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Foreclosures

Although, the number of foreclosures is going down according to Yahoo news Las Vegas is still number 2 for most foreclosures in the country. It’s not hard to tell as you drive through the neighborhoods there are obvious signs that Las Vegans are still struggling. Banks are in a big hurry to foreclose to make back some of their loses but there still is not enough people in the position to try and purchase a house. The consequences are neighborhoods that appear to be detriorating. According to Realty Trac there are 8846 homes in Las Vegas that are banked owned which seems like alot right?  When you compare that to 6333 properties have been sold within the last 3 months it may give some relief. Homeowners who were able to keep there homes after the 2008 crisis are facing an uphill battle of negative equity. Experts perdict that eventually the housing market will make it’s way back but it could be years before homeowners see any type of positive equaty. There is a small silver lining for some homeowners as banks are offering modifications and the governement is trying to grow the HARP program. Although, most are left to deal with the mess Wall Street left for them alone. Right now the only people in favorable positions are the ones buying at rock bottom prices. Some are buying these houses in hopes of a quick flip but for now those days are over. The upside for property buyers is there is a good market for renters so if you do decide buy a secondary house being a landlord may be your best option. For more information on the HARP program please visit www.harpprogram.org

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