Las Vegas one of the worst areas to buy bank-owned home, report says
If you’re hunting for a deal on a bank-owned house, don’t bother looking in Las Vegas.
The Las Vegas Valley is expected to be one of the worst regions in America to buy a foreclosed home this year, according to a new report from RealtyTrac.
The research firm, which looked at metro areas with at least 500,000 residents, ranked Las Vegas fourth from the bottom. The valley has only seven months worth of foreclosure inventory and a 17 percent price discount, says RealtyTrac.
McAllen, Texas, was ranked last, followed by Ogden, Utah, and Little Rock, Ark.
The best place to buy a bank-owned house will be Melbourne, Fla., which has a 34-month supply of foreclosed homes and a 28 percent price break.
RealtyTrac also said the valley had the 16th highest foreclosure rate in the country last year, at 3.1 percent, among the 212 regions with at least 200,000 people.
One in every 32 Las Vegas housing units received a foreclosure-related filing in 2012. That’s down 57 percent from 2011 and down about 70 percent from 2010.