Las Vegas Homes Bad Bet Until 2032
And Las Vegas isn't even in the worst shape when it comes to depressed housing prices. Foreclosure-plagued cities like Phoenix and Naples, Fla., will take even longer to see anything like pre-recession home prices, Moody's predicts. In Phoenix, for example, the number of listings with price cuts in December topped 40 percent -- an indication that any rebound will take months, if not years, to be felt.
But Las Vegas remains ground zero of the foreclosure crisis, with 1 out of every 99 properties in foreclosure, according to data from RealtyTrac. One surprising group that has benefited: Australians. Aussie real estate agent Vincent Selleck is busy marketing distressed U.S. properties to his countrymen Down Under. For the cost of a new car in Australia," he told AOL Real Estate, "you could own a home in the U.S.A."
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