LasVegas real estate was
one of the hardest hit by the recent housing market crunch.
Literally thousands of homes ended up on the foreclosure chopping
block as many Vegas residents found themselves reeling from the
effects of the worst housing market disasters since the Great
Depression. For Canadians looking to invest in the US real estate
market, there is no shortage of properties in the state.
Signs
of Improvement
Recently,
there have been signs that the real estate market in Las Vegas is
showing signs of recovery. Housing prices for properties in southern
Nevada have improved for the sixth straight month in July. However,
total sales are still below what they were a year ago. This is from
data released by the Vegas Association of Realtors.
The
Numbers Don’t Lie
The
average price of a condominium unit and townhouses in July of this
year is $66,500. Compared to the same time a year ago, it is up by
12.7% but just down by 3.6% in June. There are a lot of
opportunities for foreign buyers to snap up amazing properties in
this entertainment and vacation hub.
The
total amount of home sales including condo units and townhouses was
3,572, still lower compared to June, which is pegged at 3,945 and
4,037 when compared to June of 2011. At least 16,944 single unit
family properties were listed for sale in July. This data represents
a one-tenth of a percent bump compared to June but is still below
average compared to the same time a year ago. There are currently
3,758 condominium units and town homes for sale. Those numbers are
up by 1.2% but are still low compared to last year’s values.
More
Short Sales
It
is reported that banks, which now own the vast majority of existing
properties, are limiting the number they are putting on the market in
order to help drive the current market values up. There are also
more people doing short sales in order to get their properties off
the market quickly. This is because the Mortgage Forgiveness Debt
Relief Act will expire by year’s end. Therefore, any money that a
bank considers to write off when allowing a short sale may become
taxable income and will put more strain on the finances of the
sellers.
For
more info on how you can take part in investing in real estate visit:
http://www.stevemartel.com/workshop
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