Las Vegas Foreclosures Jump 16%
Northern California based ForeclosureS.com, a real estate information publisher and investment advisory firm specializing in distressed property reported that new foreclosure filings in Clark County NV increased to 1,743 in the third quarter of 2005 from 1,498 in the second quarter.
“We feel that an increasing number of speculators are being trapped by a relatively flat appreciation curve in the third quarter,” said ForeclosureS.com president Alexis McGee. “They put big mortgages on their purchases and are seeing little real equity growth. Prices are out of whack with rents, so many get stuck with negative cash flows.”
She went on to say that the uptick in prices in November to a median price of $310,000 in Las Vegas does not mean a resurgence of a price boom, and merely offsets the decline in October. She added, “Fluctuations like this are typical of a market cycling over the top. We do not foresee a price crash in southern Nevada next year, but a return to normalcy. That’s a good thing.”
(Source: Businesswire)
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