Driven by record foreclosures and high unemployment, home prices in Las Vegas have been tumbling for five consecutive years as lenders discounted home prices to sell off their massive inventory of residential homes and other properties.  

Las Vegas became the most overheated housing market as a result of loose lending and the ability for just about anyone to qualify for mortgages to buy a house.  Home prices peaked in the spring of 2006 before diving as the real estate boom came to an abrupt end. The gambling mecca garnered the title highest foreclosures rates in the US for almost two years as employers cut jobs sending the local economy into a decline. Despite lower mortgage rates and lower resale prices, Las Vegas home prices have been on a downward trend since.

Sales of existing homes show signs of improvement as the market finds a bottom. Statistics released by the Greater Las Vegas Association of REALTORS® (GLVAR) show existing home prices in April 2012 increased for the third straight month while the supply of homes listed for sale continued to shrink.

“This is the first time in two years that we’ve seen local home prices go up for three months in a row. It’s also the first time we’ve seen prices go up on a year-over-year basis since August of 2010,” said GLVAR President Kolleen Kelley, a longtime local REALTOR®. “Of course, this has a lot to do with our shrinking housing inventory. Based on current demand, our housing supply is down to about four to six weeks.”

Six in every ten homeowners in Las Vegas are underwater in their mortgages. 

Several of the biggest banks such as Chase, Wells Fargo, Citibank, US Bancorp and now Bank of America, the largest mortgage lender in the country, are committed to helping distressed homeowners avoid foreclosure.  For a limited time, they are offering a cooperative short sale program to eligible upside down Las Vegas homeowners. Some Las Vegas homeowners without any equity in their homes may receive between $5000 - $30,000 and owe no more on the balance of their mortgage with the sale of their property at close of escrow. 

Homeowners participating in the cooperative short sale program are required to:

Respond To All Requested Documents In A Timely Manner

Respond Quickly to Counter Offers

Complete the Release of Subordinate Liens, If Any

Stay In Contact With Their Las Vegas Realtor

If your Las Vegas home has become a financial burden to you and your family click or call 702-677-8796

This program is available for a limited time only and will expire...Don't Delay