Southern Nevada's housing market has seen better days. A total of 3,147 new foreclosures were reported in the second quarter, 792 percent more than a year ago, reports Applied Analysis and Urban Environmental Research. And the dramatic slide doesn't look like it will slow anytime soon, with another 4,535 foreclosures actively under way in the second quarter -- 820 percent more than in 2006.
Unincorporated Clark County -- the area where much of the new area development is happening -- led in foreclosures, followed by Las Vegas and North Las Vegas, respectively. As foreclosures occur they inevitably add to the valley's swelling home inventory. There was a record 24,087 units on the market at the end of July, reports the Greater Las Vegas Association of Realtors. It marks an 18.8 percent increase from 12 months ago.
"This is more proof of what we've been telling prospective home buyers for months," said Devin Reiss, 2007 GLVAR president. "Now may be the optimal time to buy a home."
Unincorporated Clark County -- the area where much of the new area development is happening -- led in foreclosures, followed by Las Vegas and North Las Vegas, respectively. As foreclosures occur they inevitably add to the valley's swelling home inventory. There was a record 24,087 units on the market at the end of July, reports the Greater Las Vegas Association of Realtors. It marks an 18.8 percent increase from 12 months ago.
"This is more proof of what we've been telling prospective home buyers for months," said Devin Reiss, 2007 GLVAR president. "Now may be the optimal time to buy a home."
Yet there were only 1,318 homes sold in July or 34 percent less than last year. Median sale prices dipped to $295,000 last month, which is nearly 5 percent less than in 2006. There was also a record 6,269 units worth of condo/townhomes available in July, too. It marks a 28 percent increase from last year, yet sales are still sluggish with only 303 units sold last month for a 40 percent year-to-year drop. Median sale prices softened only slightly to $195,000, or 3.2 percent less than in 2006.
"The latest figures suggest supply levels will continue to escalate before reporting any signals of improving conditions," said Brian Gordon, principal of Applied Analysis, a Las Vegas-based economic research firm. "We remain concerned about the duration of the current cycle as foreclosures reside at elevated levels."
"The latest figures suggest supply levels will continue to escalate before reporting any signals of improving conditions," said Brian Gordon, principal of Applied Analysis, a Las Vegas-based economic research firm. "We remain concerned about the duration of the current cycle as foreclosures reside at elevated levels."
