Default Research Inc Reports Las Vegas Real Estate Market: '10 Notice of Default Numbers Show Slow, Steady Recovery
Las Vegas, NV, March 08, 2011 --(PR.com)-- 2010 was a much-improved year for real estate in Clark County, Nevada (Las Vegas) as Notices of Default plummeted 49% to 39,767 from 59,287 a year ago. While 90% of Las Vegas Notices of Default were sent to owners of single-family homes, 5% went to condo owners and 2% to the owners of multi-family/apartment buildings.
Serdar Bankaci, Founder of leading real estate research firm Default Research, Inc., warns that while the market has improved considerably, there is room for much improvement, and that only the passage of time will heal the Las Vegas real estate market.
“While the Las Vegas real estate market is improving, it’s still experiencing a lot of pain. It’s important to realize that this market crashed hard. Because the landing was hard, recovery won’t be easy – and will take some time,” Bankaci said.
Bankaci also said current data suggest that while median home prices in the metro Las Vegas region fell throughout most of 2010, that trend began to reverse itself in December as prices began stabilizing. Prices continued to stabilize in January 2011, according to Bankaci.
The Las Vegas unemployment rate is 14.9%, compared with the national rate of 9.8%. Bankaci said he believes the market will improve slowly throughout 2011, although he is optimistic about the future.
“2011 will likely be hit and miss for Las Vegas real estate. There is good news, though: I expect dramatic improvement for long-term real estate prices, although it might take 5 years for the market to get there,” Bankaci said. “This painfully slow recovery won’t make many Las Vegas homeowners jump for joy, but at least the prices won’t be falling off a cliff.”
Bankaci added that buy-and-hold real estate investors could take advantage of low prices during the slow market recovery. “There is money to be made in Las Vegas real estate if an investor is willing to accept monthly cash flow until the market recovers fully,” Bankaci said. “Since real estate investors are looking for rock-bottom prices, Las Vegas is ground zero for really good deals – with strong prospects for appreciation within about 5 years.”
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Serdar Bankaci, Founder of leading real estate research firm Default Research, Inc., warns that while the market has improved considerably, there is room for much improvement, and that only the passage of time will heal the Las Vegas real estate market.
“While the Las Vegas real estate market is improving, it’s still experiencing a lot of pain. It’s important to realize that this market crashed hard. Because the landing was hard, recovery won’t be easy – and will take some time,” Bankaci said.
Bankaci also said current data suggest that while median home prices in the metro Las Vegas region fell throughout most of 2010, that trend began to reverse itself in December as prices began stabilizing. Prices continued to stabilize in January 2011, according to Bankaci.
The Las Vegas unemployment rate is 14.9%, compared with the national rate of 9.8%. Bankaci said he believes the market will improve slowly throughout 2011, although he is optimistic about the future.
“2011 will likely be hit and miss for Las Vegas real estate. There is good news, though: I expect dramatic improvement for long-term real estate prices, although it might take 5 years for the market to get there,” Bankaci said. “This painfully slow recovery won’t make many Las Vegas homeowners jump for joy, but at least the prices won’t be falling off a cliff.”
Bankaci added that buy-and-hold real estate investors could take advantage of low prices during the slow market recovery. “There is money to be made in Las Vegas real estate if an investor is willing to accept monthly cash flow until the market recovers fully,” Bankaci said. “Since real estate investors are looking for rock-bottom prices, Las Vegas is ground zero for really good deals – with strong prospects for appreciation within about 5 years.”
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Contact
Default Research Inc
Josh Chernikoff
888-211-8396 x705
www.defaultresearch.com
Josh Chernikoff
888-211-8396 x705
www.defaultresearch.com
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