The recent decline in rates “has been large,” but homebuyer sentiment “remains low with no major positive reaction in purchase demand.”
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Fueled by cheap money, Las Vegas is in a prolonged homebuying boom.
Southern Nevada spent the past year grappling with the pandemic but also saw a burst of lucrative casino deals.
Housing markets are always prone to ups and downs, especially in Las Vegas, and no boom lasts forever.
Resale totals have fallen the past two months, and available inventory has climbed for three straight months as house prices keep setting all-time highs.
Zillow executives may say they’re not in the house-flipping business, but based on its first batch of deals in Las Vegas, that’s exactly what the company is doing: buying and then quickly selling homes.
Las Vegas is one of the most popular places in America to flip houses, even though investors can earn a lot more money elsewhere. And slowly, it seems, they’re catching on to that.
Las Vegas, as we know, was the foreclosure capital of America during the recession. Job losses soared as borrowers throughout the valley fell behind on their mortgage and lost their home to lenders.