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Foreclosure auctions aid moving families in Las Vegas

Auctions are being used to accelerate the sales of Las Vegas foreclosures.

Auctions are being used to accelerate the sales of Las Vegas foreclosures.

It's no secret that the Las Vegas housing market was among those hit the hardest during the recession, leaving a tremendous backlog of foreclosed properties - many of which are now being sold at auctions.

Local real estate agents told KLAS-TV that auctions have allowed families and investors to buy the homes at very low prices, and while the homes may need some work, getting them off of the market helps improve the overall housing picture.

"Most likely an investor will buy it at the auction, do the work that needs to get done to the property, get it into a family's hand so they can move into it at some point," real estate agent Anthony Romeo told the station. "When you get more families in and they're moving in these homes and staying in these homes, the stabilization will come a little quicker."

Officials added that the influx of families also helps boost the local economy and job market, as residents start paying bills and buying products at local stores.

Nevada's unemployment rate is also the worst in the country. In September, 14.4 percent of residents were out of work - more than a full percentage point above the next-highest state.