The Review-Journal reports that not only have local pre-foreclosures dropped, we have fewer bank-owned properties too.  Of course, that’s only a drop from the previous month;  we’re still way up over last year.  Nor is Vegas unusual, as we are more-or-less in line with the nationwide numbers.

Could it be that all the various foreclosure prevention initiatives are working?  Is it possible that the majority of people who were going to lose their homes have already done so?  Could this be a sign that the economy is improving in general?  Do we dare hope that the housing market is returning to “normal”, with short sales and REO properties being the rare exception instead of a force dominating the housing supply?

It is hard to know whether this means we are coming out of the housing storm, or whether it’s just a lull.  Nevertheless, I am happy to hear that we have fewer people in imminent danger of losing their homes.