Las Vegas Real Estate Report

Las Vegas Nevada foreclosures are happening more and more. Business Wire reported this month that Las Vegas mortgage defaults jumped up 27% in June.

Las Vegas Nevada foreclosures hit a high of 639 in January. The number of foreclosures dipped early in the year, but June again saw 602 of them.

The ready availability of easy financing may be helping some homebuyers to get in over their heads. Adjustable rate mortgages offer consumers lower interest rates - to start. But after a specified period, interest rates will be allowed to match market rates and may rise precipitously. If a family hasn’t budgeted for the increase, they may find themselves in very serious trouble when this happens, and have no choice but to sell the house quickly or default on their mortgage.

Las Vegas Nevada foreclosures pose a significant risk to the booming real estate market in this up-and-coming city. Foreclosure homes could flood the market and depress the value of homes, effectively putting the breaks on the continuing housing boom.

This entry was posted on Saturday, July 30th, 2005 at 12:43 am and is filed under Las Vegas Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.