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Buy Bank Foreclosed Homes in Las Vegas, Optimists Say

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By : John Cutts    99 or more times read
Buy bank foreclosed homes in Las Vegas, optimists say, despite the proliferation of news about the city’s severe economic difficulties in recent months.

According to speakers at the 2010 Preview Las Vegas event, Las Vegas will rise up again because of its low taxes, good weather, cheap real estate and tourist attractions.

Rob Lang, director of the Mountain West Initiative at the University of Nevada-Las Vegas Brookings Institution and chairman of the Nevada Vision Stakeholder Group, said that Nevada can actually use its vacant commercial and residential properties to attract investors and potential residents.

Lang cited the case of New York, which almost became bankrupt in the 1970s due to a fiscal crisis, and the cases of Dallas, Denver and Phoenix, which suffered greatly from the 1980s savings and loan association crisis. He reiterated the fact that these cities recovered in part because of the affordable commercial and office space they offered to bargain-hunting investors.

Lang also noted that real property in Las Vegas is now cheaper than in Southern California and that this fact could attract Californians to move to Las Vegas. Retirees and investors looking for bargains can buy bank foreclosed homes and tax lien foreclosures in the city and enjoy the weather, sights and low taxes.

According to Lang, there are things that must be done to restore Las Vegas to its former glory, including building the interstate expressway to Phoenix, investments in higher education, improving transportation to Los Angeles, leading other cities in solar energy development, and building on what the city already has, such as convention centers.

Jim Murren, chief executive of MGM Mirage, also spoke at the event and related how CityCenter almost closed in 2009 because of its staggering $13-billion debt and how it persevered to save jobs. Now, Murren said, occupancy rates, convention bookings and gaming revenues are all improving.

Recently, business leaders and state officials and legislators met to address the huge state budget problem – $881 million in fund deficit.

Last week, HUD Secretary Shaun Donovan also sent several representatives to help Las Vegas carry out the city’s Neighborhood Stabilization Program. In 2009, the Las Vegas area topped other metro areas in pace of defaults and auction foreclosures, with almost 95,000 filings.

With business and government efforts to help Las Vegas recover, investors and families planning to buy bank foreclosed homes in the city can say they are making one of their best decisions.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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