Las Vegas Real Estate Sale of Foreclosures is getting hotter than ever! Yes, the Las Vegas market is flooded with homes for sale and the number of Las Vegas Real Estate homes for sale in the Foreclosure process is growing everyday.

As our market continues to adjust itself from the price boom of 2004 and 2005, the unfortunate buyers of that timeframe that took mortgage loans that sounded too good to be true are finding out that it was “too good to be true”.

Buyers trying to get in on the hot market by buying and flipping homes to make a big profit, are finding out that their money didn’t work for them like they had hoped.

Buyers with adjustable rate mortgages are having their rates adjusted to a higher rate. Buyers are now having balloon payments due and can not afford to make that payment. These are just a couple of examples of why our market is definitely “Buyer Friendly”.

The Foreclosure numbers are getting bigger and the number will continue to grow.

What does this mean?

Buyers can be very creative when it comes to writing offers! No one wants a foreclosure on their record, and with over 25,000 homes on the market Sellers understand that if they want to get out from under a mortgage, selling at a reduced price may be their only option.

Not in Las Vegas! Data shared by research firm Sales Traq, shows quite the opposite. In fact, during the third quarter of 2007, the Las Vegas Valley may even be experiencing a local housing shortage of new homes.

The median new home price in Las Vegas was $323,000 during September, which is up 7.7% when compared to September of 2005.

Existing homes posted a 0.4% appreciation rate, with the median price at $285,000 from September 2005 to the end of the most recent quarter. That small gain in value came despite a big jump in inventory. GLVAR (Greater Las Vegas Association of Realtors) shows resale inventory in September at over 20,000 units, which is up 57.4% from the same month a year ago.

In the long term, housing prices in Las Vegas have continued to go up. You’ll see fluctuations if you where to measure day to day but, year to year our market is perfectly healthy and intact.

Today’s for sale inventory of nearly 21,000 units represents about 3.5% of the valley’s base of 650,000 homes. In a metropolitan area of 1.8 million people, 21,000 units is very normal.

Builders are very cautious about overbuilding in the market, there are far fewer construction permits being issued than in recent years. Residential building permits are down over 20% in 2006 when compared to 2005. Builders have stopped pulling permits like never before. Prepare for the next housing shortage!

With the current job-formation rate of 5.3%, Nevada far outpaces the nation’s 1.3% average. NO OTHER STATE IS ABOVE 4% IN JOB GROWTH.

There is $25 billion in new developments planned for the next four years on the Strip, this will drive the future economic growth.