Nevada Housing Boom becomes Bust in Las Vegas

August 8th, 2008 Author:

                 The real estate party in the state of Nevada looks finally to be over. Party guests that joined the crowds of real estate speculators earlier in the decade are exiting in droves. Like the next day after a drunken orgy of excess, the furniture is broken. The door is unhinghed. The windows are broken. And the carpet is stained. That is, the place is a mess.  The hung over are just beginning to wake up and survey the extent of the damage. Real estate speculators that purchased multiple investment properties in fast growing Las Vegas are already upside down on their purchase prices. Those investors that put down 5% or less financing on these investment properties are probably starting to consider turning their backs and leaving their real estate binders (if they even had one) behind. Las Vegas, Nevada saw home prices appreciate almost faster than any other state with the exception perhaps of cities in Florida. As such, expect to see inventory start to pile up and put downward pressure on property throughout the state. Carson City which is in Lyon County has seen home price appreciation in recent years already is starting to slow down noticably. Other counties such as, Lincoln County, Nye County, Clark County and Esmeralda County all in the southern portion of the state are feeling similar effect.

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