Las Vegas Not in Top Five Distressed Housing Markets–Yet

Top 5

According to data compiled by Realtytrac, the Las Vegas foreclosure recovery indicates slow progress at best. While some remain optimistic, others believe the market to be tenuous, and believe it is only a matter of time before the city falls into the top five ranking.

Although the numbers appear to show a recovery, these values are a reflection of a false drop in new foreclosures. Realtytrac’s VP Daren Bloomquist made clear that the market wasn’t back to normal, but stated they were seeing improvement. In May of 2014 foreclosure sales made up 23.14% of the market, which fell in May 2015 to 13% among a national average of 10.5%.

However, the number of foreclosures being made by corporate investors fell by a seemingly alarming 80%. Bloomquist believes this has occurred not because investors are pulling out of Las Vegas, but because the once saturated foreclosure market is leveling out and what has been a buyer’s market is leveling out. This means that the once lucrative deals that were easy to find are disappearing, although there are still deals to be had for the average investor.

Since Nevada made changes in its foreclosure laws which slows the foreclosure process, a glut of foreclosure properties are expected to hit the market this year, once again tipping the scales.

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