The Southern Nevada real estate market is doing all it can to shake off the jitters that have bothered it for a long time. Since it took a while to get buried this deep into the housing and mortgage mess, it'll likely take at least as long to completely wiggle out of it. That's just the way it is. Nothing is going to happen overnight.
Another positive foreclosure statistic was released this week. The California online research shop Foreclosures.com reports that Clark County, more or less Southern Nevada, logged 4,426 pre-foreclosure filings in April. This figure is a sizable decrease from the record March filings of 6,152, a very welcome development.
However, caution is still the word. In January the number was almost 6,000, then dropped to about 4,000 in February, jumped high in March as noted earlier and now fell again. In essence, it resembles a roller-coaster ride. Often as market corrections take place it happens in this manner when the upward curve is about to break and after a few months of up-and-down movement the steady, perhaps still slow, trend down begins to gather steam. That's what everyone is now looking forward to.
Foreclosures.com also informs its readers that Nevada remains at the top of the heap in pre-foreclosures of all households statewide, with 3.15%. The percentage really isn't a high number in itself, although it is up from its historic levels. Arizona came in second with 2.87% and third place went to Florida at 2.56%.
Nationally, pre-foreclosure filings are also heading down, at least for April. Maybe the steady climb is about to come to an end here, too.