Agent warns of foreclosure “tsunami”

The foreclosure "tsunami" is coming to Las Vegas unless the government places a moratorium on banks to stop them from pursuing the foreclosure process, said Tim Kelly Kiernan of ReMax Central Brodkin Group.

Las Vegas already has one of the highest foreclosure rates in the nation. With some 72,000 notices of default issued in Clark County in 2008, it's highly likely that foreclosures will exceed last year's record of 31,416, Kiernan said.

"If those numbers hit the market, prices will plummet," he said. "Only time will tell."

Kiernan said one of his real estate-owned, or bank-owned, properties is listed at $100,000 and he's hoping the bank will let him lower the price.

"This home closed less than 24 months ago at $219,000. Go figure," he said. "More than a 50 percent drop in value."