BluefoxToday blog : Las Vegas near top of list for bargain properties

Las Vegas near top of list for bargain properties

It's not easy but Sin City is doing all it can to turn the tide on the bad hand it has been dealt over the past few years regarding the housing market. It has steadily occupied high rankings on many mortgage- and real estate-related lists that no one really wants to be on. But now Vegas is on one that is going make it look a little better. And give everyone in the valley real hope as far as the future of the housing market goes.

The Top 10 Bargain Markets list is out and Las Vegas is third on it. FHFA, or Federal Housing Finance Agency, that gathers housing data on 292 metropolitan areas is behind the report. And it's easy to see why Vegas ranks so high. Mortgage foreclosures are the big thing, casting its long shadow over the entire sandy landscape. Despite their early resistance banks are now pricing REOs, or real estate owned, wherever they have to in order to sell them. That has brought values all the way down to the levels of around 2002. That's when a solid 3-bed, 2-bath single-family home in a nice neighborhood could be purchased for well under $200,000.

Is that going to help the limping housing scene in Southern Nevada recover? It sure is. In a small way it's already started. First-time buyers and investors are busily going through the huge amount of inventory at the lower end of the scale and picking up bargains in the process. That is a good sign. At least one end of the market is gathering steam. The important thing is that it begins somewhere, which gives consumers more confidence about the market's overall viability, and then everything moves by stages into other affected segments.

By the way, the number one slot on the list went to Stockton, CA, with Naples, FL, grabbing the second spot. Fourth was Ft. Lauderdale, FL, and fifth Miami. Anyone who closely follows real estate would've guessed as much.  The once high-flying areas that over-priced themselves are now turning into bargain heavens. In essence, this is a perfect example of market forces at work.

 

 

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 10 commentsEsko Kiuru • April 14 2009 09:25PM

Comments

Hey Esko.....so glad to hear Las Vegas is turning around.  We are as well in Phoneix.  Banks are pricing to sell here and getting multiple bids on the lower priced homes.

Good luck to you!

Anna Banana www.AnnaBananaRealty.com

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) over 9 years ago

To get on the Bargain markets list Esko shows that the Vegas prices have fallen just about as low as they can go!

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 9 years ago

You guys and us here in Arizona have lots of bargains -- all the best.

Posted by Bob & Carolin Benjamin, East Phoenix Arizona Homes (Benjamin Realty LLC) over 9 years ago

I knew Vegas was one of the hardest hit. It is no surprise there would be bargain hunters out in full force.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 9 years ago

Esko, maybe we have finally seen the bottom.  Increased sales usually means increased prices, and a way back to recovery.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 9 years ago

Anna,

Little by little things are improving here. Good to hear that Phoenix is doing the same.

Posted by Esko Kiuru over 9 years ago

Gary,

Vegas market sure is turning mighty attractive again.

Posted by Esko Kiuru over 9 years ago

Bob & Carolin,

Looks like our two markets mirror one another pretty closely.

 

Posted by Esko Kiuru over 9 years ago

Bill,

Main thing is to get our high inventory down and then we can talk about a lasting recovery.

Posted by Esko Kiuru over 9 years ago

George,

If we aren't at the bottom yet, we are awfully close.

Posted by Esko Kiuru over 9 years ago

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