The most recent trustee sale numbers for August 2008 showed that 50% of all scheduled Las Vegas foreclosure sales were either canceled or postponed before the auction.
There’s a common misperception that nearly all of the Las Vegas homes currently in the foreclosure process are owned by investors or owners with zero equity and very little incentive to keep their properties from being sold at auction.
The conventional wisdom seems to be that once a home goes into default you might as well count it as inventory because it’s going to end up back on the market eventually.
But the numbers tell a different story.
At least half of the people with homes in foreclosure are fighting to keep them, and many are having some success.
While not all of the postponed sales will escape the auction in the long run, it’s encouraging to see how many people still believe that their homes are worth keeping– even in today’s climate.