People all over the United States are walking away from their homes because of foreclosure. They have exhausted all their resources and simply cannot make the monthly mortgage payments. The social mismanagement of the housing market by the banks and politicians in high places has made Foreclosure trends in Las Vegas are very similar to the rest of the nation. However, in Las Vegas, you have the option to save thousands of dollars on high-towered town homes, prestige penthouses and a dream home in the desert.
Las Vegas is the most popular city in the State of Nevada and in Clark County. Most people know it as the city of entertainment and it is affectionately called the “sin city,” and a place where those who love to gamble go to. The population is over 592,000 and counting.
If you are in the process of looking for a place to live at an affordable rate, then you may want to consider Las Vegas pre-foreclosures, foreclosures, bank owned properties that are repossessed and properties in the foreclosure auction.
The real estate market in Las Vegas has a host of low cost properties that anyone can choose from since the foreclosure trends in Las Vegas is booming.
According to a group of business executives from Nevada, the slumped economy has taken a toll on the real estate market in Las Vegas, but has boosted the foreclosures of both commercial and residential properties. The type of residential foreclosed properties in Las Vegas has risen to include high end properties and these have become more affordable for the middle income buyers.
Short sale, loan modification and mortgage refinance are some of the financial terms that are being explored by current homeowners who want to stay in their homes. The foreclosure trends in Las Vegas have changed since the year 2007.
Some of the statistics reveal that in 2007, the median price for a home was close to $280,000 and since 2008; it has decreased to $181,000, which is a close discount of $100,000. This is a tremendous discount for those who want to get in on the real estate foreclosure market now before the prices go back up.
First time homebuyers need to capitalize on the real estate trend in Las Vegas and across the United States because it won’t be like this for a lot longer. There will be an increase at some point; even though, real estate investors and realtors are still trying to guess. For real estate investors, it is a time to gather up more properties to get ready for the boom that will occur when the market begins to rise.