Las Vegas Real Estate News

The Good and Bad About Nevada Foreclosures

In March 2009, 19,849 foreclosures were processed in the state of Nevada. Nearly, 20,000 families lost their homes in a single month.

In May 2019, the number was 667. That's great news. The unfortunate thing is that Nevada is still in the top ten of states for foreclosures. Nevada ranks number 9 in the country for distressed property activity.

Some experts have begun to express concern that foreclosures will become more frequent than they have been over the past decade or so. This is being caused by higher home prices and some buyers who are purchasing more expensive homes than they can afford.

The decade-long boom has many analysts concerned that the economy is due for an economic downturn. Some are predicting that it will happen in the next two years. If that happens, there might be more lost jobs and more foreclosures.

Nationally, New Jersey led the pack with one foreclosure in 1,117 homes. Nevada's number was 1 in 1,830 homes.

In 2018, there were 625,753 foreclosures nationwide. This year appears to be on pace to be slightly higher, but nowhere near the 2.87 million foreclosures that homeowners dealt with in 2010.

The Good and Bad About Nevada Foreclosures

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