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The following article was published in our article directory on April 25, 2012.
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Are Las Vegas property value going down?

Article Category: Advice

Author Name: {AARON JOHNSON|ABDUL WILLIAMS|ABE JONES|ABEL BROWN|ABRAHAM DAVIS|ABRAM MILLER|ADALBERTO WILSON|ADAM MOORE|ADAN TAYLOR|ADOLFO ANDERSON|ADOLPH THOMAS|AD

Everyone would like to buy at the bottom of the market, as those people will capture the biggest price rises. Is Las Vegas housing as cheap as it will get? It's a very difficult question to answer. As with stocks, the smart investors buy as things go up, not by speculating on whether we are at the lowest point. In this article we look at whether Las Vegas homes are appreciating in value. We consider the market to see whether it has any signs of life.

Many folks thought the Las Vegas realty market was stabilizing in 2010 and many people pointed to price rises in the summer of 2010 as a positive sign. However, it emerged that 2010 was not the bottom, and in 2011 prices declined yet further. There is a downwards trend line that started in 2007 and continues today. But there is clearly a deceleration in the decline, with the 2009-2011 rate of decline nothing like the 2007-2009 freefall.

What about investors who bought in 2010? People who bought in 2010 are getting yields as high as 10 % so they are not unhappy. If they bought with a medium or long term view then they are likely comfortable to hold during this period of slow deceleration and standby for the market to improve. Buyers today with a similar mindset and time horizon have a greater chance of meeting their goals than those buying in the expectation of a rapid increase, after all the fundamental driver of Las Vegas housing value, the local economy, remains weak.

In 2011 although properties declined in value, more homes were sold than in any other year in record. In total 48,186 local properties were sold in 2011, including 38,153 single-family homes and 10,033 condominiums and townhomes. If demand remains at its current high levels, or increases, then the market will eventually resolve its distressed inventory, at which point upwards price pressure would have a surer footing If demand remains at its current high levels, or increases, then the marketplace will eventually sell its distressed inventory, at which point upwards price pressure would have a surer footing..

In December properties sold rapidly. 63.7 % of all condos sold within 60 days, and 58 % of all single family homes also sold within 60 %. That compares to November, when 58.7 percent of all homes and 65.9 percent of all condos and townhomes sold within 60 days. The volume of sales indicates that the Las Vegas market has sufficient demand to have all its foreclosed properties acquired, and at that point the recovery will take hold.

However, there are plenty of reasons not to be excited about prospects for the Las Vegas home values. Two-thirds of homeowners with a mortgage are underwater, and there could be as many as 100,000 additional homes foreclosed on in the next few years. 2011 saw under 4,000 homes being built which is just one tenth of what was built in 2005. The current market is dominated by short sales and foreclosures - they make up 75 % of the market.. Some estimate that one third of all Las Vegas property will have been foreclosed by the time we are through the crisis.

Keywords: Las Vegas home values, las vegas real estate, las vegas homes for sale

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