Las Vegas is a popular place to visit and a great place to live, but lately, it has assumed an unwanted #2 place on the Top Ten US cities with the highest foreclosure rates. The State of Nevada is #1 on the list of states with the most foreclosures. Here are some interesting figures from RealTrac complied by http://www.therealestatebloggers.com:
Top 10 Worst Metro Regions For Foreclosures in 3rd Quarter, 2008
- Stockton, CA 3.69% of homes in foreclosure
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Las Vegas, NV 3.48% or
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Riverside / San Bernardino, CA 3.09%
- Bakersfield, CA 2.58%
- Fort Lauderdale, FL 2.30%
- Phoenix / Mesa AZ 2.11%
- Sacramento, CA 1.97%
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Orlando, FL 1.87%
- Fresno, CA 1.68%
- Oakland, CA 1.64%
Top 10 Worst States For Foreclosures in August, 2008
- Nevada 1 in 91 homes
- California 1 in 130 homes
- Arizona 1 in 182 homes
- Florida 1 in 194 homes
- Michigan 1 in 332 homes
- Georgia 1 in 422 homes
- Ohio 1 in 444 homes
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Colorado 1 in 452 homes
- Illinois 1 in 483 homes
- Indiana 1 in 522 homes
Nevada has always been a state that invited speculation, especially after vast deposits of silver and gold were uncovered there. After 1849, miners flocked in to make their fortunes; the gambling and prostitution that flourished in the mining camps were later legalized. Later visionaries, sometimes connected with organized crime, took a chance that people would come to the dessert to gamble and built numerous casinos that established the state, notably the Las Vegas area, as a major entertainment destination.
The vibrancy and beauty of the area also attracted residential and commercial real estate developers. Ongoing growth in the area encouraged speculation and housing inflation, especially after 2000. As the mortgage crisis escalate nationwide, Nevada - and in particular, Las Vegas and environs, took a huge hit - hence, the discouraging figures.
As the housing market stabilizes, Las Vegas will undoubtedly emerge stronger from the current crisis; the lure of the area remains. For those interested in Las Vegas real estate now, there are great values available in beautiful areas in Clark County, including Las Vegas itself as well as Henderson and Green Valley.
For information on beautiful homes in Clark County, including bank owned properties available at great prices, contact your Prudential Americana Group Realtor® Yonas Woldu at (702) 236-8997 or visit www.VegasRealProperty.com.
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With time in the ups and downs of the market I am sure Vegas will pick up again. It's a neat place to visit and a great place to live from a couple of my friends who live there.