BluefoxToday blog : Southern Nevada luxury market under pressure now

Southern Nevada luxury market under pressure now

All along it has looked as if the general real estate slowdown here in the Las Vegas valley would leave the high-end segment largely unmarked. Mortgage lenders felt confident for a long time about the viability of the luxury market and kept underwriting loans here for those who needed them. Many, of course, were able to close a purchase by bringing in a sack of cash and that was it.

The outlook has changed, though, quite a bit in the last year or so. The segment has slowed down considerably and is now going through the same type of adjustment that the rest of the market started couple of years ago. The evident overbuilding, the tighter mortgage environment and the slow economy are now adversely touching on it. To read the entire article, please click on the link in the first paragraph.

_______________________________________________________________________________

Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 4 commentsEsko Kiuru • August 12 2008 09:45PM

Comments

It may be that a lot of markets that have seemed uneffected by the mortgage problems will soon suffer - regions as well as property types and price ranges.

 

Richard

Posted by Richard Byron Smith, NMLS #184479, Mortgage Loan Officer (Mortgage Loan Officer, Fairway Independent Mortgage Corporation NMLS #2289) about 10 years ago

Esko that is surprising because those market are made up of people with lots of money to put down, and they are normally a safe bet.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 10 years ago

Richard,

Different market segments seem to get hit at different times.

Posted by Esko Kiuru about 10 years ago

George,

Many buyers do have the cash, but many also still need a mortgage and that's a problem now.

 

Posted by Esko Kiuru about 10 years ago

Participate