Based on new data researched and released by ForeclosureDeals.com, Las Vegas is once again sitting near the tops of the list of metropolitan areas with some of the highest rates of foreclosure. The past six months have been very troublesome for the market in Nevada, as it has led all other states in the United States in foreclosures over that time period.
Las Vegas, NV (PRWEB) July 30, 2007 -- The new June statistics gathered by the ForeclosureDeals.com research team show that one in every 171 homes in Nevada were in some stage of foreclosure during the month. In the Las Vegas area, the rate hovered around one in every 135 homes. While this data refers to both homes that have just recently gone into default and homes that are currently scheduled for auction sales, it points to the clearly overarching problem that homeowners in the Las Vegas are having keeping up with their mortgage payments.
It also suggests that not much is happening to buck this ongoing trend. Since Las Vegas has had such a high rate over the past six months, specialists com speculate that it is not only defaults leading to the high numbers, but also the fact that few people are buying foreclosures once they become available for sale.
"With so many available properties on the foreclosure market in Las Vegas, you would think there would be more people out to buy them up as homes or investments," remarked one ForeclosureDeals.com representative. "While the trend in foreclosures is remaining high, we are yet to see significantly increased demand for foreclosure properties among buyers."
When foreclosures go onto the market, they are often sold for well below their normal market value simply to encourage a sale. However, since they are not advertised as readily as other traditional-market homes, many buyers simply overlook them.
"While people don't realize it, buying foreclosures can be an excellent way to get in the ground floor of the real investment world for a big discount," said a ForeclosureDeals.com representative.
With an increase of nearly 300% in the rate of foreclosure between June 2006 and June 2007, selling off the surplus foreclosures on the market is key to getting Nevada's real estate economy back on track. This may well be the best place to invest in foreclosures in the country, since low demand and high supply is keeping auction prices extremely low, even for foreclosure sale standards.
ForeclosureDeals.com specializes in bringing all the most current news on foreclosure homes, information and listings for foreclosure to its wide membership base on a daily basis. With over a decade of real estate experience, their expert team is an industry leader in the business.
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