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Foreclosures

Las Vegas is the Perfect Place to Find a Foreclosure

Tuesday, May 25th, 2010

Given the state of the recent economy it should come as no surprise to anyone that Nevada, whose unemployment rate still stands at nearly thirteen percent, has a plethora of homes on the market. For those who are interested in homes whose prices have been lowered, or are bank owned, Las Vegas, NV is certainly the right place to look.

Foreclosures were on a rapid rise in Nevada in general, and in Las Vegas in particular. The number of home foreclosures in the last year stands at an astonishing 3 million nationally, with foreclosures in Las Vegas, NV accounting for more than twelve percent of those foreclosures. That trend has begun to reverse thankfully, but the prices on foreclosures in Las Vegas, NV have not begun to climb to the levels they enjoyed pre-recession.

Home prices are down, even for luxury Las Vegas homes. Now is the perfect time to buy foreclosures in Las Vegas, NV. Prices are down, but inevitably, they will rise again. In fact, home prices at this moment are at levels that have not been seen in Las Vegas since early in 1998.

The median home price is now about 125,000, a far cry from where it was just three short years ago. If you are in the market for real estate, or have ever considered a vacation home in Las Vegas, there is certainly no time like the present. With all the signs of an economy that is going to see a recovery, it’s expected that the real estate prices will climb as the economy rebounds. Take some time to review the foreclosures in Las Vegas, NV and see what the state has to offer you.

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Foreclosures in Las Vegas, NV

Tuesday, April 6th, 2010

If you are in the position to buy a home in Las Vegas, consider purchasing a property in foreclosure. Properties in foreclosure are listed below market value usually because the owner of the property defaulted on the loan. The market value of prices has dropped so drastically due to economic conditions, that a foreclosed home is usually listed at a rock bottom price.

There are many types of foreclosures in Las Vegas including homes, luxury homes, condominiums, townhouses, and lofts. No matter what kind of property you are looking for, there is likely to be a foreclosure in your price range. There are many ways to find properties in foreclosure and it just takes a little time to find the home you are specifically looking for. Local newspapers often list homes that are in foreclosure, banks have lists of the properties that they have in foreclosure, and a real estate or property management company will also have access to foreclosed properties.

Once you determine your price range and get a loan approval for a house in foreclosure, you will be all set to begin your search. Take time to carefully inspect each property you see because there is little to no room for negotiations for repairs. The bank has already set the price at the lowest price they will accept and will not likely budge on the price. Buying a foreclosures in Las Vegas is a great way to become a homeowner and will be a lucrative long term investment.

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Las Vegas Foreclosures

Tuesday, March 16th, 2010

Due to the housing bubble that created astronomical housing prices across the country, the rate of foreclosures is near an all-time high.  Like other cities in the southwestern United States, Las Vegas, Nevada has been hit by especially hard by falling housing prices and foreclosures.

In the city of Las Vegas, one in every 93 homes received a foreclosure notice in February 2010.  Some of the more densely populated zip codes in the city have been affected even more severely.  In zip code 89139, 224 households received a foreclosure notice in February 2010.  This is a rate of 1 in every 4 households.  In zip code 89148, one in every 3 homes received a foreclosure notice in February 2010.

The main reason for the high rate of foreclosures in the Las Vegas market could be the fact that housing prices are just a fraction of what they were a few years ago.  Like many other cities, the prices of real estate in Las Vegas swelled dramatically in 2004 through 2006.  Towards the end of 2006, the housing prices reached their maximum point when they hovered around $300,000.  Since that point, housing prices in Las Vegas have fallen off considerably with the median price now somewhere below $150,000.

While housing prices have fallen off all over the city, prices appear to have stabilized.  For the past few quarters, the median sales price has remained relatively stable.  Also, because of the large amount of people seeking a deal, the volume of sales is Las Vegas is at its highest point in over two years.

