Has Las Vegas really seen the end of the housing market bust?
Las Vegas, NV (KTNV) -- Finally some consistency in the Las Vegas housing market. We've bounced out of the number one spot when it comes to foreclosure filings.
Home prices are up and mortgage debt is down so it sounds like the valley is headed in the right direction. Slowly but surely, which according to local experts, is a good thing.
"I think we're pretty much done with the downturn," said GLVAR President Colleen Kelley. "Our prices are not going up at the rate they did before the housing market crash. So I don't think we're going to see a slide backwards."
July marked the sixth straight month of increased home prices in the valley. And more good news. Once the city with the highest foreclosure rate in the country, Las Vegas, has jumped to number six on the list.
According to credit reporting agency, Trans Union, Nevada had one of the largest year over year declines in mortgage debt. So we're seeing less foreclosures in the valley.
And don't expect home prices to jolt up anytime soon. It'll be another 18 months to two years before the thousands of default properties are taken care of.
"There's approximately 58,000 properties in the valley in some sort of default. So it's going to take us a little bit of time and challenging days ahead to get through all of that and return to a more normal market," said Kelley.
There are many state and city assistance programs available for first time home buyers. The Greater Las Vegas Association of Realtors suggests asking your realtor if you qualify.