Las Vegas Housing Market Trends

[Jesse Burrell]

BP,

We do a ton of research on areas where we buy. This is what we have recently gathered in Las Vegas. Let me know your thoughts:

Las Vegas Housing Market Trends for 2016

FindTheHome | Graphiq

Notorious for being the worst hit region in America during the great economic downturn of 2008, Las Vegas is finally beginning to climb its way out of trouble. Both the new and used properties of the hottest neighborhoods in Las Vegas are moving fast. Another thing, wages and employment rates are rising. The entire state of Nevada has a long way to go, but the trend is positive.

A Sea of Foreclosed Homes and Underwater Mortgages

Mass job cuts and wage reductions spurred a trend of missed home loan payments that would change the way residents would acquire or rent properties for the next decade or more. For those whose income remained strong enough to make payments, having a home that became devalued due to what was happening to the neighbors meant that few were untouched. Do you continue massively overpaying for your home? When is enough, enough? In this environment, whole subdivisions became owned by banks.
Thankfully the economy turned a corner in recent years. Creditors filed nearly 18000 default notices for Nevada homes in 2009; more recently the number was more like 1800. On the subject of being underwater