Hello Again,
This article was on the front page of the Business section of the Review Journal Friday morning and I thought you might like to see it. Nevada replaced Colorado as the state with the highest foreclosure rate in the United States. Colorado has held that spot for sometime and I certainly don't think this is anything we should be proud of.
I happen to agree with Debi Averett, who believes we will see home prices decline between 3 and 5 percent and of course in some areas even more, but in my own personal opinion, I doubt we will see prices drop 20%-40% like the one some experts are predicting. However, in some areas of town I have continued to see appreciation in a downward market. My own personal opinion is that we will not see values plummet to one of these area subdivisions made up of single story homes with large lots that have extremely private yards. Since you do not have that two-story behind you that is able to see into your entire back yard and in some case right into your own home. Master planned communities also appear to be holding their own compared to areas of town that are not in a master planned communities. Therefore... for those of you who complain about paying those association dues, you should be grateful that you do, because in the long term it in itself helps maintain your property value even in a down market.
I find it hard to feel sorry for any of the lenders who are going belly up, but as we, all know ultimately you and I end up paying for their mistakes. The majority of those loans were given to people who should have never had them to begin with.
Remember this is "Vegas" and it will come back around again and eventually start to appreciate again. There is something about this great city that people love. So have no fear, just patience and you will again see appreciation in the future.
Thank you,
Lisa L. Magness
http://www.reviewjournal.com/lvrj_home/2007/Mar-16-Fri-2007/business/13189819.html
Enjoy, and thank you for allowing me to share my thoughts with you. Have a great week!
My Previous Real Estate Articles
- March 16, 2007 Subprime woes it Las Vegas
- February 16, 2007 Housing sales slide in 40 states
- January 10, 2007 LV home prices to drop, says magazine
- October 30, 2006 Housing this side down
- October 4, 2006 Housing prices projected to fall in Nevada
- September 22, 2006 Price cuts foreseen in housing market
