Buyers looking to purchase a home in Las Vegas will be happy to hear we still have foreclosures coming.  Realty Trac reports there were 8,726 notices of default filed in Nevada in June. That is close to a 10% jump between May and June in 2009. In Las Vegas Real Estate, Las Vegas Notice of Defaults dropped from 7,643 in May to 7,335 in June. Notice of defaults and sale dates issued by lenders jumped from 14,681 in May to  15,885 in June. Nevada has led the nation in foreclosures for the first half of the year. We have surpassed Florida, Phoenix and the hardest hit areas of California. It is estimated that everyone 1 in 13 homes in Nevada has recieved a notice of default. A NOD is typically issued after a borrower has missed 3 payments.

The Greater Las Vegas Association of Realtors reported a record 4,702 home sales locally in June, with the median price of $140,000 remaining steady from May. The good news is the inventory is getting eaten up once they are on the market. Lenders are working with homeowners on modifications as well. If your purchasing a short sale home, the banks seem to be working through these with a bit more efficiency than compared to a year ago.