Industry News

Real estate foreclosure danger increases

Las Vegas area at risk

There are some warning signs that the Las Vegas-area housing market is slowing down, according to Alexis McGee, president of Foreclosures.com. Price appreciation is flattening and existing-home sales are dropping, which "could indicate that the price boom in Clark County, Nev., could be coming to an end," McGee reported in an announcement today. Foreclosures.com offers foreclosure data, analyzes housing trends and assists investors in six U.S. markets. There were 5,728 new for-sale listings in August in Clark County, with the median list price of $349,000 – the same as in July, McGee reported. "However," she said, "the actual median sales price in August was $309,000. That was still a record, but the appreciation curve is essentially flat. The situation in Las Vegas is exacerbated by the high percentage of home purchases by speculators. Normally, foreclosure is a lagging indicator of financial distress in a household, but speculators often have negative cash flows in their prope...

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