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Foreclosures in Las Vegas, NV

Wednesday, December 23rd, 2009

Las Vegas, Nevada is widely regarded as the foreclosure capital of the United States.  With nearly one out of every sixty household filing for or on pace for foreclosure, Las Vegas is experience a foreclosure rate seven times higher than the national average.  This makes Las Vegas the most housing strained city (of more than 200,000 residents) in the United States.  Presently, almost one third of Las Vegas mortgage holders are listed as delinquent.

The rampant amount of foreclosures are drastically pressuring down Las Vegas housing prices.  In fact, two thirds of all home re-sales were through foreclosures.  In December 2009, it was reported that the median price paid for a home in October 2009 was only $130,000, down from $196,000 a year earlier.  This was the lowest point for median sale since April 1999 when the median price paid for a home was $129,000.

The high foreclosure rate and low sales point is making it almost impossible for existing homeowners and residential developers to sell their homes.  It is estimated that 65% of homeowners owe more on their mortgage than their home is actually worth, this is much worse than the national average of 25%.

To make matters worse, the Las Vegas unemployment rate is expected to remain high; as such an abnormally high percentage of Las Vegas employment is based around the travel and entertainment industry.  Until the general economy picks up and the Las Vegas unemployment rate drops, it’s unforeseeable for the Las Vegas foreclosure rate to decrease.

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Foreclosures in Las Vegas, NV Deserve a Second Look

Tuesday, December 1st, 2009

If you look on line right now, you will see more than 16,000 foreclosed properties on sale. Foreclosures in Las Vegas, NV have hit record numbers. It is one of the hardest hit areas in the country and the numbers show this very clearly. Not only have foreclosures increased two fold over the last year, but the prices of properties keep coming down. Once a house is foreclosed on, it is in the bank’s interest to sell it as soon as they can. As a result, they tend to lower the price tag.

Although this is a difficult time for those homeowners in the midst of foreclosures in Las Vegas, NV, the silver lining is the opportunity to buy at unheard of prices for those in the market. The time has never been better if you have a little money to put into a home. You might also have to put a little time and effort into a Las Vegas foreclosure since most tend to get a bid worn down/ However, it can be well worth the expenditure. A foreclosed house that is fixed up can be resold at a profit as well.

There are many reasons you might be interested in foreclosures in Las Vegas, NV. You might live in an apartment, you might be relocating there, you might want to go bigger or smaller or you might want the business opportunity. No matter what the reason is, no time has been better to look at foreclosures in Las Vegas, NV than now.

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Some Things to Know About Foreclosures in Las Vegas, NV

Wednesday, November 4th, 2009

There are many different companies as well as websites that are dedicated to helping you find foreclosed homes, even in Las Vegas. Some of the most common foreclosure types that can be found are bank foreclosures, government foreclosures and commercial foreclosures. Foreclosures are relatively easy to find and can be done in just a couple of minutes from the comfort of your own home, you just have to know where to look.

Real Estate in Las Vegas is incredibly diverse, and there are many different types of living styles available; from urban to wide-open spaces, there are enough choices to make just about anyone happy. Foreclosed homes are at an all time high around the country right now, and that includes Las Vegas.

Foreclosures in Las Vegas is some of the best real estate for first time home buyers as well as other looking to upgrade or down their current homes. When you are looking over foreclosed listings, make sure that they include the price of the home as well as general information about the home. Not all listings include a picture but it can definitely help when deciding if you are interested in the property.

Foreclosed homes are great for investors since you can get them at such low prices. They can be used as rental properties to bring in some income. Many investors choose to purchase foreclosed homes to fix them up and sell them for a hefty profit.

Finding them can be relatively easy. You can visit the sheriff departments website in the state of Nevada and find tons of listings for the area of Las Vegas. If you are not comfortable at purchasing foreclosed properties on your own, I would certainly be happy to answer any question you have about them at all. Foreclosed homes are some of the best homes to buy and can be purchased at some of the best prices ever.

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