The real estate market in Las Vegas appears to be going through difficult times as foreclosures have increased in the area. According to RealtyTrac, who markets foreclosed properties on the internet, foreclosure filings in Las Vegas affect one out of every 31 homes.

A total of 22,928 foreclosures were reported in the first half of the year, double the amount of the first half of 2006. According to www.narreia.com, there were 2709 defaults on home loans in the greater Las Vegas area. .

The real estate market in Las Vegas also is seeing a slight decrease in average prices of homes. According to data from the multi listing service in the Las Vegas area, the average price for homes has decreased steadily since February 2007.

Inventory is also increasing. The most recent numbers from www.narreia.com show that the inventory of single family homes in Las Vegas has increased to 21,337 as of August 22, 173 more than the previous week.

More foreclosures and higher inventory numbers should lead to a glut of single family homes in Las Vegas. Investor interest seems focused on downtown Las Vegas condominiums and luxury properties on the Las Vegas strip.

Technorati Tags: Las Vegas Foreclosures, Inventory New Homes Las Vegas, Las Vegas Real Estate Report

This entry was posted on Friday, August 24th, 2007 at 11:08 pm and is filed under Luxury Condos(t) . You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.