Purchase bank foreclosures in Southern Nevada as home prices continue to fall in the region. The median home sales price in January dropped to $134,925 while foreclosure sales accounted for 57.4 percent of all home sales in January.
Home foreclosures in Las Vegas have pulled down home values, but they have not lowered property taxes. More than 8,000 homeowners have filed tax complaints with the Clark County Equalization Board because of high tax assessments.
Foreclosed home list in a Nevada county rose last month. Industry experts are hoping that the state’s law mandating banks to offer mediation to distressed homeowners would be able to help reduce the number of foreclosure rate in the area.
Foreclosure listing sales in an Ohio county jumped by 29 percent this year compared with the same period last year. And the rising foreclosure rate indicated that the housing market in the area is still in a slump.
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