Nevada has seen a recent decline in foreclosure home sales.
Realty Trac reported this dip in foreclosure sales info on Wednesday night. This is news greatly affects the future of real estate and economy Nation-wide, as well as in the state of Nevada.
A little more about Realty Trac: A foreclosure tracking research company from California. They found that 9,657 foreclosed housing units were sold in Nevada in the second half of this year, which is down 24.6 percent from the first quarter of 2012 and 32.5 percent from the second quarter of 2011.
Las Vegas tied for fifth highest in the nation with 45 percent of its residential sales in the second quarter of 2012 involving foreclosures.
A Nevada law that became effective in October makes it harder for banks to initiate foreclosure proceedings against homeowners who have been late with their mortgage payments. Observers of the trends in local real estate mostly agree that this is the main reason fewer foreclosed homes are available for sale in Las Vegas.
However, there has also been a nationwide decline…The 224,429 foreclosed housing units sold in the U.S. from April-June was 12 percent below the first quarter of 2012, and 22 percent down from the same period in 2011.
RealtyTrac vice president Daren Blomquist states "The second quarter sales numbers provide solid statistical evidence of what we've been hearing anecdotally from real estate agents, buyers and investors over the past few months…There is a limited supply of available foreclosure inventory to choose from in many markets."