The number of distressed homes in the Las Vegas Valley has dropped to the lowest level in years according to newly released data.
Distressed homes include both foreclosures and short sales.
Foreclosures accounted for just 2% of the market last year. That is down from 4% in 2016 and down from a high of 43% in 2011 during the recession. Short sales accounted for around 3% of sales last year. That is down from 4% in 2016 and down from a high of over 27% in 2012.
Also, sales that take place at foreclosure auctions accounted for just over 2% last year. That is down from 4% in 2016 and down from a high of 12% in 2011.
Distressed sales have been slowing down steadily over the years as our local housing market and economy have recovered from the recession. The total number of distressed sales is now around 7% which is down from a high of 73% in 2011.
With lending restrictions much tighter then they used to be, experts feel that the chances of another major boom in distressed properties is not very likely.
People are now looking at their homes as a place to live and not an ATM machine with which they can take out cash whenever needed.