Foreclosure Rates Rise in Las Vegas Area
Foreclosure rates in Clark County Nevada, the county seat of which is Las Vegas, have increased significantly in 2006 from 2005, up 36%. Many attribute this to rising interest rates in the area, as well as slow-downs in the rate of value appreciation in homes across the region. This could lead to even more foreclosures in the near future.
During the real estate boon of 2003 and 2004, many investors snatched up a great portion of the available properties in the Las Vegas area, hoping to cash in as property values rose all over the country. This even lead to a housing shortage. However, now that appreciation has slowed and interest rates have risen, these investors are stuck with high priced properties that may be subject to foreclosure.
Now might be an excellent time to contact these investors looking to unload their properties for low prices, or to pursue foreclosures in the Las Vegas area. Many of these homes will be available for discounted purchase. But since the market is slowing in the area, these properties may be best for homebuyers looking to settle into a home with a fixed rate mortgage for a longer period of time.
-John Grady
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