Las Vegas Home Glut: "Nearly 14,000 Homes"
When you read this Reuters story keep in mind that Las Vegas set the all-time record appreciation for a metro area in 2004.
"Resale homes are glutting the Las Vegas market with the inventory at nearly 14,000 homes in January," said Foreclosures.com president Alexis McGee. Such swift property market changes may be a result of heavy speculation.
Ms. McGee sees more trouble coming for Sin City. "The Las Vegas market is very fragile right now..An increase in borrowing costs, which we now see as inevitable, could knock many prospective buyers out of the market, drive the speculators out of town and create a new wave of foreclosures." Ouch! Tell us what you really think Alexis.