennifer Robison of the Las Vegas Review-Journal, "The Silver State ranked No. 3 in the nation for homes in foreclosure, with one in every 633 homes somewhere in the process in February, according to a Wednesday report from California research firm RealtyTrac. Only Florida, where one in 372 homes was in foreclosure, and Maryland, where the number was one in 557 homes, ranked higher. Nationally, the rate is one in every 1,170 homes.
The National rate is one in every 1,170 homes. Nevada is more than double this National rate.
RealtyTrac’s report also looked at what the company called 'zombie foreclosures,” or foreclosed homes that have been abandoned. Nevada saw a big jump in owner-vacated foreclosures in February, with a 21 percent year-to-year gain that ranked No. 3 in the nation. Daren Blomquist, vice president of RealtyTrac, said "zombie foreclosures are worse than owner-occupied foreclosures because vacant properties “drag down home values in the surrounding neighborhood and contribute to a climate of uncertainty and low inventory in local housing markets.”
The buyers have also pulled back since the late fall early winter with purchasing homes. Although the late winter reports an upswing in mortgage applications.
Is it time to Sell? Prices seem to be leveling out.... will they hold for a while, or perhaps drift backwards.... As builders continue to build and homes foreclose at an above the National rate.... we will have to wait and see.
Only the market can tell us.
Contact me for help and professional representation when buying or selling.
Author:Debra Pizzolato Phone: 702-348-8350 Dated: March 25th 2014 Views: 3,072 About Debra: ...
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Rick and Teri Have been top producers for over 30 years in the Southern Nevada and have been ranked in the top 50 agents in the US by the Wall Street Journal out of over 1.3 million agents. They have sold over 7,000 homes in both stable and challenging markets. Their strategies and incredible systems to represent buyers and sellers can not be matched! Sellers enjoy netting top dollar in the least amount of time with their massive marketing and ability to stay ahead of the curve! This Top Producing Team has consistently been in the top 1% of agents Nationally for the last 30 years. They are national speakers and are highly sought after by many who want to get to the next level in their business. They also serve on Professional Standards at the Greater Las Vegas Association of Realtors and are Senior Faculty Instructors. Their list of credentials are endless!
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