Nevada and Las Vegas Foreclosures Rising Higher

by Simon Lindsay on cities, States

Nevada has been at the top of the list of states with the highest rates of foreclosure for some time now, and new statistics are showing that experts’ predictions for an even worse scenario in 2008 are certainly becoming true. New statistics show that in Clark county, one of the counties that house the metropolitan Las Vegas area, the number of home in foreclosure rose up over 6,000 in March. This figure shows a 50% rise since only February, and over a 100% rise since March of 2007.

For investors and homebuyers, this shows the extent of the foreclosure situation in Nevada, especially around the Las Vegas area. Las Vegas foreclosuresare running rampant, largely due to overdevelopment and investment during the housing boom. Now that there is no one to buy the new homes, many of which were bought through adjustable rate, sub prime mortgages, they are slipping into foreclosure, as homeowners cannot find a way to sell them off to avoid foreclosure.

And with more and more homes going into default, Las Vegas pre foreclosure properties are up over 16,000 total, which means lots of opportunities to buy direct from homeowners. It seems that it might be good idea to see how far things go in terms of Las Vegas foreclosures first however, as it’s hard to tell when the market will turn around and investment will begin to reap profits.