AGENT MLS HOME FINDER

The Las Vegas real estate market continues to be one of the hardest hit in the entirety of the United States of America. So much of Las Vegas’ growth is predicated upon new developments, both commercial and residential, that the residents of Sin City have invested billions of dollars on so-called “sub-prime” mortgages over the last few years. This was a substantial problem, of course, when the market for those mortgages and the entire US economy began to crumble in the year two thousand eight. As banks rushed to recoup their losses, many persons filed for bankruptcy and lost their homes, while some projects on the Las Vegas Strip and the suburbs of the city literally stopped in their tracks, less than halfway to their projected finishes.

According to an August 13, 2009 article in the Real Estate section of the Las Vegas Sun, Nevada has topped the list of national foreclosures for a whopping thirty-first month. The piece, composed and reported by Steve Green, found that “Three more reports show that the Las Vegas and Nevada real estate markets remain at or near the top of the nationwide lists for foreclosures, lower prices, and homeowners being underwater in their mortgages. RealtyTrac of Irvine, California, today said that for the 31st consecutive month, Nevada had the nation’s highest foreclosure rate, with one in every fifty-six housing units receiving a foreclosure filing in July – more than six times the national average.” Although this is bad news for owners of Las Vegas real estate, anyone looking for a great bargain on Las Vegas homes for sale is in luck.

John Restrepo, an economic consultant in Las Vegas, published an article in the Las Vegas Sun on July 24, 2009 saying that the recovery and health of the real estate market and the economy in general relies heavily upon job growth. “An epiphany is not necessary to understand that the health of the economy is the primary determinant of the health of the real estate market – commercial and residential. Accordingly, it is no great surprise that the economic turmoil in Southern Nevada following the boom…has dramatically impacted the performance of the Las Vegas Valley commercial real estate market.”