Thursday
Apr282011
Sin City Exodus: Las Vegas Mansions Deserted as Foreclosure Pain Spreads To The Rich
April 26 (Bloomberg) -- A growing number of high-end homes are selling at a loss or facing repossession by lenders in Las Vegas, which already has the highest rate of foreclosure filings among large U.S. cities. The wave of defaults that began with subprime borrowers and the unemployed has spread to upscale homeowners who see no point of staying even if they can afford to.
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Apr 28, 2011 at 3:18 PM
Reader Comments (2)
I just got done interviewing the President of the Greater Las Vegas Association of Realtors. He said LV homes peaked in 1Q06 at a median price was $345,000 with local U-3 unemployment at 5%. Unemployment has since tripled, and now the median home price is $125,000.
He pulled up his MLS data and sorted on price. The top place going for $25,000,000. No. 2 was under $500K. So grim.