Foreclosures in Mesquite will follow pattern set in Las Vegas, broker says

The fallout from the Las Vegas housing market gives a glimpse into what's happening in Mesquite as well, said Chris Miller of ERA Brokers Consolidated.

"The storm of foreclosures is on Mesquite's horizon and moving fast," Miller said.

The retirement community about 60 miles northeast of Las Vegas had only 311 home closings in 2008, compared with 706 in 2007. Inventory reached an all-time high of more than 400.

Sales of existing homes plummeted to just 15 in the fourth quarter. The median price of $248,027, or $143 a square foot, looks good compared to Las Vegas.

"The term 'sticky prices' is clearly in play, but the buyers are not buying it," Miller said. "In other words, sellers have yet to really drop prices and buyers are waiting."

Mesquite had 25 new home closings in the fourth quarter at an average price of $293,151, or $158 a square foot, the real estate agent reported.

No commercial sites or buildings closed during the quarter. Miller estimated as much as 300,000 square feet of vacant space in Mesquite.