Vegas Still Holds Highest Foreclosure Rate

[vegasrocks]

Although Las Vegas has shown the most improvement in the rate of foreclosures lately, the city still has the highest rate of foreclosure filings for the past six months.

One in fifteen homes have been foreclosed on in Las Vegas over the past six months. That figure is more than five times the national average.

Las Vegas foreclosures have declined since a foreclosure mediation program was implemented a year ago that requires lenders sit down and talk with homeowners who request a meeting.

Banks have also been more willing to approve short sales in which the buyer is allowed to sell the home even though they owe more on the mortgage than the home is worth.

It's great that programs are actually working to help people keep their homes and avoid foreclosure. The downside is for anyone who is looking to snap up a great deal. Better get on it fast!

[VegasLuvsMe]

So vegasrocks, are you saying that now is the best time to buy a home in Las Vegas?

I'm guessing this may be the best time if you have the money to buy a Las Vegas home.
Especially if this recession goes away and people and money start flowing into town, like the way it was a few years ago.

[vegasrocks]

Yes according to what I am hearing now is the best time to buy a home in Las Vegas. Prices are pretty low. They have put programs in place that are beginning to help people keep their homes which makes me glad but it also means that the chance to get a deal cheap may be over soon. Personally, I'd rather people get to keep their homes lol.