I just read an interesting article on the Hispanic Business. com website talking about more waves of foreclosures coming onto the market.  Here is a small excerpt of the article:

"...There's more pain to come, said Whitney Tilson, principal of T2 Partners and publisher of a June report on the housing and credit crisis.

While the majority of mortgage defaults so far have been sub prime borrowers, more middle- and upper-income homeowners are starting to walk away from their mortgages, he said from New York.

Roughly one-fourth of homeowners with a mortgage owe more than the home is worth, making them much more likely to default. Among those who purchased in the past five years, 30 percent are underwater. The figures are worse in bubble markets such as Las Vegas, where 61.4 percent of buyers in the last five years are underwater, according to Moody's Economy.com."

For the full article by Hubble Smith, click here.

From my perspective being out with buyers everyday, I am looking forward to move houses coming onto the market.  Currently, properties that are in good shape, in good neighborhood are creating a frenzy of buyers and investors looking to capitalize on the ridiculously low prices.   I'm seeing as many as 17 offers in on prime listings.  Even foreclosures that need work are getting multiple offers!   If you would like to search for foreclosures in Las Vegas, please click the search icon below.   If you would like more specific information on the Las Vegas real estate market, please call me directly at 1-866-589-1646.

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