US Foreclosures Increase Over 80% in 2008

Las Vegas, Nevada recorded the second highest metro foreclosure rate last year with over 8% of its housing (one in 11) filing a foreclosure in 2008

NEW YORK, Feb. 5, 2009 - A total of 3,108,364 foreclosure filings in 2008 -- auction sale notices, bank repossessions, and default notices -- 1,275,791 U.S. Properties over the course of the year; an 82% increase in all properties from 2007, and a 240% increase in the total number of properties from 2006, according to ForeclosureListings.com, one of the largest foreclosure listings providers. Continue reading details about 2008 foreclosures.

Jobs Driving the Las Vegas Real Estate Market

Thousands of new jobs arestill being created every month.

Las Vegas has an employment rate of 96.5% – and with new jobs being created at a rate of over 5,000 per month.

On average, Las Vegas homes sell in about 45 days. Well-priced homes in Las Vegas are often snapped up before there’s time for the real estate agent to put up a sign. House and condo prices continue to rise, setting new records every year.

With the Las Vegas job market predicted to keep growing, and with available land for development being scarce, experts are predicting the Las Vegas real estate market to remain hot for the foreseeable future.

The Strip is showing growing pains. Several new hotels are going up and others are building new towers. Tourists have to detour around construction fences the Bellagio, Caesars and others as they remodel and build.

The opening of the new monorail on July 16, 2004, links both ends of the Las Vegas Strip. For $3 each way (or less), you can comfortably enjoy the four-mile ride. It is a tourist attraction itself- a cheap tour of the Strip. Unfortuantely, the monorail is out of order after a malfunction.

In downtown Las Vegas, NV., dozens of businesses have just opened in newly constructed buildings or plan to build new sites. A cultural arts center, medical center, restaurants, bookstores and many other businesses are getting ready to move into the downtown area.

The Las Vegas Premium Outlets recently opened in the downtown areas with almost 130 shops. It is experiencing tremendous sales and provides an alternative to the casinos.

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Las Vegas Real Estate Index

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