Bus Loads Of Potetnial Buyers Viewing Foreclosed Units In Las Vegas

April 23rd, 2008 | Tags: Foreclosures

At least two real estate agents have not stopped merely by giving out heavy discounts. Now they are organizing free bus trips for potential buyers to view foreclosed units in Las Vegas. The vehicle has been named Foreclosure Bus. It is a luxury bus that can accommodate 40 passengers and is owned by Ruth and John Ahilrand. They are the owners and managers of RE/MAX Central. They take the passengers on a tour of new foreclosed houses for which builders are offering a heavy discount in this region. The bus also doubles as a mobile office on wheels for the firm. On Board is a representative with a mike explaining the deals and its technicalities. The passengers are given lessons on the rules of buying and selling foreclosed estates. Agents accompany the bus are ready to make spot sales. The bus trip lasts about three hours. Lunch is served free. The buyers are gifted a high powered Sony television set.

The Ahlbrands are quite upbeat about the success of their bus programme. Sales have gone up by 10% since the bus started rolling. Discounts to the tune of 30% or 50% are offered. It is convenient for potential buyers to view all the foreclosed properties in a comprehensive package.

Las Vegas foreclosure numbers continue to rise with the only consolation that at least it is not Detroit. Las Vegas ranks third in the nation’s top metropolitan zones as regards foreclosure numbers. Las Vegas saw 4.2% of its houses enter the foreclosure category in 2007. There had been 59,983 foreclosure filings on 30,375 houses. It was a high jump of 169% from 2006. Nevada ranked first among the offenders nationally with the numbers being 3.4% - treble the national figures.

In Detroit the rise has been due to an economic slump but in Las Vegas it is due largely to unmanageable growth. The apprehension is that this year the situation will get worse. A sizeable number of sub-prime loans with floating interest are poised to increase. This will affect thousands – spinning off another round of foreclosures. To add salt to the wound unemployment is rising. This is largely because of the depression in the construction industry causing lay offs and shut downs. Within few years Las Vegas has gone from boom town to bottom town. South Nevada is one of the worst hit regions.