Just about 20% of all Las Vegas Real Estate was 60 days late on their mortgage payments for the second quarter of 2010 based on numbers just released. The good news is the Las Vegas Real Estate market is improving, if ever so slightly.
This same mortgage delinquency rate for Las Vegas has dropped in the most recent quarter. The last three years we have see the mushrooming increase of Las Vegas Foreclosures and Short Sales. The rate dropped to 18.18% in the 2nd quarter, which is down from 18.61% in the first quarter of the year and down from 18.90% in fourth quarter of 2009.
Are we seeing dramatic changes in our Las Vegas Market? No, not dramatic, nothing substantial, but things are improving if ever so slightly. We still have the 2nd highest deliquency rate in the entire country second only to Miami, FL. The national mortgage delinquency rate is 6.67%. We aren’t saying it all blue skies and green lights - but our real estate market is moving in the right direction.
Las Vegas Real Estate Market Wild Cards:
- The continued challenges for the national/U.S. economy.
- The unemployment rate of 14.4% in Nevada – although flip side to this is a large part of this generated from the construction industry, with some of these workers now relocated out of state.
- The dynamic global brand called Las Vegas is still bringing 36,000,000 visitors including conventioneers to enjoy, play, and relax in Las Vegas.
- Las Vegas Real Estate is still very attractive to investors – investors are snapping up our homes – some sight unseen. The return on investment includes positive cashflow and appreciation. Remember, we have a built in renter base due to foreclosures.
- Las Vegas Real Estate still has levels of affordability not seen since 1998 – builders can’t build a house as cheap as those for sale. Affordability is going to generate more traction moving forward. Our Newsletter next week will acquaint you with the new businesses and new jobs within the greater Las Vegas Valley. (Sign Up!)
RE/MAX CENTRAL is the home of the original Las Vegas Foreclosure Bus Tour held three days a week. We hope to see you on one of our tours! Follow us on Twitter!
