Las Vegas (NV) Foreclosures Increase Significantly in the First Quarter of 2006
MT. PLEASANT, Pa., April 13 -- The number of foreclosures
in Clark County, Nevada, increased by 36 percent in the first quarter of
2006 compared to the same period in 2005, according to Default Research
(http://www.defaultresearch.com), the rapidly growing real estate research
company for foreclosure properties.
"All bets are off in Las Vegas now. With rising interest rates and
lower appreciation on the properties people own, it is obvious that the
area could see an increase in foreclosures for the next several months,"
said Serdar Bankaci, president and chief executive officer of Default
Research, Inc.
Another problem in Clark County that is contributing to the rising
foreclosure number relates to the housing shortage in 2003 and early 2004.
According to Bankaci, during that time, many investors bought up properties
hoping to cash in as the property values went up through basic supply and
demand.
"That gamble did not pay off because the housing shortage ended and
these investors, who had no intention of living in the houses, were stuck
with overpriced properties," said Bankaci, whose company provides
foreclosure data that arrive two to three weeks ahead of the competition.
With the freshest pre-foreclosure leads in the nation, Bankaci's
clients are almost assured to be the first to approach these property
owners in financial distress. Bankaci points out that this can be an
excellent opportunity for a real estate deal that will satisfy both
parties.
"Many of the homeowners used 'aggressive financing' to buy homes they
could not afford," said Bankaci. "So, now many of the homes we see going
into foreclosure have little equity left in them. The leads provide a
win-win for my clients - the owner gets out of financial distress and the
investor has a chance to turn a profit on a property."
Default Research is the national leader in real estate research. More
information about Default Research can be found at their website:
http://www.defaultresearch.com.
Default Research is adding a "monster of the midway" county next month
- Cook County in Illinois. The expansion continues for the rapidly growing
real estate research company Default Research which will begin offering
leads for Cook County next month. With the addition of Cook County in
Illinois, Default Research now covers eight of the ten largest counties in
the nation.
