ForeclosureS.com: Foreclosure Activity In Las Vegas Jumps 16% In Third Quarter

SACRAMENTO, Calif.--(BUSINESS WIRE)--Dec. 19, 2005--Northern California based ForeclosureS.com, a real estate information publisher and investment advisory firm specializing in distressed property reported today that new foreclosure filings in Clark County NV increased to 1,743 in the third quarter of 2005 from 1,498 in the second quarter.

"We feel that an increasing number of speculators are being trapped by a relatively flat appreciation curve in the third quarter," said ForeclosureS.com president Alexis McGee. "They put big mortgages on their purchases and are seeing little real equity growth. Prices are out of whack with rents, so many get stuck with negative cash flows."

“The scammers are nothing more than bandits who practice deception and outright fraud to virtually steal the house or strip any equity the owners may have in the property”

She went on to say that the uptick in prices in November to a median price of $310,000 in Las Vegas does not mean a resurgence of a price boom, and merely offsets the decline in October. She added, "Fluctuations like this are typical of a market cycling over the top. We do not foresee a price crash in southern Nevada next year, but a return to normalcy. That's a good thing."

ForeclosureS.com has been tracking foreclosures, publishing distressed property information and assisting investors since 1992. In December 2005, the company expanded its database nationwide with over 700,000 foreclosure property listings in more than 900 counties around the country.

"Our mission," said Ms. McGee, "is to teach our investor clients to develop win-win scenarios that will let the distressed homeowner conserve some equity for a fresh start while allowing the investor to make a reasonable profit. That's far better than having the owner lose everything in an auction on the courthouse steps."

Ms. McGee added out that homeowners in default should avoid so-called foreclosure "rescue" scams that are designed to fleece people in distress out of money, property, or both. "The scammers are nothing more than bandits who practice deception and outright fraud to virtually steal the house or strip any equity the owners may have in the property," Ms. McGee said. "The true foreclosure professional will offer a legitimate and ethical solution to the defaulted owner's problem."