Bargain hunters bid for Las Vegas foreclosures

Las Vegas Foreclosure & Real Estate News

Article Abstract:  When it comes to real estate, Las Vegas sure has seen some of extremes.  Las Vegas went from real estate boom to real estate doom, now sporting some of the highest foreclosure rates in the country.  With Las Vegas foreclosures up, home prices down and even more subprime fall-out yet to come it’s a wonder anybody wants to get back in the real estate playing field.  Yet there is one positive side.  With real estate prices down 19 percent, many first-time homebuyers may have their chance to get in while it’s hot.  Whether they choose to invest in a Las Vegas foreclosure home, or buying a home from a motivated buyer- the opportunities are there.  However, when it comes to foreclosure investing one thing is for sure- caveat emptor, or buyer beware.  There are some precautions investors and home buyers will want to take before placing a big.  For more information on Las Vegas foreclosure investing, or to read the entire Las Vegas foreclosure article, please continue reading below. 

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Jason Latham - Sunbelt Digital Media

In a few short years Las Vegas went from boomtown to the bottom rung on the housing ladder. Construction is down, foreclosures are up, and the subprime mortgage crisis has left would-be home buyers weary of getting back in the water. 

There is one glimmer of hope on the horizon; home prices seem are coming back down to earth.  In March, the S&P/Case-Shiller Home Price Indices found the cost of a single-family home dropped more than 19 percent from 2007. 

At the same time, real estate auction firms are scooping up hundreds of bank-owned foreclosures and putting them back on the market.  This weekend, bargain hunters longing for the days of affordable housing might find what they're looking for at a foreclosure auction inside the JW Marriott.

The firm Hudson and Marshall is holding the event; it's similar to an auction they held back in December, where potential buyers packed the Ritz Carlton at Lake Las Vegas with hopes of landing the deal of a lifetime.

 

What's in a number?

If you take a small sample from the homes listed on the Hudson and Marshall website you'll see many come from CNNMoney's "Top 100 Worst Hit Zip Codes". 

The report found Southern Nevada occupies 16 of the top 20 spots, and among the homes for auction this weekend, 89031 (#1) in North Las Vegas, and 89131 (#2) in Las Vegas are well represented.

Buyer Beware  

The prospect of finding a home for as low as $70,000 may have some Las Vegans reaching for their checkbooks, but that's just one starting bid.  Buyers should be prepared for the price to climb back into the same range as just a few years ago.

Another factor to consider: the previous owners.  Realtors caution that foreclosed homes can come with significant repair costs, and a recent survey by Campbell Communications found "distressed" properties account for a substantial portion of all listings.

 

Hudson and Marshall is hoping smart buyers will do their homework before taking a chance on someone else's property. 

"Foreclosure doesn't mean distressed," said spokesperson Dave Webb. "You can get some great homes at terrific values because lenders are eager to quickly get these bad loans off their books."

And if you decide to hold onto your money just a little bit longer, no worries. Nevada has led the nation in foreclosures for 15 straight months, that's a lot of homes to unload.

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