2007 Coming to a Close in Las Vegas

As I write this, 2007 is drawing to a close and we are only a few days away from ringing in 2008! 2007 brought a tumultuous year to the Las Vegas Real Estate Industry. We saw a record number of Las Vegas Foreclosures, lenders closing their doors, loan programs disappearing and even a few major real estate companies filing for bankruptcy. So the question remains, what can we expect to see in 2008?

I believe foreclosures will maintain the level we are seeing as more adjustable rate mortgages adjust, loan guidelines tightening and more real estate companies filing bankruptcy. However, they were will be great opportunities for buyers in the Las Vegas Real Estate Market! Just a few years ago, many buyers were being priced out of the market and now, they have an opportunity to find a home they can afford. New real estate companies will open shop with more of an emphasis as a virtual office thus driving costs down for sellers.

Being a survivor of 2007, I am anxiously awaiting 2008 :)