Bad News for the Nevada Housing Market

Some folks over at 24/7 Wall Street ,Douglas A. McIntyre, Michael B. Sauter, and Charles B. Stockdale, have compiled a list of Eight States Running Out of Homebuyers .

It doesn’t look good for Nevada:
__Nevada ranks worst in the Nation on Home Foreclosures. In 2010 9.4% of all housing units in the State were foreclosed upon. Arizona ranked 2nd with a 5.7% foreclosure rate.
__Nevada ranks worst in the Nation in Unemployment at 14.3%. California and Michigan tie for 2nd with 12.4%.
__Nevada ranks worst in the Nation on the decrease in building permits between 2006 and 2010 with an 84.3% decrease. Georgia ranks 2nd with an 82.3% decrease.

DonDiego counsels the prospective Nevada home-buyer to consider any such purchase very carefully.

DISCLAIMER:
DonDiego does not know Mssrs. McIntyre, Sauter, or Stockdale, . . . he has no personal or financial interest in 24/7 Wall Street, . . . and the only real estate he owns is his home on an idyllic ridge in Appalachia.

What, no Ohio in those unemployment figures!!!!!! I thought Strickland was doing his damn best to ensure Ohio was at least number 2 in the nation for people out of work. Now I am freaking pissed off!!!!!!!!!!!

Strickland didn't do much at all, good or bad. Since all the reps seem able to do is negate what recent dems did, our new elitist governor will have little to do. Let's see if he undoes the casinos, which are set to provide millions in new tax income to balance his budget.

The "bad news" started LONG before LV tanked...When I return for Holidays, there's nothing to celebrate

It is a great time to BUY in Las Vegas. Yes, while there are a record number of foreclosures and more predicted for 2011, many sales are buyers with cash. The values are unbelievable and we have never seen such incredible deals.

Yea hate to break your dreams but the millions from casino's isnt going to be enough to plug the 8 billion hole

Hillbilly Ted left Ohio in.

Home prices in LV will be going down for another year or two; as great as the bargains are now, they'll only get better.

If you can invest for the long run (>10 years) it would seem to me that this is a wonderful investment opportunity. I would also look at leveraging and buying even more houses with rental proceeds.

I'm soon to turn 62 and thinking about retirement. I have been looking at real estate, via internet, in Las Vegas. I've seen condos for $18,000 on Marlyland Parkway, picture looks like it's a cheap apartment house. On the other end of the spectrum I've seen a beautiful home for $300,000 that had been worth a million at one time.

What would be a home price in a safe neighborhood, maybe Summerlin or Henderson or something comparable? I hope Sue Casey, Rizzo or one of the locals on here can answer. Thanks.

cjen,
You probably want to clarify a bit on what you're looking for. Summerlin is large and Henderson is huge. Also, do you want a house or condo? Number of bedrooms, gated or guarded community, etc. etc. For instance, my friends live in a gated development in Green Valley off Windmill. There's a ramlber next door that I would guess is going for $95-100,000. If you go into Henderson proper, you might find it for a bit less. Head up Eastern to Seven Hills and it'll be 2-3 times more give or take. So where you go and what you want can make a big difference.

Good Luck!
Ric at Joes