Foreclosure Houston

Good news on the pre-existing sales numbers coming out of Las Vegas.

As a ground zero city for the housing crisis I tend to watch Las Vegas closer than most cities. So when news cam out that May resales were up even with prices down, it is cause for mild optimism.

Las Vegas could barely move any inventory when buyers saw pricing in free fall. But as foreclosures, half of the market, and other resales start to move the fence sitters will start coming back.

Buyers are out there, but they do not want to invest and then lose. They have seen what that has done to others and are not stupid. But once the consumer is confident the bottom is here and appreciation is possible they will return. Hopefully not with the unbridled optimism of 2004, but with the expectation that their biggest asset will increase in value.

Thanks ..

Source: Las+Vegas