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Sales of Bank and FHA Foreclosures Improved in Las Vegas in January



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By : Clark Raitz    99 or more times read
Sales of foreclosed properties, including FHA foreclosures, jumped last month in Las Vegas, Nevada, when compared with the previous month. However, more properties also took the first step towards foreclosure in January as default notices also increased for the month.

Figures related to Las Vegas foreclosure listings remained near crisis levels, but sales of foreclosed houses did improve as a total of 388 foreclosures were sold at auction in January 2011, representing a 35.7% jump compared with December 2010. A total of 1,517 of the for-sale properties went back to lenders and banks. These properties are called real estate owned and their total represented a 43.2% increase from December of 2010.

The number of homes entering the process of foreclosures in Nevada also increased last month. Households that received default notices jumped by 7.2% in January compared with December to reach a total of 3,923. The good news is that compared with January 2010, the total actually translated to a 17.1% decline. Meanwhile, notices of trustee sale or the final notice received by homeowners before their properties are sold as foreclosures totaled 3,240 last month, representing a drop of 23.6% compared with the previous month. However, compared with January 2010, the number was up by 32.3%.

The inventory of foreclosed properties in the city, including FHA foreclosures, also increased last month as more bank-owned houses were added to the pile. For the first month of the year, bank owned dwellings totaled 9,353, up slightly from the December 2010 total of 9,080. When compared with January 2010, the figure represented a 20% increase.

In terms of the period it took for properties to enter home foreclosure listings, the average as of last month was 260 days. The number represents the length of time between the first default notice being issued and the time the property is sold at auction. The length of time is almost the same from one year ago.

Distressed and foreclosed properties, including FHA foreclosures, are expected to rise again this year not only in Las Vegas, but in the rest of the country. Most analysts believe that 2011 foreclosure totals will be even higher than the previous year.
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