Fortune just released their projected 10 worst real estate markets for 2009 that you can read by clicking here.
California dominated the list with a projected 6 real estate markets out of the top 10 forecasted to have a not so great 2009. Las Vegas did not make the top 10.
I also found this side article interesting that you can read by clicking here. From the Article:
“Auctions are a pretty simple game,” Rob Friedman, REDC’s chairman, explains to me during a walk around the block to escape the noise. “The more people that you get to see your ads, the more people that will go to your open houses. The more people that go to the open houses, the more people that will show up at your auction. The more people that show up at your auction, the more competitive the bidding, and the more we sell.”
Translation: The more people we can get in one room and get bidding on a property, the more we can sell it for.
On my last check on the number of Las Vegas Foreclosures for sale on the Las Vegas MLS, we had a little over 7,500 bank owned properties available for sale. You can search through them right here on my Las Vegas Bank Owned Homes search engine.
Personally, I’ve found that Banks are becoming more receptive to Short Sales and keeping the properties from going to foreclosure in the first place. If you have the patience, you can get some really good deals before they end up on “Foreclosure Radar” screens that everybody is sifting through.
Remember….More people bidding on the same properties means higher prices.
Paul Francis, CRS
Las Vegas Real Estate
702.592.3058
January 1, 2009 at 10:29 am
I thought California after becoming the worst real estate state in 2008 would pick up in 2009, but things seem to be against my will.
January 27, 2009 at 11:17 pm
Are you freaking kidding me? How long have you been in Real Estate and I’m not talking about the part where your head is in the sand. You have no clue what you’re talking about and your copycat approach to providing information regarding Real Estate anywhere in the country is pitiful! Get a real job and get a life!!
January 28, 2009 at 8:13 am
If you care to expand, please do so. Just passing along the information provided to me and since Las Vegas is so dependent on California, just keeping tabs with what is going on in California. If you don’t like the article that’s fine… or you are in the Auction business and not happy with me highlighting how your business works. Not sure…. but thanks anyways.
March 16, 2009 at 7:16 pm
According to First American Corelogic and the latest report from a foreclosure tracker:
http://lasvegasrealestate4u.com/2009/03/11/report-suggests-55-of-nevada-homes-are-worth-less-then-their-mortgage/
California has over 1,900,000 homes worth less then their mortgages, Las Vegas has retaken the lead as the city with the most defaults filed for February on a percentage basis.