Las Vegas Luxury Properties Link

The final March sales numbers for Las Vegas have been released by the GLVAR, and I have attached my monthly charts (2005 - 2011) for your information and use. Due to numerous requests, I have also included a 3rd page that summarizes the prior month's activity details and comparisons.

The highlights for March 2011 are as follows:

Total SFR Sales Volume: 3,384 units.

Average SFR Sales Price: $156,860.

Available SFR (without offers): 11,334 units

Available SFR (including pending and contingent): 22,184 units

Total Dollar Value of SFR Units Closed: $530,813,008.

Please email me for more indepth graphs and statistics at Felipe@felipecrook.com

Clark County Foreclosure Trends

Foreclosure Filings-Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowner's final notice before sale.

Foreclosure Outcomes-After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank's opening bid, the property will be Sold to 3rd Party; if not, it will go Back to the Bank and become part of that bank's REO inventory.

Foreclosure Inventories-Preforeclosure inventory is an estimate of the number of properties that have had a Notice of Default filed against the property, but have not yet been Scheduled for Sale. The Scheduled for Sale inventory indicates those properties that have had a Notice of Trustee Sale filed, but have not yet been sold or had the sale cancelled. The Bank Owned (REO) inventory indicates the number of properties that have been sold Back to the Bank at the trustee sale, and which the bank has not yet resold to another party.

Foreclosure Bids-The Published Bid is the amount listed in the Notice of Trustee Sale and is typically the balance due at the original date of sale. The Opening Bid is the bank's starting bid at auction, and is often discounted from the Published Bid. The Winning Bid is the highest bid received at auction and reflects the amount at which the bank or 3rd party purchased the foreclosure.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas, NV 89117

1-866-589-1646

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