Las Vegas Housing Market Trends for 2016

[Jesse Burrell]

BP,

Here is some research our company recently did in Las Vegas. Please let me know what you think: 

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

[Shawn Barga]

Blackstone Group, a multinational private equity investment firm owns more than 10,000 homes here in Las Vegas as well as many of the Hilton Hotels, Cosmopolitan, and in contract to buy the SLS Hotel and Casino. The banks foreclosed on all of these Las Vegas Homes and then, gave them away to Big Real Estate Investment Group Firms like Blackstone, which now they use a subsidiary rental agency to rent out all of those homes they were given for pennies on the dollar. There was no mercy to the home owners that were under water so to speak, so if you are thanking god you are thanking him for giving all of those foreclosed homes to these big huge investment corporations. But, yeah some investors like me were able to pick up a home or two at 1985 prices, but not given away like they were to the big corporations. Then they bailed out all of those banks and wiped the slate clean to start loaning money out of nothing again.