Distressed Properties Sale Articles

A cheap foreclosed home in Las Vegas will yield a solid profit in 5 to 10 years, according to many investors who have been competing to buy some more discounted foreclosures across the city.

Unlike in Detroit where homes had no buyers even if they were being offered below $20,000, many bank-owned homes in Las Vegas do not stay long in the market as investors snap them up quickly.

Thousands of investors in Las Vegas believe that the city will recover and reach again its top ranking in the tourism and hospitality sectors. They contend that the city will be able to maintain enough employment so that the supply of renters does not fall significantly.

Homebuilders have also expressed their confidence in the recovery of Las Vegas in concrete terms by acquiring finished home lots in planned communities. They believe that they can profit from these lot purchases by building new houses in a couple of years.

In Las Vegas, a cheap foreclosed home is typically purchased at one-half or one-third of its price in 2006 and 2007. According to data from the Greater Las Vegas Association of Realtors, the median sales price for an existing home in the city rose by less than one percent to $139,100 in October.

Over the past months, two-thirds of all homes sold in Las Vegas were bank-owned homes, in addition to short sales, which are also becoming more common across the city.

In October, over 3,500 residential properties were sold in Las Vegas, an increase of 5.3 percent from sales in the previous month and almost triple total home sales in 2006.

The continued rise in home sales in Las Vegas is a testament to the belief of local and out-of-state investors in the recovery and growth potentials of the city despite the ridicule it has been suffering from various analysts and think tanks everywhere in the country.

Additionally, some studies on Las Vegas have been discouraging, including a report from Deutsche Bank which estimated that 81 percent of borrowers in Las Vegas have negative equity and that the percentage will soar to 90 percent by 2011. The city’s unemployment rate has also hit a record high of 13.9 percent, leading many to expect more foreclosures.

Despite these negative reports, more and more investors are always on the lookout for another cheap foreclosed home to buy because they firmly believe in the ability of the city to rise up.

Cheap foreclosed properties for sale have been driving sales of single-family houses and condo units in Florida, based on a report published by the Florida Association of Realtors, now called simply Florida Realtors.

In the three-month period ended September, overall home sales soared by 33 percent as sales prices plunged. A total of 44,345 houses were sold during the quarter as the median sales price for previously owned homes dropped to $145,400, marking an overwhelming drop of $40,200 from the price median in last year’s third quarter.

Sales of condo units also soared as the median sales price decreased substantially by $54,000 from last year’s third quarter to $106,100. A total of 14,797 condo units were sold during the three-month period ended September, marking a 56-percent rise from the 9,488 condo units sold during the July to September period last year.

Housing analysts in Florida said that the continued rise in unemployment across the state has been driving more foreclosures and pushing home prices down further. The continued drop in home values has also been forcing many homeowners to deliberately default.

Additionally, the continued filing of foreclosure actions has been hampering efforts to cut down volumes of cheap foreclosed properties for sale in the state. According to realtors, the current supply of unsold housing units across the state is still worth 18 months.

In a foreclosure report released this week, Florida showed a decline in filings in October, but the nearly 52,000 foreclosure actions filed still showed high foreclosure levels. Florida was third among all states in terms of pace of foreclosures.

In Tampa, sales prices for single-family houses dropped by 17 percent to $140,400, down from $169,700 in last year’s third quarter. Prices in Lakeland dropped by 14 percent to $116,800 while prices in Sarasota plunged by 22 percent to $169,800.

Condo units in Tampa had a median price of 103,900, substantially lower by 27 percent compared to the median in the July-September quarter of 2008. Condo units in Sarasota were sold at a median of $162,400, down by 20 percent from last year while condo units in Lakeland were sold at a median price of $73,100, down by 39 percent on a year-over-year basis.

According to economists in Florida, domestic and foreign investors continue to buy cheap foreclosed properties for sale across the state because they see strong and positive economic developments in Florida in the coming years.

The number of cheap foreclosed home continued to grow in Rowan County, North Carolina, hitting a record high in July. What is happening in Rowan County’s housing market is reflected in most areas nationwide as more and more homeowners continue to miss on their monthly mortgage payments despite efforts by federal and state governments to help them save their houses from foreclosures.

A foreclosed property on sale in Reno, Nevada can be a great investment for people looking for a rental investment or a house for the family because of the rising number of foreclosure properties and the falling home price levels in the city.

The number of foreclosed properties on sale in New Jersey has been rising and now getting more attention from state officials and housing advocates.

The U.S. Department of Veterans Affairs (VA) released its data showing that cheap foreclosed house for sale abound in military bases across the country. This means that foreclosure rates in military bases are four times higher than the average rate.

It is a fact that cheap foreclosed home for sale is bad news for neighborhoods, especially if they are not being maintained by their owners. Three cities in California passed laws that would prevent abandoned and vacant properties from becoming eyesores in communities and havens for vandals and criminals.

The city of Burlington in Vermont has received over $1.3 million in federal grant to buy cheap foreclosed home on sale, fix and convert them into affordable housing.

A property in foreclosure in downtown Oakland, California – a high-rise condo building called The Ellington – features units that are now available at prices about 31 percent lower than their sales prices before the foreclosure.

Amidst the growing number of cheap foreclosed homes on sale in South Florida, some entrepreneurs found a way to help others save their properties from foreclosures. Others capitalized on low prices to purchase properties.