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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