Just a few years ago it was almost impossible to purchase a home in Las Vegas. People were shopping on the Internet from out of state and bidding site unseen. And then, like a casino leftover from the Rat Pack era, no longer drawing in the crowds, it imploded.
The housing bubble burst across the nation, and Nevada was certainly not immune. However, Las Vegas seems to have been one of the hardest hit and slowest recovering cities.
It’s become a buyers’ market, with forclosures ripe for the picking for first-time home buyers or those purchasing in cash. Unfortunately, for many who have had houses before, it’s an uphill battle to credit history recovery.
In talking to people on either end of the spectrum, the message is the same - we’re all hoping and waiting for economic recovery. But although market experts disagree on some points, they concur that Las Vegas’ housing future remains grim.
The culprit, as we’ve all learned, were those adjustable rate mortgages. Homebuyers now are extremely wary, insisting upon fixed mortgage rates. But the damage has already been done.
Driving through neighborhoods in the Las Vegas Valley turns up a for sale sign on practically every corner. Some houses appear intact, but the damage is evident in others. Owners finding themselves between a rock and hard place take their frustration with housing lenders and the defunct system out on the property.
The dire circumstances don’t stop in suburbia, as much contstruction of retail shopping centers and even Strip properties has come to a screaching halt.
But the bright lights and slot machine noise hide that away from tourist eyes. Sin City is a place to come to to escape a mundane life. No one wants to see the rickety, collapsing frame underneath their Xanadu.
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Great topic! That has been a HUGE issue in Las Vegas. It is great to get an insight from the actual Las Vegas residents who have had to experience their house being under foreclosure. It is defintely something I never heard about until the market crashed, now it is a common thing! Good post!
I really liked the two individuals chosen for the interview. You showed a very nice balance regarding a very sad situation. Your blog was well written and filled in the necessary information for the video. I thought they were well done.
Good post. I have some relatives who have been here for more than 20 years, but they want to go back to their country of origin. They have enough savings and want to build a house in Mexico because it is much more easier to do it over there. You did a great job!
The housing in Las Vegas is definitely scary! I’ve been taking notice in my neighborhood of more and more foreclosure signs going up. It’s an eye opener. The video complimented the post well. Great post!
I just moved to Vegas in January and def have thought about buying a home. This gives me better insight of the housing market here since I didn’t look into it much yet. I have a friend who bought a gorgeous home years ago that is now worth half the price! Sad thing is she can’t even get it refinanced
. Thanks for the help and advice from your video!
I really liked the two individuals chosen for the interview as said earlier. The whole thing about the crash is that can we recover? I really hope so considering that I like to one day own few properties out here and make something happen. But very well written!