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TheStreet Open House

5 Worst Places to Buy Foreclosures in 2013

Fourth-worst market: Las Vegas

Long the poster child for the U.S. housing boom and the bust that followed, Las Vegas is seeing a major turnaround in its housing market -- with prices rebounding and foreclosure filings way down.

"Las Vegas is a market that has been organically able to bottom out more quickly because of Nevada's fast foreclosure process," Blomquist says. "Many of the foreclosures that had to happen there have already happened."

He adds that a 2011 law change that made the state's nonjudicial-foreclosure process a little harder for banks took effect only after many Vegas home seizures. As a result, the measure has only dried up Sin City's backlog of unsold distressed homes further.

Foreclosure-related filings fell 57% in Las Vegas during 2012, leaving the metro area with only a seven-month supply of available foreclosures -- one of the lowest rates for any U.S. city.

All told, distressed-home buyers enjoyed just a 16.8% average discount in 2012 in the 2 million-person metro region.

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