Sun Belt Foreclosures

Las Vegas, Nevada has seen an abundance of foreclosures. Since “Sin City” experience a real estate boom prior to the sub-prime mortgage crisis, there’s a large inventory of foreclosed houses in and around Vegas. In June of 2009, 74% of the homes sold were foreclosures.

Florida has also a glut of foreclosure properties on the market. One in five US homes entering the bank foreclosure in 2007 were located in The Sunshine State, which faces the highest rate of housing distress of all the US states. According to 2008 numbers, Fort Lauderdale, Palm Beach, and Jacksonville were among the top 25 foreclosed cities in the US.