Las Vegas experienced one of the largest declines in its housing market. It had the highest foreclosure rate in the country according to Realty Trac. However, home sales are improving with the average priced home in Las Vegas hovering at around $200,000.

With the sheer numbers of foreclosures on the market buyers have an abundance of inventory to select. In fact many realtors are specializing in REO properties. These properties are owned by banks and are usually sold through realtors, and sometimes auction houses such as REDC. Because of the distress nature of the transactions banks are eager to sell these properties and often at bargain prices.

Many REO property listings can be found on the internet. For example, at www.mortgagenewsdaily.com//REO_Database_List.asp you can find listings from about 29 major banks including JP Morgan Chase, HSBC, and Bank of America. Here you can select the homes in Las Vegas by city and state or simply by zip code. You will get a picture and detailed information regarding the property including driving directions from your location. For example on the JP Morgan database there is listing for a 2 bedroom and 2 bath condo for $30,700. If interested in the unit there is a tab that offers you information on the listing agent.

There are many REO properties to choose from but like any investment it is wise to do your research. Most REO properties are sold as is so the buyer really needs to perform a property inspection ahead of time. However, these properties are free of liens as the banks hold the cleared title. REO properties are also found on foreclosure subscription sites such as Realty Trac. Another option is REDC which is an auction house that sells bank owned property and has a site at www.auction.com. Here buyers can view listings of upcoming properties that will be auctioned and even view when the open house will take place. The downside of this method is that there is a 5% buyer’s premium and not all properties are eligible for financing. Still some are more comfortable working with a realtor. The site www.trulia.com offers information on properties and realtors in the Las Vegas market. On this site you can also ask questions of potential realtors regarding market conditions and various real estate transactions. The Las Vegas market offers a large inventory of homes with many methods to seek the best property. Preparation and research are the keys to finding that Las Vegas home of your dreams.