Well, there is strong statistical evidence in Nevada (nearly 15,000 samples) that indicate that banks are postponing sales at auction, presumably to avoid the event mentioned above. Click the graphic below if you need it enlarged.
Hmmm! 3% of the homes have been sold to 3rd party's (usually the majority of sales go here),17% returned (sold) to the bank, 18% cancelled (this happens when the delinquency is cured in some fashion prior to the auction) - but the albatross here is that the vast majority have been postponed. I am not referring to a few dozen sales, we are talking nearly 50,000.
As you may know, Nevada is on of the big foreclose and default states - along side California and Florida. Click here ( nevada_august_trustee_report 19/09/2009,11:01 192.72 Kb) to download the source from this graphic with plenty of information to fill in the blanks.