Median Las Vegas Home Price
Reported as $138,000 in
September ’09
Rising Unemployment… the highest foreclosure rate in the Country continue to challenge Las Vegas.
From Bloomberg:
Las Vegas Plagued by Unemployment
Nevada’s 13 percent unemployment rate and declining population growth are contributing to a foreclosure level that’s been the highest in the U.S. for more than two years. Rising joblessness is making it harder for borrowers to meet mortgage payments, and a slowing flow of new residents into the state is shrinking the pool of potential homebuyers, said economist Keith Schwer from the University of Nevada, Las Vegas.
Majority of Las Vegas Homeowners Owe More then the Home is Worth
Sixty-nine percent of all properties with a mortgage in Las Vegas and the nearby suburb of Paradise are worth less than the amount owed on them, compared with 32 percent nationwide, based on the most recent figures from real estate data company First American CoreLogic Inc. in Santa Ana, California.
After reading this report from Bloomberg.. I recognized the name of the reporter right away from somebody who had contacted me back in January of 2008 with some questions that I posted on my Real Estate Solution to stimulating the Economy post in February of 2008.
”As you may know, many people are forecasting a recession due to poor real estate conditions and I was calling Las Vegas real estate agents because the Las Vegas real estate market is getting hit really hard. I was wondering if you could put me in touch with some of your clients for an interview to see how the declines in Las Vegas home prices have altered their spending habits.”
As explained to her back then… the booming economy of Las Vegas during the hey day was based on unsustainable factors that eventually came to an end. Las Vegas has been the fastest growing city founded in the 20th Century and the building eventually had to slow down as evidenced by this Construction Job Report you can Read Here.
Las Vegas has historically been heavily dependent upon construction work, which at one time accounted for more than 11 percent of total employment
Unfortunately… it’s going to take quite some time to return to the economic production levels that Las Vegas grew accustomed to in recent years. I personally know construction workers recently laid off from the City Center Project and it’s very unfortunate that their great paying jobs have come to an end with high competition for the dwindling construction jobs to move to. It’s certainly a very complicated situation in place and I don’t think it’s going to get better any time soon.
For Las Vegas homeowners currently underwater, struggling to make mortgage payments and getting buried expecting things to turn around any time soon… and not being able to get a favorable loan modification.. they may want to look into doing a Short Sale. It’s a far better solution then just walking away..
Contact me with the information below to learn more about the Las Vegas Short Sale Process for the beginning to a new start.
Paul Francis, CRS
Prudential Americana Group – Realtors®
Las Vegas Short Sales
702.592.3058
