Statistics & Trends... April 2012

Supply is Down, Demand is Up.  Prices are Rising!

A Majority of Buyers are All Cash Buyers.

We are moving from a Foreclosure Market to a Short Sale Market.

The Banks have learned that Short Sales Cost Less and Reduce their Risk.

Why?  Call me and I will explain.

Jim Hansen  -  702-321-6296

Forecosures are trending downward... Inventory ?

Nevada AB 284, effective as of Oct. 1, 2011, has had a noticable affect on the number of foreclosures.

Instead of a mass number of foreclosures, banks seem to be foreclosing at a slower more steady pace.

They are not all coming on the market, and the shadow inventory seems to be slowly climbing.

Nevada is Improving... Compared to Last Year

Nearly 69,000 Completed Foreclosures Nationally in March

Largest Improvements in Foreclosure Rate from a Year Ago were in Nevada and Arizona

There were 69,000 completed foreclosures in March 2012 compared to 85,000 in March 2011 and 66,000* in February 2012. Through the first quarter of 2012, there were 198,000 completed foreclosures compared to 232,000 through the first quarter of 2011. Since the start of the financial crisis in September 2008, there have been approximately 3.5 million completed foreclosures.

Highlights as of March 2012

• The five states with the largest number of completed foreclosures for the 12 months ending in March 2012 were: California (150,000), Florida (92,000), Michigan (62,000), Arizona (58,000) and Texas (57,000). These five states account for 49.1 percent of all completed foreclosures nationally.
• The percent of homeowners nationally who were more than 90 days late on their mortgage payments, including homes in foreclosure and REO, was 7.0 percent for March 2012 compared to 7.5 percent for March 2011, and 7.0 percent in February 2012.
• The five states with the highest foreclosure rates were: Florida (12.1 percent), New Jersey (6.6 percent), Illinois (5.4 percent), Nevada (4.9 percent) and New York (4.9 percent).
• The five states with the lowest foreclosure rates were: Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.1 percent) and South Dakota (1.4 percent).
• Of the top 100 markets, measured by Core Based Statistical Areas (CBSAs) population, 35 are showing an increase in the year-over-year foreclosure rate in March 2012, two more than in February 2012 when 33 of the top CBSAs were showing an increase in the year-over-year foreclosure rate.