While the foreclosure activity is slowing down in the US cities hardest hit by the housing crisis, the wave of foreclosures is still crashing on the majority of the US cities. The states with the most of foreclosure activity as per last year include Florida, Nevada, Arizona and California. Once being booming real estate markets, these states are now still deep in the housing crisis since their economies were mainly dependant on the real estate and construction industries. Recently, more states are joining the foreclosure epidemic, forming the second foreclosure wave mainly caused by unemployment and stagnation rather than sub-prime mortgage crisis. Boise City, Idaho, Greely, Colorado and Atlanta, Georgia recently have joined the list.
Out of all cities, Las Vegas, Nevada, has topped the list. Last year alone, Las Vegas registered 88, 198 foreclosure listings, meaning one out of nine properties was in distress. Like most states with a record foreclosure activity, Las Vegas foreclosures have been slowing down recently.
The number of distressed properties in Las Vegas, including Las Vegas foreclosures, Las Vegas short sales and REO properties created a lucrative market for outside investors hoping to cash in on profits. Many real estate firms enlisted their services to help create and capture value in Las Vegas real estate. With such a high volume of foreclosures in Las Vegas real estate that often sell for 40% of their peak value, the city has seen tides of investors flocking in eager to scoop up the profits. Uniquely positioned as a gaming and an entertainment capital of the world, with its luxury lifestyle, low living costs and promising employment prospects, Las Vegas presents a unique opportunity for real estate investors.