Now is the time to buy in Las Vegas!  Look for more foreclosures to come onto the market in 2010. 

Start Your Search for Las Vegas FORECLOSURE Property!

Search ALL LAS VEGAS Available Properties

Felipe Crook
Prudential Americana Group Realtors
Las Vegas NV 89117
1-866-589-1646

High unemployment in construction, gaming and retail sales is contributing to the epidemic of foreclosures in Nevada, which has slowed as bankers hold back on foreclosing properties in an attempt to raise housing prices.

An assortment of new casino projects under construction has been stopped in their tracks, victims of the global financial meltdown. Unemployment in the construction industry alone is 65% in Las Vegas. 

However, the $7.8 billion City Center project just opened mid December 2009 creating 12,000+ jobs and a needed surge of economic activity.

Discounted foreclosures are attracting buyers, accounting for more than half of all sales in Las Vegas. Even as sales pick-up housing prices are declining, but at a slower rate of deflation. However, a second round of foreclosures is projected to hit Las Vegas in early 2010, which will deflate home values more rapidly.

Bankers are working with homeowners more effectively in short sales, enticed by federal stimulus money to work with owners to sell homes at a reduced price instead of foreclosing. The process, however, can take months to work out with mortgage servicing companies and historically only a small percentage of deals close.

Investors make up the largest percentage of home buyers in Las Vegas, which had the highest number of subprime and adjustable rate mortgages go into default in the country. The fall-out from the housing crash is far from over in Las Vegas, which is projected to see another 60,000 foreclosures in 2010. Bankers will slash prices on homes to get them off their books, pressuring the market down further. Housing Predictor forecasts Las Vegas average housing prices to deflate 15.4% in 2010.

New home building has come to a virtual halt in Henderson as developers walk away from projects, leaving subdivisions like Zombies. The housing crash has damaged the local economy, and sent construction workers to the unemployment lines. A turn around isn't expected any time soon in Henderson, which is forecast to sustain average housing deflation of another 13.5% in 2010.

source: http://www.housingpredictor.com