More homes to hit the Las Vegas real estate market
2009-06-23
A new set of foreclosed homes hit the Las Vegas real estate market this
month. Banks lifted a voluntary moratorium at the end of May that
began in March. It has been speculated that as many as 20,000 to
30,000 bank-owned homes could be released.
In general it takes
about 15 months from the first missed mortgage payment to the auction
of a home. More loans with longer reset dates are just now starting to
default and there are still over $200 billion in option ARMs
outstanding. The foreclosure crises in Las Vegas is far from over and
home prices are still dropping. In fact, on June 8th alone, almost 500
notices of default were filed.
Research indicates that banks
are still holding back hundreds of thousands of homes in hopes of
stabilizing the market. Currently, a quick search on Realtor.com
brings up singel-family homes as low as $25,000 or if you are looking
for something a little newer, homes built within the last 5 years start
at $45,000. If you have the time to wait out the market, now is the
time to buy a home In Las Vegas.
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