I worked in the REO market (Bank Owned Properties) from 2008-2014. I remember when Florida, Vegas and Detroit were flooded with foreclosures. 10-20 properties from a single area would drop into the pipeline on a daily basis and prices kept moving down. Many new developments were ghost towns and as you drove down the street, every other home was abandoned with a "for sale" sign in the yard. It was a sight to see but time has a way of healing wounds. Take a look at this article from Realtor Magazine News dated March 27, 2017.....
Some of the nation’s once hardest-hit housing markets are now among some of the healthiest. Notably, over the past decade, Tampa, Fla., had lost thousands of homes to foreclosure. Now, it is the healthiest housing market in the country, according to TenX, a real estate auction and analytics firm.
TenX rated the locations based on several factors, including population and job growth, the unemployment rate, wage growth, and inventory and construction activity.
“Florida is recovering very nicely from an economic standpoint,” says Rick Sharga, chief marketing officer at TenX. “We’ve seen unemployment numbers drop pretty dramatically there. We’ve seen job growth and wage growth stick for a few years now, and we’ve seen a very steady increase in both the sales of homes and home prices
"Las Vegas was number four on TenX’s list as healthiest. The city once was claimed as “ground zero for the housing crash,” having the highest foreclosure rate in the nation. Home prices in Las Vegas still remain about 20 percent below their peak from the housing boom.“What we’re seeing is a return to population growth,” Sharga says. “Prior to the housing bust, Las Vegas had some of the steadiest population growth in the country. We’re starting to see that again. And we’re starting to see job growth.
”Dallas, which didn’t see the boom or bust as the rest of the nation did during the recession, nabbed the number two spot on the list as healthiest housing market. The area is seeing a consistent growth in employment and its population nearly tripled the national rate in 2015, TenX notes.
The healthiest housing markets, according to TenX:
Las Vegas, Nevada
Source: “Here Are the Nation’s Healthiest—and Unhealthiest—Housing Markets,” CNBC (March 27, 2017)