Nevada Foreclosures are Substantial
The rate of Nevada foreclosures has led the country. In the first quarter of this year, 53% of residential sales were homes that had been foreclosed or were in the process. The price of those homes averaged $129,000 across the state, which was 18% below the price of traditional sales. For any potential homebuyer, there are some very attractive deals available.
There are two major population areas in Nevada: Las Vegas / Clark County and the area around Lake Tahoe / Reno / Carson City. The vast majority of foreclosed homes are located in Clark County, in and around Las Vegas. The unemployment rate in Nevada has been 3% to 5% above the national average during the current downturn. This has contributed to the number of foreclosures in the state.
Not all of the news from Nevada is negative. The following actually had increases in the sale price of foreclosed homes during the last month, all of which are in the area around Carson City, the capitol of Nevada:
* The price of Carson City foreclosed homes increased by 14.15%. There are 529 foreclosed homes for sale and the average price is $135,700.
* The price of Fernley foreclosures increased during the last month by 9.62 %. There are 633 foreclosed homes on the market with an average price of $78,400.
* The price of Gardnerville foreclosures also increased during the last month by 28.09%. There are 315 foreclosed on the market right now with an average price of $166,900.
* The price of Fallon foreclosed homes increased by 13.33% over the last month. There are 314 foreclosed homes currently on the market at an average list price of $81,000.
The price of foreclosed homes did drop in some areas:
* The price of Boulder City foreclosures fell by 18.04% during the last month. While there are over 54,000 foreclosed homes in Clark County, there are only 188 foreclosed homes on the market in Boulder City with an average list price of $226,000.
* The price of Dayton foreclosures also fell by 9.17% during the last month. There are currently 637 foreclosed homes on the market at an average price of $141,600.
Nevada is the old west, with wide-open spaces and a big variety of outdoor activities. In the western portion of the state, Lake Tahoe is a pristine sample of a resort area, with ski areas that surround the area.
In the southeastern corner, there is Las Vegas and Lake Mead. Las Vegas is known as a tourist destination with huge hotels, world-class entertainment and gambling. Nevada foreclosures make a potential home purchase for the new buyer an attractive option.
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