Dawn Barrier REALTOR®, 's Blog,LAS VEGAS BLOG

While Las Vegas is always the top in the nation for this title of foreclosure filings, this does not mean all those will become foreclosures.

The amount of Las Vegas Short Sales in the MLS that are in Pending or Contingent status is as of today, is at 8,719 per our local MLS stats for resale homes/condos,etc in the Las Vegas area.

The amount of Las Vegas Loan Modifications in process is also huge.

Because of just these 2 factors (there are more), many of the foreclosures will get delayed, we hope permanently, but if nothing else, we could see 3-6 months delays, just based on current activity. 

What this means is that for every Notice of Default that is filed on one of our Las Vegas Short Sales, we fight like HECK to get them closed as soon as we can to beat the sale date or we fight like HECK to get the foreclosure sale date postponed until we can get it the deal sold and closed.

Sometimes you can be 3 months into a Bank of America Short Sale and may have already put off a foreclosure sale date or two and may still fight to do it once or twice more before the home closes escrow.

There are still many that will foreclose as unfortunately from what I'm seeing is many homeowners who don't qualify for a loan modification they may be unaware that they could do a Las Vegas Short Sale to avoid the foreclosure.

The banks are always saying "we don't want to foreclose" , so if that is the case,, it may indicate they will be more willing to do the short sales and postpone the foreclosure sale date.  Although some banks can move a short sale thru their system in 60 days, many of them can't , we can hope the process will become quicker but don't hold your breath. So again, this makes the numbers a bit skewed as it adds more delays. 

So on one hand I'm optimistic that a lot of Las Vegas Short Sales will close and avoid foreclosure, the other hand feels we may be just delaying the possible recovery in our market and many foreclosures will still go thru.