The graph below is from ForeclosureRadar.com. The green line “Notice of Default” is the bank filing telling the homeowner you have not paid your mortgage and the next step is a foreclosure filing (Notice of Sale). As you can see, the defaults went to near-zero in October due to some complicated state regulations. So there are very few homes being foreclosed on a ton of investors wanting to buy them.
The non-short sale inventory in Las Vegas is being eaten away rather quickly while demand is extremely strong. Watch for a small uptick in average prices in February.
