Vegas Foreclosures Slow and Steady

November 11, 2010: Nevada, again, led all states with the highest foreclosure with one in 79 properties receiving a filing in October, nearly five times the national average. The more than 14,000 properties to receive a filing increased 3% from a year ago. The numbers probably would have been higher except for the fallout from the recent ‘robo-signing’ controversy — which is the most likely reason for the 9 percent monthly drop in REOs we saw from September to October and which may result in further decreases in November.

As stated in prior articles, the foreclosure process in Las Vegas is stable and becoming predictable. It has been more than two years since the foreclosure crises began. We have probably seen every possible foreclosure scenario. Loan modifications, short sales, trustee sales and evictions have all been played out in various forms. Having virtually seen it all when it comes to foreclosures and mortgages, we believe we can provide the homeowner with some level of certainty as to the outcome of her foreclosure.

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