LAS VEGAS -- The Department of Housing and Urban Development or HUD has hundreds of homes for sale in the Las Vegas valley market and the homes are in neighborhoods including Summerlin, Rhodes Ranch and Mountain's Edge.
One local broker told 8 News NOW that the HUD homes are becoming quite popular buys because it's a faster process than buying a short sale home and some of the HUD homes are in upper end neighborhoods.
"Normally HUD has been stigmatized as being a broken down shanty shack almost and really we have great homes like this one that are in Summerlin, Southern Highlands, all around the Las Vegas and Henderson area," said Thomas Blanchard, First Realty Group.
HUD Home Listings
As Blanchard walked through a Summerlin home in the 89144 zip code, he explained how homes like that are making it on the market.
"This home is a regular foreclosure except it had an FHA loan on it and when the bank foreclosed on it, they turn it back to the FHA for the insurance. Then HUD gets it and sells it as a HUD home," said Blanchard.
More and more foreclosed homes are becoming HUD homes because of the FHA loans that have been taken out on them. Blanchard says most likely any home sold in the past three years had an FHA loan.
For home buyers, HUD homes mean more opportunities for their money.
"Some of them have that initial appraisal value and are listed lower than that value so there's some equity to be gotten right away," he said.
The prices on the HUD homes start at $15,000 and go as high as $300,000.
