Tag Archives: Las Vegas

Real Estate

Foreclosures Reach Lowest Level Since 2007

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Foreclosure filings dropped again in July, marking the 10th straight month for year-over-year declines and reaching their lowest level since November 2007, RealtyTrac reports. But analysts are still mostly attributing the drop to banks’ processing delays as they take more time to take action against delinquent home owners.

For July, about 212,764 homes received a foreclosure filing — which is a notice of default or auction sale or completed foreclosure — that’s down 4 percent compared to June. Filings were 35 percent lower than July 2010, according to RealtyTrac, and bank repossessions were down 33.6 percent from its peak in September 2010. Also, initial notices of default dropped 39 percent year-over-year to fewer than 60,000, which could be an indication that fewer borrowers are falling behind on their mortgage payments or that lenders are not filing notices as promptly in the past.

“The downward trend in foreclosure activity has now taken on a life of its own,” says RealtyTrac CEO James Saccacio. “It appears that processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts, may be allowing more distressed home owners to stave off foreclosure.”

Las Vegas continued to have the highest rate of foreclosures in the country — a filing for every 99 homes. Overall, for states, Nevada had the highest foreclosure rate of any state (one filing for every 115 homes), followed by California (one in every 239 homes), and Arizona (one in every 273 homes).

Source: “Foreclosure Filings Fall for 10th Straight Month,” CNNMoney (Aug. 11, 2011)

 
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Real Estate

Michael Jackson’s Former Rental House Sells For $3.1 Million

A sprawling Las Vegas mansion, once rented by Michael Jackson, was sold for $3.1 million Thursday, the Nevada palace reportedly being the spot where the late King Of Pop met the physician, Dr. Conrad Murray, who has been investigated in the wake of his shocking death.

The house, which Jackson lived in from late 2006 to 2007, spans 15,461 square feet and has seven bedrooms, ten bathrooms, a tennis court, a basketball court and a 20-seat theater.

The mansion is the largest piece of real estate sold in Sin City in nearly a year’s span, no small feat considering that the sagging economy has depressed both the city and its’ real estate.

The sale of the 15,000-square-foot (1,400-square-meter) house was the city’s biggest in almost one year, according to an e-mailed statement today from Vegas Fine Estates, the broker on the deal. The buyer was a doctor-lawyer couple with property in California and Asia, the broker said without giving their names.

Jackson, who died June 25 from a drug overdose, paid $1 million to rent the seven-bedroom house for six months over 2006 and 2007 after returning from a self-imposed overseas exile, according to the statement. The luxury home includes tennis and basketball courts and a 20-seat theater.

Source:  Bloomberg.com