LAS VEGAS REVIEW-JOURNAL
By Hubble Smith
Jul. 16, 2010
Copyright © Las Vegas Review-Journal
A surge in foreclosure filings suggests that the housing market is headed for the feared “double dip,” with some analysts predicting a further decline in Las Vegas home prices of up to 20 percent. Nevada continues to lead the nation with one in every 17 households receiving a foreclosure notice in the first half of the year, Irvine, Calif.-based RealtyTrac listing service reported.
The state was hit with 5,140 notices of default in June, 4,736 notices of trustee sale and 2,963 real estate-owned properties that have gone back to the bank for a total of 12,839 foreclosure filings. That brings the six-month total to 64,429 filings, down 6.2 percent from the year-ago period and down 13.2 percent from the second half of 2009….
…David Brownell of Keller Williams Realty in Las Vegas sees a fundamental shift in the local housing market as short sales catch up with and maybe surpass foreclosures. He counted 1,550 foreclosure sales in June, or 38 percent of total sales, compared with 1,403 short sales, or 34 percent of the total. That’s the closest they’ve ever been…(click here to continue reading…)
