The time it takes to complete a foreclosure is going up, but the number of delinquent loans is thankfully going down. It’s sobering to think that something like 1 in 12 mortgage payers are behind and 1 in 25 is actually at some point in the foreclosure process.

Even though most of us won’t see any benefit, something between 4,000,000 and 4,500,000 homeowners who completed a foreclosure in 2009 and 2010 will actually have their cases reviewed. They won’t get their homes back, they won’t get their credit repaired, they won’t get their dignity back. There is a chance they may receive some “compensation,” but nobody knows how much that might be. The nice folks at Credit Slips accurately point out that for most of us, this means “bupkis.”

Las Vegas is tired of foreclosed homes sitting neglected and falling into disrepair (and so am I). A new proposal under consideration would force banks to register vacant homes they own and keep them up — or face fines and jail time!

Don’t forget that I’ll have more news on Friday when I bring you the Friday Figures!

We had a little bit of real estate news over the weekend: There’s talk about offering the banks a deal to get them out of the robosigning mess, but the banks don’t like it because it doesn’t limit their liability enough (maybe they should have thought about liability before forging and/or falsely signing thousands of documents!); meanwhile, FHFA is suing 17 banks including J.P. Morgan and Bank of America over Mortgage Backed Securities, but J.P. Morgan actually has a bigger problem, a RICO case (that means the plaintiffs are alleging that the whole company is a criminal enterprise); and the Feds are mad because they’ve been left holding the bag on almost a quarter million foreclosures.

But the most important thing either way, consult a lawyer who specializes in asset protection.

Here’s a little bonus for you: a bunch of news stories about where we are in the foreclosure crisis.

I’ve got a few little news items to add for now. First off, today’s big news is that nationwide, 28.4% of homes with mortgages are “underwater.” Needless to say, that percentage is much higher in Nevada!

Fannie Mae wants another $8,500,000,000 from Uncle Sam, bringing their bailout to near $100,000,000,000. Amazing!

And finally, for those of you considering a mortgage modification, you must read the fine print! You may be signing away important rights, such as the right to sue the bank for any fraud they may have committed regarding your mortgage! While at least one bank promises that was a “mistake” and things are “under review,” you should still make sure that you review documents very carefully and seriously consider having them reviewed by a licensed attorney.

Seriously, a simple question at a party sparked most of an episode of Getting REAL.

Bonus material: things buyers shouldn’t do; the Feds may actually be trying to get short sales moving, maybe; unexpected home expenses (or, sometimes water heaters die); on average, sellers wait 79 days before a price cut; and what is up with B of A?

Just for fun, maybe you’d like to check out these real pictures from foreclosed homes.

Somehow or another, the Review-Journal managed to time things out perfectly with yesterday’s item on Nevada’s foreclosure mediation program. Remember, the paperwork to get into that program will be in the same envelope with the Notice of Default, so resist the temptation to leave it sealed and pretend everything is alright.

In case you haven’t read them yet, two of the most popular posts I’ve ever written here are The Truth about REO and The Truth about Short Sales.

First of all, don’t forget to watch the latest Getting REAL (Estate) in Vegas for an overview of East side neighborhoods, condo financing criteria, and more!

Let’s tackle home sales and prices. Some experts expect prices nationally to drop another 8% from here, for a total 34% drop. Needless to say, Vegas prices have already dropped much more than that. Local experts in commercial properties think that particular sector is done going down. So if you are considering a commercial lease, you may want to strike while the iron is hot. As for local residential properties, experts noted the same slump in sales that I did, but fairly strong prices. The rate of home ownership is at it’s lowest level since 1999 (yes, that’s a picture of a man riding a horse down the street in a relatively rural part of Vegas; yes I can help you find a home that’s friendly for your horse). Not surprisingly if fewer people own their homes, market conditions for apartment complexes are improving. For a great summary of housing economics, you can’t beat Calculated Risk.

Now what you all want to know about: foreclosures. There are over 4.3 million loans that are more than 90 days past due or in the foreclosure process, even though the process itself is being slowed. Some state officials are being very aggressive about insisting that the law be followed (my inner cynic asks why bother now). There is more evidence that the failure of mortgage modification programs does lead to foreclosures. The IMF now believes that our current high unemployment rate is caused by underwater mortgages and foreclosures (you would think foreclosures at least would be caused by unemployment, not the other way around!)

If you’ve got a problem with defective drywall purchased at Lowe’s, there is an amended settlement agreement that you need to read up about.

And finally, it isn’t every week that a celebrity’s home sells. Danny Gans’s home sold for $9,000,000. It was a 10 year old, 3000 square foot home with a 20 car garage.