real estate:

Las Vegas one of the worst areas to buy bank-owned home, report says

ASSOCIATED PRESS

A for sale sign stands outside a bank-owned home in North Las Vegas, Feb. 18, 2009.

VEGAS INC coverage

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.

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  1. This article is absolutely useless. There are no facts at all to support the statement, let alone even a link to the source of the report in which it attempts (and fails) to cite. What EXACTLY makes Las Vegas a bad area in which to buy homes? Is it the supply level alone? Long-term investment aspects? Deferred maintenance costs associated with abandoned and possibly damaged homes from previous tenants? Crime rates? What?

  2. At last. An article without Las Vegas real estate propaganda/advertisement in VEGAS INC. Las Vegas and Nevada will never turn around without a realistic and honest view of our economic situation.

  3. The conclusion is based on the projected months of foreclosure inventory available, as delineated in paragraphs three and five. The article offers no conclusions about whether Las Vegas homes are a good investment, only about the expected difficulty in buying a foreclose home here versus other markets.

    Also, the article says little about our economic situation, and what it says (far fewer foreclosed homes available) can be seen as positive, not negative.

  4. Robert - You hit the Nail On The Head. This "Reporter" totally misses all the points you state because he would have to do actual investigative journalism. Not the Five Dollar throw something at the wall article he presents.
    Absorption Rates, Price Appreciation Forecasts, Population Stability, Economic Activity of the Region, Average Incomes, Net total cost to operate a household, etc.. All must be considered. I see many neighborhoods where homes are selling in the Low 100's, yet renting for 1,200 to 1,400 a month. Can anyone find an accountatnt that will tell you if you plan on living there for 5 years or more it does not make sense to purchase at a 3% Fixed interest rate.

  5. Very misleading title. Maybe if you're a buyer, but not if you're a seller or currently own a home. I thought having less foreclosures and a smaller discount to the market was supposed to be a good thing for a recovery.

    I think the title should read "Las Vegas one of the best areas to sell a bank-owned home, report says". It still means the same thing!

  6. Makes perfect sense. Welcome to ObamaVille.