As Realtors, we get sent all kinds of emails from
Lenders, Title Companies and others in the business sharing information they have access to
to help educate us about what is happening in the Las Vegas Real Estate Market.
Below is a graph we received this week with a note saying,
"When I look at this I’m thinking that we will be seeing short sales and REO’s in
our future."
At first look, I see that Notice of Defaults (NOD's) are way up for September.
But why were they so low in June and July?
Well, on June 3, Nevada passed the Home Owner's Bill of Rights.
It's my opinion that this is why NOD's dropped when they did.
The Banks wanted to have their Lawyer's pick apart the New Law.
Second, is that 3,677 number really that high?
From Jan - May we averaged about 1,500 a month.
If you add June - Sept numbers, and divide by 4.
99 + 487 + 1,114 + 3,677 = 5,377 / 4 = 1,344
Which is below average for this year.
But this graph got people talking. It grabbed a few headlines.
The Local News and Radio warned we could see more foreclosures.
Really? Based on a Knee Jerk Reaction!
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