Is Real Estate Market on the Rebound in Las Vegas

As a real estate investor one might have the opportunity to follow what is happening in the recent real estate market.  There are a lot of posts and articles from the industry specialists where many people are assuming that the real estate industry is going to see a change in the near future. However, it seems like these reports on the recovery and the foreclosures are not 100 percent right.
As a market expert in Nevada, one can see that there is a real crisis regarding foreclosure in the area. This is why the real estate market is not stable at all. The market is sometimes stable and doing well in some places. However, the overall situation is not good enough to believe that the market is strong again. 
One can see that most of the people keep distance from the suspicious customers while trying to sell the properties. It is because most of the people do not really see whether the real estate industry is actually improving or not. There is just one difference and that difference is in the absence of Notice of Defaults. In fact, there was not anymore any default NODS notice by the end of the 201. These NODS are in fact the primary step for the foreclosures.
Nevada had seen a new state law, AB 284 on the first day of October, 2011. According to this law, banks now have to prepare a specific document if they want to foreclose a real estate property. This is why; the Notice of Defaults or notice have reduced to only 20 homes a month. In fact, there has been a vast change in the industry because of this law. Before this law, the number of NODS was on average 600 per month even in the northern part of Nevada.
However, any change will take a little time as nothing happens overnight. It is assumed that foreclosures will be postponed for about 3000 houses in this state. And this will happen because of this new law. However, this number is estimated for one county only. If you consider the other counties in Nevada, this number will be a lot more than this.
Before one gets into the details, is is better to get a clear idea with the help of the figures and numbers. Currently, the state has about 5,000 active, classified properties. Most of these assets are however defined as distressed ones. It means that it might take a little long to close the assets. The actual number of available houses in the market is about 2,300 units. This is only half of the active listings.
The rest of the houses are termed as pending as the banks might take more time to decide if they really want to foreclose the house. However, when the banks finally decide on a number of other delayed foreclosures, the market will be get even better as there will be more houses on sale. So, the real estate market in the US is not in bad shape. The market is showing sign of growing again in some markets.