Foreclosure Help in Nevada
Nevada has been experiencing slow-but-steady growth of the housing market since back in 2012. Although this promising situation has spent the majority of this year middling, it is suspected that the upward trend will continue. With average rent somewhere around the thousand dollar mark in and around the popular city of Las Vegas; let’s take a look at some of the statistics to get a firm grip on where this particular market is balanced.
Homes Are in High Demand
In Nevada homes are in high demand. This is shown by a report from the GLVAR which cites an average house sale time of less than 60 days. The median price of an existing family home in the area was set at $260,000 in August of 2017; a sharp growth from the 2012 recession, which saw house prices plummet to an average of $118,000. As of May 2019, those median family home prices had increased to $300,000. Although sources report that they are hovering once again, this is still a 1.7% increase on the year before. Nevada has less than a 90 day supply of available housing at any given time.
Have a specific question about Avoiding Foreclosure in Nevada? Check out our Foreclosure FAQ’s section.
House Prices and Rent Versus Income
A 2017 census recorded the average household income of $58,003 in Nevada. Offset against rental costs, this would leave a $46,000 remainder for those on this income. The average rate for appreciation on a 30-year mortgage in Nevada is 3.832% and for a 15 year, 3.329% . Nevada occupies a large territory as the seventh largest state, but it is sparsely populated, with the most densely populated area that of Clark County. In spite of the slow growth of the housing market Nevada has a 2.91% poverty rate among those in full time work .
Foreclosures in Nevada
Humboldt has the highest foreclosure rates in Nevada, with 1 in every 439 homes facing foreclosure. Foreclosure rates are actually down on this time last year across the board, with a fall in bank foreclosures, auctions and pre-foreclosures. Compared to the national average however, Nevada still finds itself at a slight loss as it continues to rebound from the 2012 recession.
You can read the full Nevada legislature regarding foreclosures by visiting Nevada Legislature. There is help for those who need it. The Foreclosure Prevention Program of Nevada helps those worst hit. The state also offers extra guidance and counselors for those facing foreclosure of their homes in Nevada. You can access this information, here. You can also take full advantage of the Home Again program to gain federal assistance, the Nevada Hardest Hit Fund, and the Foreclosure Mediation Program, All of these are designed to help those facing foreclosure to get out of debt.
In all cases those homeowners facing foreclosure still have rights and these rights must be protected. Seeking clear and impartial help is the best way to avoid losing your home.