Las Vegas Real Estate Market

According to the latest report from RealtyTrac, 53% of all the homes sold in Nevada are in some stage of foreclosure. So what does that mean for the market aside from that it is a great time to be a home buyer?

One of the pillars for the national economy is real estate. For Nevada, it does effect the state economy but for the Las Vegas area, tourism also has a huge impact. Over the last six months, more and more people are coming back to Las Vegas for vacations. Don't believe it? Try renting a car on the weekend from any national chain. You may not get one if you don't reserve it ahead of time. Prices for luxury homes in Las Vegas have fallen drastically like most of the rest of the market.

These bank owned properties are frequently referred to as REOs still make up the bulk of the listings in Las Vegas and other areas of the country. Because of this Las Vegas new home builders are slowing down production but that isn't the case in some areas of the country. New home builders in Columbus Georgia are still building homes and production is speeding up. That isn't the norm in markets with high foreclosure rates like Nevada, Arizona and California.

RealtyTrac estimates that there is a three year supply of foreclosures in the Las Vegas real estate market. As to the impact REOs have on pricing, according to RealtyTrac you can expect a 35% price difference. This may have been the case initially, but with so many foreclosures in the valley you'll see the same pricing across the board.

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