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