While housing prices have fallen all over the country, no single market has been more affected than Las Vegas, Nevada. As a town that generates a large percentage of its revenue on entertainment and trade shows, the city was a natural to be hit hard by the economy. While many homeowner’s saw their houses skyrocket in value during the mid-2000s, the citizens of Las Vegas are now feel the after effects of the housing bubble burst.
Today, Las Vegas has one of the highest foreclosure rates in the nation. That, coupled with the overall weaker economy, has caused the housing market to fall apart. With median sales prices at a level that is half of what they used to be, the vast majority of Las Vegas homeowner’s have found themselves with underwater mortgages. In fact, it is estimated that over 80% of homeowners in Las Vegas presently owe more on their mortgage than their home is worth. And because of no down payment financing, many have loan-to-value ratios in excess of 125%.
While the median sales price in Las Vegas has fallen, it seems like the condo market is struggling the most. The city is littered with unfinished or half full projects which are sure to keep condo prices down for the next couple decades. Some real estate experts have estimated that Las Vegas condo prices may not return to their peak level for another 20 years. Because of these estimates, many would be condo investors are shying away from the Las Vegas market for the time being.
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