More homes to hit the Las Vegas real estate market

June 23, 11:35 PMLas Vegas City Buzz ExaminerAngela Clark

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Photo Credit: Las-Vegas-Homes.biz

A new set of foreclosed homes hit the Las Vegas real estate market this month.  Banks lifted a voluntary moratorium at the end of May that began in March.  It has been speculated that as many as 20,000 to 30,000 bank-owned homes could be released.  

In general it takes about 15 months from the first missed mortgage payment to the auction of a home.  More loans with longer reset dates are just now starting to default and there are still over $200 billion in option ARMs outstanding.  The foreclosure crises in Las Vegas is far from over and home prices are still dropping.  In fact, on June 8th alone, almost 500 notices of default were filed.  

Research indicates that banks are still holding back hundreds of thousands of homes in hopes of stabilizing the market.  Currently, a quick search on Realtor.com brings up singel-family homes as low as $25,000 or if you are looking for something a little newer, homes built within the last 5 years start at $45,000.  If you have the time to wait out the market, now is the time to buy a home In Las Vegas.