Our analysis of Las Vegas Foreclosure Market is like many others, it’s certainly in flux but as we look forward into 2010 we think we will see a similar number of Las Vegas Foreclosures as we saw in 2009.
No Las Vegas Foreclosure Tsunami!
We don’t foresee a flood of Las Vegas Foreclosures like others are predicting. It’s simply not in the best interest of our financial institutions to release a huge number of foreclosures, which would have a negative impact on not only the market in general, but devalue their existing portfolios of hundreds of thousands of homes.
We are seeing an increase in the number of Las Vegas Short Sales – this indicates local financial institutions are shifting their emphasis on preventing Foreclosures when/where they can. We think this trend will increase also as we move into 2010. Short Sales are a win for the financial institutions, saving them from forcing homeowners into Foreclosure. Short Sales keep the homeowners in the home which is good for our families who are under enough distress already!
Investors are Buying Las Vegas Foreclosures
A great deal of investors are buying Las Vegas Foreclosures – we don’t think this trend will slow down any as we move into 2010. The City of Las Vegas has a truly unique internationally known brand and there are thousands of people who want to own second homes in our dynamic city.
Investors can be the “canary in the proverbial coal mine.” They are buying ahead of the market or taking calculated risks that others may not want to take. The fact that they are snapping up Las Vegas real estate certainly makes a statement!
Last but not least, we only have a 2.6 month supply of homes to sell in Las Vegas. Investors are acutely aware of this inventory and we think this number will not change appreciatively moving forward through 2010.
Happy Holidays!!! We greatly appreciate our Clients, Business Partners, Team Members and having the opportunity to represent RE/MAX International in the wonderful City of Las Vegas! For a Twitter analysis of Las Vegas Foreclosures please follow us on www.Twitter/RuthAhlbrand
