Another quarter has passed and it is time to look at the notice of trustee sale (NTS) activity.

We have been seeing the number of monthly NTS activity rise for the last two years.  Looking at the graph presented here, you can see that the NTS activity has leveled off.  It is still at about four times the rate it was two and a half years ago.  But, the good news is that it does appear to have leveled off.

The current monthly rate of foreclosures is about 250.  If this rate is sustained it will result in about 3,000 foreclosures in Clark County this year.  By comparison, the rate had been somewhere around 700 per year before the NTS activity rose to its current level.

With this high rate of activity there will certainly be a continued affect on property values.  The “short sale” and “bank owned” (REO) sales continue to be high.  And, seller (and Realtor) concessions are common.   All these influences will continue to maintain a downward pressure on residential property values in Clark County.

Ralph Olsen, IFA     appraiser

Pacific West Appraisal Services, Inc

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