Statistically, foreclosures in Nevada, and Las Vegas specifically, have led the nation for many months. There may be a light at the end of the tunnel, or this may just be a lull in bank foreclosure activity. The foreclosure rate in February 2010 showed a decline of 7%.

This large number of foreclosed homes are now owned by banks as Real Estate Owned (REO). The banks need to sell these homes to clear their balance sheets and replenish their cash reserves. This means that there are great opportunities for you to buy the place of your dreams at a bargain price.

Some people feel that by buying a foreclosed home they are taking advantage of someone else’s misfortune. Rest assured, this simply is not the case. The borrower (previous homeowner) had a legal contract with the mortgage company that the borrower has defaulted upon. The mortgage lender is simply exercises their legal rights to try to recoup their losses from the loan by selling the house to you. Any REO property that is being offered for sale by a bank has already foreclosed on, and whether you buy the house or not, the original borrower has already lost any legal claim to the house. With all the delinquent mortgages in the Las Vegas area, you can be sure that the bank has tried everything they can to try to keep the borrower in their house. The last thing the bank needs is another REO property that they need to sell.

You can buy any REO property with a clear conscience that you are not profiting from someone else’s misfortune.