How The Slump Occurred

August 15, 2006 Posted In Economic News Market Conditions

In one year Las Vegas property prices jumped 52%. Las Vegas was the fastest growing market in the country before the price jump.

A homes shortage set off a wave of speculation by investors from California and other states. Many home owners wanted to cash in on the price increase and put their homes up for sale.

The result weren’t good as the local real estate market became saturated with homes for sale. Consumers weren’t seeing many good deals with the overpriced market. The local housing market had slipped into a slump.