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.