Las Vegas Unemployment Rate, & Real Estate Market
There was a time when Las Vegas housing market was the cynosure of all eyes. It was booming and there was a very high growth rate in terms of sale and purchase of properties. This was of course just before the great recession of 2008-9 that hit the housing bubble all over the country. It was not just recession but also several other factors that combined to deliver a big blow to the Las Vegas housing market. These included construction of very high numbers of new homes and unrealistically high prices. On top of this list of factors affecting housing market were the refinancing opportunities offered by lenders that were used by homeowners to withdraw built up equity in their homes.
Housing bubble busted in 2008, shattering dreams of homeowners
Housing bubble burst made the home prices crash, devastating the dreams of thousands of homeowners who had withdrawn equity in their homes. They woke up to the reality that they had more to pay to their lenders than their homes were worth. This led to a spate of foreclosures all over Vegas. The situation was so bad that Las Vegas topped the nation in numbers of foreclosed homes for 5 years from 2007 till 2012. Nevada still has highest percentage of homeowners with more to pay to their lenders than the true worth of their homes.
Unemployment rate has decrease giving a ray of hope
The situation slowly limped back to normal in Las Vegas if one takes a look at the housing market. Number of home sales is increasing and prices of homes have also become more or less stable. Even though the percentage of homeowners with negative equity in their homes has come down to 21% from 27% last year, there are still thousands of homeowners facing the prospect of foreclosure. Though this number is declining, Las Vegas can hardly be described as being out of the woods.
This threat of foreclosure is still looming over the housing market that is pulling it back from attaining a state of full recovery. Unemployment rate in Las Vegas stood at 4.8% in May 2017, down from 6.4% in May 2016. Even though this is slightly higher than the national unemployment rate of 4.3%, situation is gradually improving in this area. These figures suggest that unemployment rate is dropping at a faster rate in Las Vegas than across the rest of the country.
Home prices still to attain high levels of pre 2008
Las Vegas is the largest city of Nevada with nearly 2 million residents. It may surprise many people that even though prices of homes in Las Vegas has increased by nearly 80% since 2008 when housing bubble burst, they are yet to attain the peak of 2007. In fact, these prices are still 35% less from what they were before the recession. Experts say that the situation would have been different if homeowners had not withdrawn equity from their homes. In that scenario, the roller costar ride of home prices would not have impacted the financial condition of these homeowners. Prices have become stable and been on the rise for some time.
Selling for cash may be a sound option for you
If you are a homeowner in Vegas faced with the prospect of foreclosure, there is no need to panic. You can still work out a solution by talking to your lender about your financial condition. You can negotiate and bargain with your lender to accept short sale and allow you to sell the property as an owner. You can then sell your house for cash to repay your obligations to the lender. You may be left with some cash to make a fresh start once again. If you have equity to play with, your options open even further on how much you can walk away from the closing table with. In any case, you will have the option to settle the mortgage loan in a respectable manner and there will also be no blot in your credit report to cause trouble later on.
There are several cash home buyers in Las Vegas. One of them is National Cash Offer. It has helped dozens of homeowners in Las Vegas by providing them with cash in exchange for their properties. These homeowners have settled their mortgage loans successfully with their respective lenders, thereby avoiding a foreclosure in their credit reports. National Cash Offer is a large company flush with funds. It has carved a niche for itself in the world of cash home buyers for being quick, efficient, and reliable. Talk to a friendly representative to discuss your financial condition. By selling your home for cash, you can get away from all your worries of foreclosure.