Las Vegas, the go-to bastion of vice and excess in America, has finally succumbed to years of over-development and overvalued properties – today Sin City tops the list of most foreclosures in the nation with nearly 1 in every 102 properties in the state of Nevada facing foreclosure.
In Las Vegas, the number of properties facing foreclosure is even more drastic with 1 in every 19 housing units defaulting on mortgages. The numbers are astounding. The average median sales price for a home in Las Vegas is down $25,000 from December 2009 to February 2010 - $133,000. The average list price, however is considerably higher at $343,635.
To look at the numbers reveals a massive disconnect among the number of homes on the market, the number of those that are foreclosures, and the actual number of homes being sold. Were it not for the Strip, it would appear that Las Vegas is a veritable ghost town.
Case in point: There are currently 9,509 homes listed for sale on Trulia in Las Vegas. Compare this to the 26,021 homes that are listed as in foreclosure. This doesn’t even account for the number of homeowners who are underwater and will most likely default due to inability to qualify for refinancing or loan modification.
The state has continuously ranked highest for foreclosed homes for 38 months in a row and counting. However, the tidal wave of foreclosures sweeping the state is slowly abating. Foreclosure activity decreased by 7 percent in February.
The upcoming summer market usually shows an uptick in buyer activity as the warm weather rolls in. Although, the Obama administration’s tax credits for first-time home buyers is coming to an end, the Las Vegas real estate market is ripe for the picking. The sheer number of empty houses and foreclosures leaves ample choice for prospective home buyers.
Written by Lani Shadduck
HULIQ.com
Data Source:trulia.com;realtytrac.com
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