A growing share of home sales are from foreclosures, especially in Nevada, Colorado, Tennessee and Michigan, but also in Ohio, Georgia, Florida and Arizona. Nevada leads in the sale of foreclosed homes. Approximately 20 percent of all sales are purchases of homes which have been foreclosed. Yet Las Vegas is not the leader in the number of foreclosed properties. Detroit, Michigan, has the highest number of foreclosures with 4.9 percent of households in some stage of foreclosure in 2007. Stockton, California is second and Las Vegas is third where 4.2 percent of households are in foreclosure. Of these, two-thirds are non-owner occupied, in other words, investment properties, not primary residences. Of the non-owner occupied foreclosures, over 90 percent are out-of-state owners.
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