Las Vegas Ranks High in Vacated Foreclosed Homes - 8 News NOW

Las Vegas Ranks High in Vacated Foreclosed Homes

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LAS VEGAS -- Las Vegas as of this month ranks eighth among the nation's largest metropolitan areas in the number of foreclosed residences that have been vacated by their owners, RealtyTrac.com reported Wednesday evening.

There are 3,089 residences in Las Vegas that fall into that category, according to the real estate analytics company from Irvine, Calif. These involve situations where the owner vacated the home after receiving notices of default or pending trustee sale.

Topping the metro list is Chicago with 14,717 such properties.

RealtyTrac also reported that 28 percent of all foreclosed properties in Nevada have been vacated by their owners, tied for second highest with Oregon. Indiana tops the list at 32 percent and the national average is 20 percent.

"Somewhat ironically, efforts to slow the slide of the housing market in previous years are now hampering a smooth recovery by holding back inventory of homes that almost certainly must sell in the future but are not yet listed for sale," RealtyTrac vice president Daren Blomquist said. "This includes homes in foreclosure that have been vacated by the homeowner, which account for one in every five U.S. properties actively in the foreclosure process, as well as more than half a million bank-owned homes.

"Efforts to prevent unnecessary foreclosures and mitigate their impact on home values have resulted in a foreclosure process that takes an average of 477 days nationwide, and more than two years in some states — which is holding many of these must-sell properties off the market. Even if all these homes flooded the market simultaneously they would likely not cause the once-feared double dip in prices given supply constraints from non-distressed sellers and stronger demand."

 

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