Distressed Properties Bring Investors to Vegas – Sales at a 5-Year High

Throughout the last five years, our economy has taken multiple hits including an increase for unemployment, which leads to unpaid mortgages or rent and with that foreclosures and/ or price drops. In Las Vegas, March marked a five-year high in home sales due to cash buyers and investors because of the massive number of homes going into foreclosure this resulted in the median sales price dropping the lowest since 1996. Investors are loving the reset in prices and cheap money to get a 2^nd chance to roll the dice in Las Vegas.

According to the linked article from DS News, in March lenders foreclosures have gone up 41.6% since February and 52.1% in March 2010 these numbers are extreme, and have resulted in 3.331 single family home foreclosures. Our current median price is $117,000 compared to last year that is down 10%. Click here for the article http://www.dsnews.com/articles/vegas-home-sales-at-five-year-high-as-investors-seek-out-distressed-properties-2011-05-06