Anyone who thinks he’s going to get a smoking deal on a foreclosure home in Las Vegas these days is going to be extremely disappointed.
Zillow.com just released a new report showing that a 0% discount for foreclosures in the Las Vegas Valley. The foreclosure discount was at 24.1% during the peak in the Las Vegas Valley. Nationally, the discount for foreclosures is 7.7% which is down from 9.1% last year and down from 23.7% at the peak in August 2009.
Foreclosure sales still offer buyers a discount over traditional sales in most metropolitan areas but in those areas hit hardest by foreclosures the discount is the smallest.
Las Vegas based SalesTraq reported that the median price of a foreclosure was $127,690 in September which is higher than the $115,500 for a short sale but still just a little lower than the nondistressed median price of $130,000.
The number of foreclosures for sale in our market continues to be down as well. The banks foreclosed on 210 properties in September, an 81% decrease from last year which is the month before the Nevada robo-signing law went into effect.
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