Foreclosure in Las Vegas>Question Details

Laurie Manny,  in Long Beach, CA

Has Las Vegas been subject to as many foreclosures as the rest of the country?

Asked by Laurie Manny, Long Beach, CA Fri May 18, 2007

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A March 2007 story from CNNMoney.com ranked Nevada 13th for foreclosures filed. The top five states were Florida, California, Texas, Michigan and Ohio. Currently about 3.5% of the homes listed in the Las Vegas MLS are in the process of foreclosure.
3 votes Thank Flag Link Sun May 20, 2007
The market in Las Vegas has collapsed. This is reality...agents hate it, sellers hate it. But there is a sea of deals for the savvy investor looking to, unfortunately for some, gain off others' pain.

So Vegas has a huge market of distressed sales resulting from bank foreclosures. This does often represent a great way to get a fantastic deal - even on non-foreclosure homes for sale. After all, those sellers are competing with the deals in a down market. And in order for their home to sell, they must deal.

Bottom line...buyer's market. They (buyers) have been hovering like voltures, waiting to go in for the feast. And some of them are beginning to feast!
Web Reference: http://www.RSNhomes.com
4 votes Thank Flag Link Tue Jul 24, 2007
For several months Nevada has the #2 ranking for homes in some state of Foreclosure, with Colorado being just ahead of Nevada. I just checked to find the latest rankings and unfortunately we have pulled ahead of Colorado with the dubious honor of #1.
Web Reference: http://www.GoadTeam.com
2 votes Thank Flag Link Sun Jul 22, 2007
Although Las Vegas leads the nation in foreclosures, the prices are so low that in June 5400 houses closed escrow, the highest June in 6 Years.

DAVID COOPER Foreclosure Specialist with 35 Years Investing Experience. *Free List of Low-Priced Bargain Homes, call +1-702-499-7037 or apply at website
0 votes Thank Flag Link Thu Aug 4, 2011
Yes!, Definitely, We are up there with one of the Highest foreclosure rates.
0 votes Thank Flag Link Wed Aug 3, 2011
The Las Vegas Real Estate market had 5400 sales in June, the highest total in 6 years.
Steve Wynn said on TV the other day he would hire 10,000 people in the government got it's act together on deficit and taxes so he could do some long term planning. Las Vegas is heading in tghe right dirtection.

DAVID COOPER Foreclosure Spercialist with 35 years Investing Experience. For a Free List of Bargain Homes, See website or Call +2-702-499-7037
0 votes Thank Flag Link Thu Jul 21, 2011
The Las Vegas Real Estate market had 5400 sales in June, the highest total in 6 years.
Steve Wynn said on TV the other day he would hire 10,000 people in the government got it's act together on deficit and taxes so he could do some long term planning. Las Vegas is heading in tghe right dirtection.

DAVID COOPER Foreclosure Spercialist with 35 years Investing Experience. For a Free List of Bargain Homes, See website or Call +2-702-499-7037
0 votes Thank Flag Link Thu Jul 21, 2011
The Las Vegas foreclosure figures has the most highest rate in the nation with eighty percent of property owners are underwater on their mortgage, half of the properties with twenty five percent or more negative equity, 13.8 percent of job loss and 16 percent of delinquent property owners on their mortgage. There is also a forecast that we might only see 15,000 foreclosures in the next few months.
0 votes Thank Flag Link Thu Jul 21, 2011
If you look below the Las Vegas foreclosure totals, there is still a vibrant real estate market in the good neighborhoods with the better school districts. It's the overbuilding far away from the job areas from the "Strip" that has inflated the foreclosure numbers and make Las Vegas look bad. Since foreclosures are a national problem, I compare the future of Las Vegas vs the future of Detroit or Pittsburg and still feel Vegas offers the best promise for a real estate rebound

David Cooper 702-499-7037
http://www.lasvegaswinner.org
0 votes Thank Flag Link Wed Nov 24, 2010
Take a look for your self,This is one week of foreclosures being sold at the court house
http://www.selllasvegashomes.com/custom2.shtml
0 votes Thank Flag Link Wed Jun 25, 2008
It's always interesting to come back and see the answers to questions like this one several months later.
0 votes Thank Flag Link Sat Mar 8, 2008
Laurie - Yes Vegas ranks highest in some areas, but Vegas also has an economy that will be one of the first to recover. Vegas has over $15 billion of active development on the Strip alone and will gain over 42,000 new hotel and condo-hotel rooms over the next 5 years. More rooms means more jobs. In fact, each room is estimated to generate over 2 jobs in the Vegas area. More jobs means more people and more people create more demands on housing.

Vegas does have a ton of forelcosure, but Vegas will create housing demands that will bring Vegas out of this slump faster than virtually any where else in the nation. If you want more information on the Vegas area, please call me at (702) 283-1960.
0 votes Thank Flag Link Fri Mar 7, 2008
Contrary to popular option and the media, in my opinion, the market has not collapsed in the Las Vegas Valley! We do have a large number of foreclosures per capita but when you compare actual numbers of foreclosures we are not even in the top 10! The main reason for this in our community is in 2004 we had tremendous investor interest which drove prices up over 50% and builders were building homes very rapidly so when investor interest waned, we were left with many homes that went into foreclosure. Please note that 98.7% of mortgages are not delinquent and 94.7% of Americans pay their mortgage on time! Las Vegas is a great place to live and work and we have one of the most vibrant local economies in the country! Over the next five years, $42 BILLION DOLLARS will be invested in several new hotel/casino resorts on the Las Vegas Strip area- how many communities have this level of investment taking place?
0 votes Thank Flag Link Thu Sep 13, 2007
I last heard that we in Las Vegas were ranked #1 in foreclosures now.
0 votes Thank Flag Link Thu May 24, 2007
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