Nevada is known as a 'Silver State' because of its mines' rich silver deposit. It is also a sought-after tourist destination and a gambling state, because the gambling capital of the world, Las Vegas, is in it. But these days, the state is also known as a home market where there is just too much foreclosure.

For several years already, the volume of Nevada foreclosure homes is the greatest in all of the United States. Nevada is ranked as the top state where there are foreclosed homes. Because of that, many experts and analysts say Nevada is the hardest hit by the downturn of the housing industry.

Worse, almost 50% of Nevada mortgage borrowers owe more to lenders that what their homes are actually worth. This spells trouble to the already struggling mortgage lending industry. For now, it is very obvious that mortgage and housing is down in the state. But this could mean greater opportunities for homebuyers and investors, who are always aiming to acquire properties at very cheap prices.

Because there are just too many Nevada foreclosure homes for sale and mortgage lenders are just too desperate to dispose them all so they could generate money, prices of auctioned foreclosures are dropping significantly. Even Las Vegas foreclosure homes are getting cheaper these days. Many homebuyers and investors are readily buying foreclosures in the state for the purpose of owning vacation homes or for investments, as the houses could be sold at greater prices in the middle to long term.

It is the best time to buy Las Vegas foreclosure homes. As the state does its best to curtail the continuously rising foreclosures, expect the inventory of Nevada foreclosure homes to remain high. It will take several years before the glut is contained and foreclosure cases resolved in the state.