After the housing bubble burst, Las Vegas had one of the highest foreclosure rates in the country. While this could be negative for homeowners who purchased their property at the housing market's peak, it has created some unique opportunities for entry-level buyers.
As a result of the high presence of distressed properties, some local industry experts anticipate short sales to account for roughly 50 percent of all homes for sale in Las Vegas during the course of 2012.
New legislation in Nevada has hindered the foreclosure process, so many distressed homeowners are opting to partake in short sales instead. While this process is significantly less damaging to a borrower's personal finances than a foreclosure, there are still major discounts that can be had by buying a short sale.
There are currently an estimated 5,000 of these homes for sale in Las Vegas. Entry-level buyers who were priced out of the local marketplace at the housing market's peak may be able to find a number of affordable options, as the average price paid for one of these short sales in 2011 was $116,000.
