The State of Nevada has seen a very significant increase in short sales, 86% higher than the previous year’s statistics, this was according to a report released by RealtyTrac.com last week.
Short sales are rapidly growing in Nevada than in any other state. They accounted for 33 % of all Nevada home sales in 2012.
Foreclosed homes and short sales made up almost 70% of home sales in Nevada in 2012, this is also according to the data released by national foreclosure tracker, Realtytrac.
38% of all 2012 residential sales in Nevada were made up of homes that were in the foreclosure process, despite a 36% decrease from the previous year.
The average short sale in Nevada last year was $121, 977 short of the loan amount owed on the property. The US average was $81,621 short of the loan amount owed.
The real estate trend is evident all across the nation with decreases in the number of foreclosure sales but more short sales being approved.
Nevada also saw a steep drop in foreclosures since Assembly Bill 284 went into effect in October 2011 – a legislation which required stricter documentation standards by mortgage servicers during foreclosure proceedings. The additional requirements from the National Mortgage Settlement a few months later added to the delay in processing as servicers worked to meet tougher standards.
Realtytrac reports that foreclosures and short sales combined accounted for 43% of all home sales in the country last year.
The timing is right to sell your home if you are thinking of doing a short sale. Seek advice from a Certified Distressed Property Expert, contact Margie McIntyre at 775-250-3181or email her at Margie@margiemcintyre.com.