Las Vegas Foreclosures by The Stark Team

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Why are there so many foreclosures in the Las Vegas real estate market? The articles and content of  www.LasVegasCondoBargains.com (tm) will help explain the situation. Are there deals out there? Sure there are.  Are there great Las Vegas foreclosure homes and condo properties at the various auctions that look great on paper? Of course! Here is the general scenario of wht happens to these Las Vegas foreclosures.

Many go into a pre-foreclosure or short sale situation.  These short sales and all repos are now flagged in our Las Vegas MLS. We can easily search these for you, but the negotiations can be lengthy so we will ask that you sign a short sale disclosure stating that acceptance is subject to lender approval. Getting all parties to agree can sometimes be difficult and oftentimes these short sale properties go into foreclosure anyway.  Many loan companies now have so many Las Vegas foreclosures on their books, that they go into the Las Vegas MLS at pretty fair prices & the savvy real estate investors usually snaps them up in a few weeks.  We can spot these well priced Las vegas forecvlosures, they are usually single story homes ( Vegas is glutted with 2 story look alike boxes), country club homes, well situated homes and or those condos or golf course proerties with views & prime lots.

Then what happens with the ones that don't sell right away?  Well, the banks usually reduce the prices gradually. Some sell - some don't.  Then they may get pulled off the market & placed in an auction where out of state buyers may see them in these foreclosure auction brochures.

We received a call the other day from a lady who had bought a condo at Turnberry Place way under what she perceived of as market value - Hundreds of thousands of dollars below the comps, below what the property originally sold for 4 years ago. She called us to ask our opinion of what she was in contract to buy & as it turns out the new Fontainbleau Hotel is building a parking garage & convention center directly behind the condo - forever blocking any hopes of a view, having construction going on for 3 years (no rental possibilites) and on top of that the tower is in Construction Defect litigation! 

All  banks have buyers sign "AS-IS" Addendums - so Buyer Beware.  We can help you locate the Las Vegas foreclosures that  make sense, in areas that are not subject to drastic price drops,  There are several prime Las Vegas Country Club & Golf Course communites such as Anthem Country Club  and Lake Las Vegas- where there are some tremendous foreclosure deals.  We can help you sift thru the myriad of Las Vegas Bank owened property and simplify your seach.

Looking to take advantage of the Las Vegas foreclosure market & the strongest buyer's market in Las Vegas real estate history?

 Contact us today!

Please read the Foreclosure Article Below- We can help sift thru the numerous Las Vegas Foreclosures to find those that have the best value & opportunties for upside appreciation. The STARK Team are native Las vegans & 35 year residents! We know the areas! We can locate the TRUE values.

US foreclosure filings up 68 pct in Nov.

By ALEX VEIGA, AP Business WriterWed Dec 19, 6:55 AM ET

U.S. homeowners increasingly failed to keep up with their home loan payments in November, as the number of foreclosure filings surged 68 percent nationwide compared with the same month a year ago, according to a mortgage research company.

In all, 201,950 foreclosure filings were reported last month, compared with 120,334 in November 2006, Irvine-based RealtyTrac Inc. said Wednesday.

Last month's filings fell 10 percent from October's 224,451.

The last time there was a sequential drop in foreclosure filings was between August and September, when they fell 8 percent.

"It's a little bit of good news in the otherwise murky real estate market right now," said Rick Sharga, RealtyTrac's vice president of marketing. "The fact that we're seeing a 10 percent decrease is significant. It's a good thing."

The U.S. had one foreclosure filing for every 617 households in November, RealtyTrac said.

The filings include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages.

Forty-three states saw an increase in foreclosure filings over last year.

The decline in filings from October to November likely corresponds with a lull in adjustable-rate mortgage resets, Sharga said.

Such loans typically have a low introductory interest rate, then reset sharply higher after a set period. The number of borrowers who took on adjustable-rate mortgages offering a teaser rate for just two or three years rose sharply in the last couple of years of the housing boom, particularly in high-priced states such as California.

But many borrowers have been unable to afford the increased payments that come with the resets, and falling housing prices have made it harder to refinance or sell.

A flood of rate resets for such loans has helped drive up the number of home loan defaults in the last few months.

"We'll see another fairly big spike in (foreclosure) filings in early '08," Sharga said. "Then there's another group of loans that's due to reset in May and June, so we'll see another wave of defaults probably in the fall."

Experts estimate some 2 million adjustable-rate mortgages are due to reset at higher rates in the next seven months.

Nevada, Florida and Ohio had the highest foreclosure filing rates in the country last month, RealtyTrac said.

Nevada reported one foreclosure filing for every 152 households, earning the state the highest rate in the nation for the 11th month in a row. The state had 6,694 filings in November, up 1 percent from October and up 167 percent from November 2006.

Florida had one foreclosure filing for every 282 households. The state reported 29,238 filings last month, down more 3 percent from October, but up 212 percent from November last year.

Ohio reported one foreclosure filing for every 307 households. The state had 16,308 filings last month, down nearly 6 percent from October and nearly double the number from November 2006.

California had 39,992 foreclosure filings last month, up 108 percent from a year earlier and the most in the nation. Its foreclosure rate was one filing for every 325 households.

The state's filings fell 21 percent from October's total.

Rounding out the states with the top 10 foreclosure filing rates in November were Colorado, Michigan, Georgia, Arizona, Indiana and Illinois.

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