What I heard on the radio this past weekend about our Las Vegas housing market.

Real Estate Agent with Summerlin, RE/MAX Excellence: . 702.321.9383

I woke up early this Easter Sunday to hear an local attorney being interviewed by a radio host on a popular local station, topic was the Las vegas housing market.  Of course, everyone in this city has an opinion about our housing market.  Locals have an opinion, business people have an opinion, Real Estate agents have their opinions, accountant have their opinions, politicians have their opinions...

One thing the attorney touched on was that 50% (estimate) of our listings are short sales.  I almost think the percentage is higher.  Another thing we spoke about was our number of homes that banks are holding on to that have been foreclosed on.  He stated the banks say they have an inventory of around 20,000- 30,000 homes they are holding on to.  He stated that he thinks the number is more like 50,000.  I agree with him.

Our unemployment market is high here.  Many casino workers have been laid off, or their hours reduced.  So people are having to short sale or just walk away from their homes.

All I know is I truly enjoy helping people with their housing situation whether it's a regular sale or short sale.  I have a lot of experience doing short sales and LOTS of patience. 

Enjoy your day.

Penny O'Brien with Simply Vegas


Comments (2)

Greg Saffell
Tucson, AZ
Real Estate Professional Tucson, Oro Valley AZ

Penny, there is another spokesperson down your way named Bob Massey. I have heard his report on the Las Vegas housing market a few times and he says the same thing. It may be a while before things recover in your area. BTW what is a 'Certified Summerlin Specialist"?

Apr 26, 2011 10:30 AM
Penny OBrien- Summerlin, Las Vegas, Realtor
Summerlin, RE/MAX Excellence: . 702.321.9383 - Las Vegas, NV
"Summerlin Specialist" - 702.321.9383


Yes, I am familiar with Bob Massey, Certified Summerlin Specialist is a title given to Real Estate agents who have taken the proper Summerlin classes and receive a certificate.  Penny

Apr 26, 2011 10:36 AM