Things get a little unusual in the way the market is moving. While home averages are currently at expected levels and slowly growing, the market itself is driven by a few unique factors.
The market is slightly above average in health, though it is in a neutral position. Neither buyers nor sellers will find the advantage in Las Vegas. This makes things move at average speed, where desirable properties sell in predictable seasonal waves.
This isn’t the worst possible outcome for most homeowners, but a startlingly high number of homeowners facing foreclosure may not be able to afford to wait on the market to work on its own. On average, 1 in every 10,000 homeowners will face foreclosure in the United States. In Las Vegas, foreclosure happens to 1 in every 2,500 homeowners.
This is quadruple the national average. Coupled with the fact that negative equity is also double the national average in the area, this can quickly become a grim reality for Las Vegas homeowners in search of a solution.