With 3,563 real estate owned properties in Las Vegas taken back by lenders in just September alone (and over 22,500 in all of 2008), Las Vegas has certainly seen its share of condo foreclosures. Contrast that to 7,704 total in the same period a year ago, and it’s clear the “foreclosure flu” has hit Vegas hard.For those looking for Las Vegas condo bargains, the short-term condo foreclosure inventory is staggering. In fact, pre-foreclosures in ClarkCounty in September amounted to 6,565 – compared to 5,360 in August – and totaling 49,364 for the year which has already shattered last year’s pre-foreclosure total of 33,953. Combine that with 9% of all homes in Las Vegas being in foreclosure, you can draw a positive conclusion that excellent real estate bargains can be had in this market.So while Nevada’s pre-foreclosure rate is up to 77.8 filings per 1000 households, an increase of 115 percent from last year, some are seeing opportunity rather than doom and gloom, mostly foreign investors, who are flocking to the Las Vegas condo market for great deals and bargains.While obviously not good news to those losing their homes, Canadian investors – who are seeing much more purchasing power from the… Read full this story
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