Nevada Real Estate DataNevada Real Estate Datahttp://www.realtyoutlook.com/nevada-real-estate-data/2009-02-21T07:23:56ZSquarespaceNevada Real Estate Market Outlookhttp://www.realtyoutlook.com/nevada-real-estate-data/2009/2/21/nevada-real-estate-market-outlook.htmlAdministaror2009-02-21T07:22:10Z2009-02-21T07:22:10ZNevada’s real estate condition is a fitting example of its gambling industry – too many take the risk but only a few hit the jackpot. It’s as if mortgage lenders became big time gamblers in Las Vegas during the real estate boom when thousands of subprime borrowers were granted with risky loans just to ride the new wave of real estate upturn. We all know the result that this has created and indeed, the state is paying a hefty price for it up to now.

In the state’s metropolitan areas, houses have gone to foreclose ures after borrowers failed to sustain their financial responsibilities. After lenders reformed their loan standards, only a few could qualify for refinancing and often, their stories end up in foreclosing their homes.

Las Vegas’ hotel and resort casinos are reportedly losing their revenues due to a weaker tourism market. The Vegas Strip used to be a packed venue for gamblers but its balance sheets have deteriorated mainly because the entertainment industry is susceptible to a recessionary economy. After an abrupt rise in home sales, the Sin City was deluged with foreclosures when majority of adjustable rate mortgage holders slipped with their payments. It’s no wonder why Las Vegas’ home prices fall by double digits every month and selling prices are offered at half the value from its original appraisal. RealtyOutlook.com forecasts a 19.5 percent depreciation in the city’s average home values.

In Carson City, the smallest metropolitan statistical area, the real estate market is nothing different. The economic crisis is severely damaging the market as foreclosures continue to hit higher rates. This year, home values will be taking another dip by 14.5 percent and remain in a worse condition until next year.

In Reno, home ownership is as slack as its gaming industry. A few years back, too many buyers flocked the market to take advantage of loans requiring low credit standards. It was a busy local property market for the birthplace of gaming corporations until home values were caught on a windfall. So much potential could have been developed in the real estate industry but the crisis brings a staggering 17.5 percent drop in home values.

Lake Tahoe’s home market is battered by the plunging home values in the area. Almost 60 percent of the house values have been wiped out by the crisis. High-rise developments are the most affected, taking most of the rise in vacancies. Other than gambling, the winter activities in Donner Pass and Stateline are the city’s source of commercial activity. These should provide some resistance against the national economic slowdown. RealtyOutlook.com predicts a 16 percent drop in home values.

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