Las Vegas foreclosure investing continues to be in frenzy with more than 26,000 foreclosed homes for sale, based on figures from the Multiple Listing Service in the city.
Despite the slowdown of pre-foreclosures in Las Vegas, the city continued to post the highest rate of default and foreclosure among metro areas in the nation, as shown in foreclosure reports released last week. The city had a rate of one foreclosure for every 90 homes in February.
In 2009, Las Vegas had also the highest rate – one foreclosure for every 8 homes, and again, in January – one foreclosure for every 82 homes. In 2008, with an 8.89-percent rate, it was second only to Stockton, the city cited by the media as the center of the foreclosure crisis.
Notwithstanding the nine-percent drop in foreclosure filings in February, Las Vegas is still heavy with foreclosures in both the residential and commercial sectors.
With more than 26,000 homes in Las Vegas foreclosure listings and more than 9,500 existing homes in real estate listings, the total number of homes available for people interested in Las Vegas foreclosure investing and for families with plans to remain in the city or relocate from other cities to Las Vegas is a whopping figure of 38,500 units.
Investors and owner-occupant buyers can also find that the prices are still low as the median house price has dropped to $133,000. Listing prices are still high at $343,635 on the average, but buyers can obtain substantial price discounts especially if the properties do not receive plenty of offers or have been staying on the market for a long time.
Despite the perception of Las Vegas as a city clobbered by foreclosures, the city still retains much of the charm it had before the housing crisis. In addition, the city has received attention from the federal and state governments, getting funds necessary for its recovery.
Las Vegas was initially snubbed by the NSP in its second-round funding, but with protests and complaints from Nevada lawmakers and Las Vegas officials, it finally got attention from HUD Secretary Shaun Donovan and from President Barack Obama.
Donovan sent federal housing officials to Las Vegas and Obama included Nevada as one of the five recipients of an additional $1.5 billion in funding to address the foreclosure problem.
With the city having positive prospects of recovery and with prices still affordable to many buyers, Las Vegas foreclosure investing is viable and profitable.
Author Resource:-> Original Post: Las Vegas Foreclosure Investing Hot With Over 26,000 Homes on ForeclosureDeals.com.
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