Market for Las Vegas Homes Shows Signs of Recovery

8newsnow.com, Feb 20, 2010 – For the first
time since three years ago, the amount of people who are late for their
payments went down. This may be a tell tale sign that the real estate market for
Las Vegas homes
is starting to
recover and that the number of people losing homes is dwindling.

According to the Greater Las Vegas
Association of Realtors (GLVAR), a change may also come soon in Southern
Nevada. GLVAR reported, on the average, Southern Nevada had around 8,500 Las Vegas Foreclosures during the first quarter of 2009 but this year, that number
dropped to about 1,800.

Paul G. Bell, President-Elect for
Prudential Americana Group, believes that Southern Nevada is leading the
country out of the housing crisis.

Bell says the reason is that
investors are buying foreclosed properties in great numbers. “Beginning
last March, we had an upsurge in the number of buyers for foreclosure
properties. Many were investors paying cash,” he said. “The
foreclosures, when coming on the market, typically get multiple offers. It’s
very competitive.” (Quoted from: www.8newsnow.com)

Although the market for Las Vegas homes is improving, the crisis is not over yet. On a
report by RealtyTrac, Nevada still leads the nation in foreclosures last
January. Nevada also posted the highest delinquency rate with 24.7% of its
mortgages one payment or more past due.