Distressed Vegas homes popular among foreign buyers
September 30, 2010 - Encouraged by the favorable rate of exchange for their currency and low home prices, foreign buyers are moving to distressed Las Vegas homes at a climbing rate.
The National Association of Realtors reported that 7 percent of home purchases across the country were made by foreign buyers - led primarily by Canadian, Mexican, British and Asian buyers. Rick Shelton, president of the Greater Las Vegas Association of Realtors, told KVVU-TV that foreign buyers are likely snatching up Las Vegas real estate at an even higher rate than that, though the group has not officially calculated the percentage.
Moving to distressed Las Vegas homes is possible for foreign buyers not only because of their reduced prices, but also because their currency is likely worth more in America.
"The currency advantage, especially for the U.K. and parts of Asia and certainly Canada [is] balanced better in their favor to purchase in the U.S.," Shelton told the station.
There are no shortage of distressed properties in Las Vegas for foreign buyers to choose from. The city posted the highest rate of foreclosure in the country in August, reports RealtyTrac, and there are more than 40,000 foreclosed properties in Las Vegas.
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