http://www.joybenderhomes.comSereno Group(serenotoolkit.com)ca3d3799-e742-4f9c-bb95-982b9501aa71http://www.foreclosuredeals.com/wp/a-look-at-the-las-vegas-real-estate-market/Fri, 17 May 2013 12:00:00 GMT All throughout the country, foreclosure activity is declining as the real estate market is picking up and making progress toward recovery. However, when it comes to recovery, it is very much dependent upon the local real estate market. What, exactly, does the Las Vegas real estate market look like today, and what are predictions for the future? Home Prices Rise in Las Vegas Like many others real estate markets, home prices are rising in Las Vegas due to the decline in supply. Specifically, home prices are 31% higher in April of this year in comparison to April 2012. In addition to an annual increase, home prices in Las Vegas also increased 3.7% from March to April of this year. For April 2013, the median price was $167,000 – although this number is higher than the $160,000 figure from March, it is still a long way off from $315,000 in 2006. The rising home prices and declining housing supply is definitely indicative of market recovery in the Las Vegas area. Increase in Consumer and Investor Confidence In addition to the rising home prices, consumer and investor confidence in the Las Vegas real estate market is evident – something that was unheard of over the last few years as Las Vegas was plagued with a high number of foreclosure properties and very low home prices. Today, however, the tides have turned and people are no longer looking for “the bottom” and are instead realizing that progress is underway and the still-low home prices in Las Vegas are merely temporary. Things are definitely looking up for Las Vegas and investors are purchasing land as planned communities are being developed. Las Vegas’s Transformation into a Seller’s Market Like many other cities throughout the United States, over the last few years home sellers have had a difficult time selling their homes, leading many homeowners to become landlords as they had no option but to rent their homes out to tenants. Today, however, many of those same homeowners are taking advantage of the declining inventory and rising home prices, and are putting their homes on the market and successfully selling them. As home prices and demand rise and inventory declines, Las Vegas is looking more and more like a seller’s market, which was unheard of over the last few years. At the end of the day, things are looking up for Las Vegas as home prices rise, supply declines, and investors and consumer confidence in Las Vegas real estate increases. If Las Vegas follows the same trends as other cities, home prices will more than likely continue to rise as the Vegas real estate market makes slow but steady progress toward recovery. 1ab70ec3-131c-47d5-af60-61331c4ddff3http://www.foreclosuredeals.com/wp/april-report-shows-decrease-in-foreclosure-activity/Sun, 12 May 2013 12:00:00 GMT As April real estate market reports roll in, signs of real estate market progress toward recovery are still evident as foreclosure activity continues to decline nationally. Not only are less homes being foreclosed upon (and therefore repossessed), but there are fewer homes entering into the foreclosure process as well – which is a true indication of progress. Over the last few years, the number of homes actually being repossessed by banks remained unstable – with some months showing high numbers with other months remaining low in repossession activity. However, the ups and downs during these years were not due to recovery efforts, but were instead due to the speed of foreclosure and the delayed processes partly due to the foreclosure settlement agreements. With those agreements and delayed foreclosure processes behind us, we can finally attribute these numbers (and others, including rising home prices and declining housing inventories) to actual progress. In fact, April numbers are incredibly positive, with the number of repossessions declining 32% from April 2012 to April 2013 and falling 20% from March to April of this year. Furthermore, the number of homes entering the foreclosure process declined 4% from March to April and 28% from April 2012. Nevada Experiences Increase in Foreclosure Starts Although nationally the real estate market is doing much better, there are still some states that are lagging behind others in terms of recovery. In fact, Nevada came in at number one in the list of states with the most foreclosure activity. Specifically, Nevada has experienced a 40% annual increase in the number of homes entering the foreclosure process, which has put the state at the top of the foreclosure activity list. Not only does Nevada have the highest foreclosure activity in the nation, but also the foreclosure process is still very much delayed in the state – a shocking 400 days. Therefore, these homes that are being foreclosed upon may not even hit the market for another year. Clearly Nevada still has a long way to go to reach recovery. Florida Has the Second Highest Foreclosure Rate Along with Nevada, the Florida real estate market also has a long way to go before it reaches “normal.” Although many parts of Florida are experiencing a declining foreclosure inventory, the state has the second highest rate of foreclosures in the country with one in every 363 homes within the state being at some stage of the foreclosure process. In conclusion, the nation’s real estate market as a whole is definitely making significant strides toward recovery; however, it is essential to look at the state and local real estate markets when trying to determine how far an area has to go before it reaches “normal.” Fortunately, the real estate market outlook for the entire nation – including states like Nevada and Florida – includes continued progress toward recovery throughout the foreseeable future. Therefore, if you are an investor or potential homebuyer with an interest in purchasing foreclosures, short sales, or other distressed properties while they are still on the market, then start searching today! a44ae222-4ffb-4374-ba35-45c9a064b643http://www.foreclosuredeals.com/wp/foreclosure-inventories-are-quickly-ebbing/Fri, 26 Apr 2013 12:00:00 GMT Foreclosures have been something we have all become familiar with over the last few years. From homeowners becoming delinquent on their mortgage payments and facing foreclosure to lenders engaging in unethical actions that resulted in foreclosure settlement agreements, everyone knows the definition of a foreclosure property. Along with the term “foreclosure,” we have even become accustomed to other terms, such as zombie foreclosures and short sales over the last few years. All in all, the last few years have helped everyone to better understand the foreclosure process, what foreclosure properties are, and the difference in foreclosures and short sales, in addition to a wide variety of other real estate related topics. Today, however, most people are focusing on real estate market recovery and are tracking local and national real estate market numbers to determine how quickly we are progressing toward where we were before the housing market crash. Two of the best indicators of recovery are foreclosure activity and foreclosure inventories. Ebbing Foreclosure Activity One indication of real estate market progress toward recovery is a decrease in foreclosure activity. Fortunately, foreclosure activity seems to be declining at a rather significant rate. Specifically, the number of homes receiving a notice of default or with a scheduled bank auction or repossession declined 23% from the first quarter of 2012 to the first quarter of 2013. This declining foreclosure activity is great news for a real estate market that has struggled over the last few years. Declining Foreclosure Inventory Another indication of real estate market recovery is a declining foreclosure inventory. As foreclosure activity declines, typically the foreclosure inventory ebbs as well – this is exactly what is happening. Plus, with fewer foreclosures on the market and an increase in the demand for housing, home prices are starting to rise throughout the country. This information taken together is great news for those who have been closely watching the real estate market for signs of an improving housing market. Couple this information with the rise in consumer and investor confidence and the real estate market is definitely taking steps in a positive direction. Throughout 2013 home prices will more than likely continue to rise as foreclosure activity and foreclosure inventories continue to decline. In short, the number of homes entering into the foreclosure process is declining and foreclosure inventories are ebbing. If you are an investor or potential homebuyer looking for discounted properties such as foreclosures, then start searching today while these properties are still around.