Nev. among worst places to buy foreclosure in 2013

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Updated: 1/31/2013 7:02 am

LAS VEGAS (AP) — Las Vegas is now listed among the worst places in the nation to buy a foreclosed house, after years as a buyer's mecca.

A RealtyTrac report released Thursday ranks Nevada fourth from the bottom among metropolitan areas with 500,000 or more people.

Nevada foreclosures have dropped dramatically in the past year or so. Experts cite overall market conditions, a state law that required lenders file more paperwork to foreclose, and other legal developments on the federal level.

Five cities in Florida and five cities in New York are among the top 20 best places to buy a foreclosure this year.

The rankings factor in the size of a state's foreclosed property inventory, the average discount a buyer would get on a foreclosure, and the pace of foreclosure activity.


©2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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