Las Vegas continued to have an elevated foreclosure rate throughout 2011, RealtyTrac reports.
According to the foreclosure data firm, year-end statistics indicate that Las Vegas has retained its top position for having the highest foreclosure rate in the country.
Throughout the course of 2011, Las Vegas has a foreclosure filing rate of 7.38 percent of all properties. This accounts for one out of every 14 homes in the city receiving a foreclosure. Las Vegas has now led the nation for having the highest foreclosure rate for 22 consecutive months.
Meanwhile, it was indicated that more than 100,000 homes have been foreclosed upon since the housing bubble burst nearly six years ago.
However, the elevated presence of foreclosures in the local housing market has prompted a spike in buying activity during 2011, reports the Greater Las Vegas Association of Realtors. According to GLVAR, there were 48,186 homes sold in Las Vegas in 2011 – breaking the record of 46,879 previously set in 2009.
As homes for sale in Las Vegas continue to maintain their affordability, investing in a home in the city could turn a sizable profit once the housing market reaches bottom.