Clark County is U.S. Foreclosure CapitalDec 10th, 2010 | By Chris Strong | Category: Business and Finance
Las Vegas Foreclosures Density Makes Clark County the U.S. Foreclosure Capital
RealtyStore (www.realtystore.com) completed a review of Clark County NV foreclosure trends and found the county leads the nation in density of foreclosures per population. Results show Clark County NV contains 13,265 foreclosed homes, or REOs. Of the total 13,265 foreclosures, 6,610, or 49%, are listed for active re-sale to the public. The remaining 6,665 foreclosed homes are not currently on the market for re-sale and remain in the local, dormant shadow inventory. As the main population center in the area, metro Las Vegas foreclosures represent over 90% of the county’s foreclosure listings.
Clark County ranked #3 in the U.S. in gross number of foreclosures. It trailed only #1 Maricopa County AZ (metro Phoenix) and #2 Los Angeles County CA (metro Los Angeles), where 23,776 and 16,746 foreclosures are recorded respectively.
Clark County, however, is #1 in the nation in the density of foreclosures per person, with 1 foreclosed home for every 141 persons living in the county. By comparison, Maricopa County posts 1 foreclosure per 169 persons, and Los Angeles County trails significantly in density with 1 foreclosure per 585 persons.
In terms of density of foreclosed homes versus total housing units, Las Vegas foreclosures again help make Clark County the leader. Of the markets with the most gross foreclosures in the U.S., Clark County leads with 1 of 62 housing units being a foreclosure. Maricopa County AZ is second with 1 of every 67 housing units, and Los Angeles County follows with 1 of every 202 housing units being a foreclosure.
A pricing study of Clark County and Las Vegas foreclosures illustrated a relatively tight discount in median price for foreclosed versus non-foreclosed listings. The median price of Clark County / Las Vegas foreclosures is $120,000. The market at large shows a median list price of $132,000. On an average basis, foreclosure list prices are running 9% below the market median. Selling prices may vary and further discounts may be found for certain foreclosed homes.
“It appears the Clark County market is adjusting to the influence created by the large number of Las Vegas foreclosures,” commented Peter Ranck, Vice President, RealtyStore. “However, the equally large number of local foreclosures not yet on the market, those stuck in shadow inventory, poses a potential threat to prices going forward. If all the shadow inventory of foreclosures recorded for the county were made available for re-sale in the current market, Clark County foreclosure listings would then soar to 35%, or a ratio of over 1 of every 3 of the total homes for sale. No other market has displayed this level of foreclosure availability before and it is unknown exactly how this inventory could affect sales rates and prices overall.”
See more about Clark County / Las Vegas bank foreclosures: http://www.realtystore.com/foreclosures/nevada-bank-fore …
Review HUD homes in Nevada: http://www.realtystore.com/foreclosures/nevada-hud-homes
More foreclosure trends reports: http://www.realtystore.com/foreclosure-trends
Glossary of foreclosure terms:
‘REO’ = Real Estate Owned, or a property which has been foreclosed upon and had title fully transferred to a lending institution such as a bank or government sponsored enterprise such as Fannie Mae, Freddie Mac, VA, or HUD homes.
‘Foreclosure re-sale’ = An REO property being actively marketed for sale to third-parties, including the public at large.
‘Shadow inventory’ = For the purposes of this report, shadow inventory includes only those homes which have fully completed the foreclosure process, had title transferred to a lender owner, and are not yet listed for re-sale to third parties, including the public at large.
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore’s mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore’s proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010).
The RealtyStore County Foreclosures Review provides the total number of REO (real estate owned) foreclosed properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders and inventory counts in any area can vary at any time. Counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices. Local population and housing unit counts per U.S. Census Bureau data for 2009.
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RealtyStore.com is the leading provider of foreclosure listings and discount property data nationwide. We empower our customers with listings, education and analysis required to identify and potentially maximize profits with undervalued real estate.