Archive for March 1st, 2010

Las Vegas Foreclosures and HAMP

Monday, March 1st, 2010

Do you think a government required ban on foreclosures is a good idea? How would this effect the Las Vegas real estate market? I would love to hear your feedback and reasoning. My own humble opinion is that like many of these programs, the theory behind it and the actual implementation and results will differ greatly. It could just prolong the agony … what do you think?

President Obama and his administration are floating an idea to prohibit lenders from foreclosing on a home unless the borrower has been considered for the government’s Home Affordable Modification Program (HAMP).

A Confluence of Circumstances in the Las Vegas Real Estate Market

Monday, March 1st, 2010

A positive by-product of the dramatic drop in the price of Las Vegas real estate is the new level of affordability for those wanting to call Southern Nevada home. One of the most eager and enthusiastic segments of the purchasing public are retirees looking for full or part-time residences in Las Vegas. The first wave of baby boomers turn 65 next year and Las Vegas retirement homes in Sun City communities (among others) are very popular, especially at these much cheaper prices. The U.S. Census Bureau projects that from 2010 to 2020 the State of Nevada will witness a 61% increase in residents 65 and older, and we’re expecting plenty of those folks to land right here in Clark County.

Very much related to the emerging growth trend for senior living in Las Vegas is the highly encouraging job market in our local health care industry. A top performing sector in an otherwise dismal economic profile for Southern Nevada, the Las Vegas health care industry is in a strong position to produce demographically driven jobs going forward. The Nevada Cancer Institute and the Cleveland Clinic Lou Ruvo Center for Brain Health bring additional prestige to our medical community as well as specialized research work. Consider this recent quote from John Restrepo in the Las Vegas Sun newspaper …

“The health care industry is critical to a region’s economic development because it is relatively recession resistant,” said John Restrepo, principal of Restrepo Consulting Group. “And, health care employees are generally better trained and earn above-average wages.”