Doom And Gloom On The Horizon
There seems to be some dark times lurking in the Las Vegas real estate industry’s future. It’s been no secret that real estate analysts have been concerned about the rising number of foreclosures in the Vegas area. According to Michael Krein, president of Nevada Real Estate Services, the worst is yet to come. Things are not looking so hot for the current Vegas home owners. Krein says that this is only the tip of the iceberg.
Stats recently released show that about a third of the homes in Las Vegas are now in foreclosure that were bought in 2004 and 2005 with adjustable-rate mortgages.
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