Michigan: the cold, barren January tundra that cools the real estate market after gains in the 4th quarter of last year. Well, the city that most people associate Michigan is of course, Detroit. What was Detroit known for? Crime and homocide in the past. More recently, we have been the poster child for the foreclosure fallout. Well Detroit, someone outdid you. Las Vegas now leads the nation as the city with the most foreclosures. Not something we are envious of.
The market in Las Vegas had explosive growth in the height of the market in the lead up to the banking crash. Investors were highly speculative gobbling up land for new homes and flipping existing homes, driving values through the stratosphere. What goes up, must come down. It's my experience that the steeper the curve is on the way up, the steeper the fall. We have expereinced more gradual increases here in the Midwest and our decline was similar... slow and steady.
So, Las Vegas... what are you doing to right the ship? How are these REO's being handled? What new systems and techniques are NV agents seeing that are effective? I'd love to hear from local agents with their boots on the ground.
Steven Terry- Mark Hagan and Associates