Foreclosures in Las Vegas ease up in October

Frankly speaking, it has been a tough year for Clark County, Nevada, where Las Vegas is, when it comes to residential real estate. One of the bright spots has been the availability of mortgage money at affordable rates that has kept matters on some sort of a path toward a distant normalcy. Wherever that might be. The solution to that largely rests on how soon the marketplace can first bring to a halt and then reverse the consistently high foreclosure rates here.

The statistics just released by Foreclosures.com for October seem to offer a ray of hope for Southern Nevada. Real estate owned, or REO, in Clark County fell to 2,653 from 3,563 in September, a nice well over 20% drop. Mortgage lenders are clearly in an aggressive mood to move unwanted property off their portfolios. What's more, preforeclosure filings also decreased, although more subtly, to 6,420 from 6,565 in September. Stats like these are nothing but eye candy to keen housing observers.

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