Some factoids:
As of November, Clark County NV contains 13,265 REOs. Only 49% of those are actively listed for resale, indicating a huge ‘shadow inventory.’ A full 90% of this counties foreclosures reside inside the Las Vegas city limits. (* source cited below)
If I’m not mistaken, that means things will get WORSE before they get better.
ALSO Clark County ranked #1 in foreclosure density per person. As well as density of foreclosed homes vs total housing units… grr.
Hi,
No Kidding, it's no wonder I am going to wait a few more years before I purchase a new home in Vegas, there is also a huge shadow inventory in California, Arizona and Florida!
If I am not mistaken 90% of all homes in Clark County Nevada are within the Las Vegas City Limits!
The reason lenders are sitting on shadow inventory is to prevent a complete colapse of property values by flooding the market with inventory! No, it won’t necessarily get worse, but there will still be some years before home values stop skipping the bottom and start appreciating ever so slowly up again. And yes there is still potential for a home selling today for $100k to sell next spring for $95k more based on supply being more abundant than demand allowing it to be a real buyers market!
Yept, yept and yept! It’s been this way for 3 years, where have you been???
GR
And yet, what I am hearing from investors in Las Vegas is that competition for the bargain properties is ferocious and it is very difficult to buy one.
So the buyers are thick on the ground for good bargain priced properties.
One thing I’ve noticed while reading these posts is that there are certain individuals that believe that they are immune to life’s ever changing challenges.
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