Does Being #1 In Foreclosures Really Mean Anything For Nevada Anymore? September 17, 2015
While it was just announced that Nevada is back on top of the (unforutunate) list of highest foreclosure rates in the nation, this is also to be taken with a grain of salt. (Read More)Unlike many other states that were drastically affected by the “bubble”, Nevada passed numerous legislative obstacles to slow down (and in some cases) obstruct lenders from foreclosing. As a result, we simply “kicked the can” down the road. It came as no surprise to many in our industry that we would be facing many YEARS of foreclosure activity as a result. So while we’re back on top of this list, some perspective should be assessed. Are more people defaulting now? NO. Is the market declining and creating distressed assets? NO.
Currently only 3.6% of the total available inventory consists of actual foreclosures or “REO Properties”. This is such a minute portion of our market that quite frankly doesn’t warrant much attention anymore. More important to point out is the fact that while we are at 3.6% currently, we started the year with 5%. So in fact, our “distressed” inventory has proven to DECLINE this year.
While we may still be the leader in this analytic, it’s important to understand how less relevant our foreclosure inventory has become.
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