Fsbo

No state has been hit harder by the foreclosure crisis than Nevada. In Clark County, Nev., where Las Vegas rises in the desert sun, the metro area saw 4.2 percent of its homes enter foreclosure in 2007, with 59,983 foreclosure filings on 30,375 properties. That was up 169 percent over 2006. Sin City had the third highest foreclosure rate in the nation among the top 100 metropolitan areas, according to RealtyTrac.

In January, properties entering some stage of foreclosure in Las Vegas outnumbered the sales of new and existing homes for the first time, according to a comparison of RealtyTrac foreclosure data and sales data. And many of the Las Vegas properties in foreclosure are in upscale communities.

Consider the San Niccolo neighborhood, in one of the Las Vegas Valley’s newest master-planned communities, where two summers ago 3,000 square-foot homes were selling for $690,000. Today, a third of the 300 homes are for sale and investors can now scoop up many of the vacant bank-owned properties for $450,000.

In California’s Orange County, around a quarter of the listings are either foreclosed properties owned by lenders or properties owned by people trying to do “short sales” or sell for less than the amount they owe the bank, according to several agents.

“As far as condos go, about one out of every six condominiums listed in Orange County last year were either a short sale or a foreclosure,” says Veronica Hicks, a real estate broker in Newport Beach, Calif., who is marketing a luxury high-rise condominium unit in foreclosure for the price range of $950,000 to $1,150,000. “Today, that’s stepped up to one out of every 4.5 condo units.”

She expects more condo units will be foreclosed in the coming months. “I have one client that’s just going to give their unit back to the bank. It would cost them $200,000 to dig themselves out of debt. They don’t care if their credit is ruined.”

This entry was posted on Monday, July 28th, 2008 at 9:46 am and is filed under FSBO. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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