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Find Foreclosures in Las Vegas and Other Sand States Cities

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By : John Cutts    99 or more times read
Home buyers can find foreclosures in Las Vegas, Cape Coral, Merced and other cities in the Sand States Arizona, California, Nevada and Florida because they again led the country in foreclosure rates in 2009, based on a metro-area foreclosure report from a California-based real estate information provider.

Finding and buying foreclosure homes in these areas at a time their prices are still attractive can bring in great profits in the next few years as these areas have been showing signs of market improvement despite their still high rankings in foreclosure charts.

According to the analysts, most of the cities in the top ten posted slower paces of foreclosure activities in 2009. In the last quarter, all the top 20 metropolitan areas posted declines in foreclosure cases filed.

It was Las Vegas that had the biggest number of foreclosure postings in 2009, with 12 percent of its residential units getting at least one default or foreclosure notice. Its rate was more than 5 times the nationwide rate.

Cape Coral in Florida was second with almost 11.9 percent of its residential units in foreclosure and Merced in California was third, with a 10.1-percent foreclosure rate.

Of the top 20 metro areas where buyers can find foreclosures, nine are located in California. Merced posted the highest rate within California and the third-highest pace nationwide. Stockton, which hogged headlines in 2008 because of its record foreclosure numbers, is now bracing at an 8.6-percent foreclosure rate, although still among the highest rates.

Eight of the top 20 metro areas were in Florida, with the Fort Myers-Cape Coral area posting an 11.8-percent foreclosure rate, the second highest rate nationwide.

Nevada, meanwhile, had only two metro areas in the top 20, but its popular city of Las Vegas topped the 2009 foreclosure chart. The Phoenix metro area in Arizona was eighth in the chart with an 8.03-percent foreclosure rate.

In December last year, the median price for pre-owned single-family homes in Las Vegas dropped to $120,000 while the median price for foreclosed homes dropped to $116,900 compared to prices in December 2008, according to SalesTraq president Larry Murphy. The short sales price median dropped to $150,000.

Lastly, buyers can find foreclosures among the repossessed single- and multi-family homes that will be released by Bank of America in Las Vegas this year. The bank recently announced its intention to release around 6,000 foreclosures this year in Nevada.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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