The recession of the past few years has hit Nevada hard. With an economy that’s heavily dependent on tourism, the state felt the effect when the rest of America cancelled vacation plans. Hotels and resorts laid off employees who then could no longer pay their mortgages. To make matters worse, the Las Vegas housing market was already glutted with unsold homes, the result of a building boom that preceded the recession.
Today, foreclosures in Nevada offer thousands of cheap homes at some of the lowest prices seen in a decade or more. Lenders have too many repossessed homes in their inventories, so they are eager to sell them quickly.
Real estate owned (REO) properties make up the bulk of the largest concentration of affordable housing in the United States.
While Nevada depends on tourism, the state also offers residents a less frantic lifestyle than many urban areas. Rush-hour traffic jams are non-existent in most places, and many parts of the state are sparsely populated. In contrast, the resorts in Reno, Las Vegas, and Laughlin offer upscale dining, entertainment, and shopping opportunities for “locals” as well as visitors. Nevada has a temperate four-season climate, with slightly cooler summers than many other desert areas in the Southwest.
In the first months of 2012, RealtyStore.com listed 38,193 foreclosures in Nevada. Most of those were in Clark County, where the cities of Las Vegas, Henderson, and North Las Vegas, the top three cities with Nevada foreclosure listings, are located. The city of Reno, in Washoe County, placed fourth on the list.