High Foreclosure Rate in Las Vegas Creates an Opportunity for Homebuyers

High Foreclosure Rate in Las Vegas Creates an Opportunity for Homebuyers

Las Vegas city presently holds the characteristics of being the American city with the highest foreclosure activity, a title or label that afterward creates housing opportunities for some potential buyer looking for Las Vegas foreclosure homes.

Even though the foreclosure activity in Las Vegas went up less than one percent from the month of October of last year, the metro area went on to post the highest foreclosure rate in the midst of metropolitan areas with a population of 200,000 or more.

Based on a foreclosure statistics, it shows that one in every seventy housing units received a foreclosure filing all through the month of October.

The national foreclosure stages have also stayed elevated. A chief executive officer of a realty firm stated that the month of October marks the 20th consecutive month where over 300,000 United States homeowners received a foreclosure notice.

As a nation, Nevada ranks number one in the state in regards to number of foreclosure filings for the month of October and with Las Vegas foreclosures having the highest rates among metropolitan area, the people who are looking to purchase a cost- effective home or property in the Las Vegas area may be fortunate.

The median single- family home value in Southern Nevada for the period of the month of October was $133,000, down to 1.5 percent from $135,000 in the month of September and down 4.4 percent from $139,100 in the month of October last year.

There are quite a few things to remember aboutLas Vegasforeclosure homes. These properties are sold as is and maintenance will be stomach by the buyer, this means you need to be able to do a proper inspection of the home prior to closing the deal. The sellers are not forced to make a full disclosure in terms of the title of the home and it is the buyer's problem to confirm with the city's records office if the title is clear of any holds or liens.

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