www.lasvegasmtg.com Report: Putting a face on foreclosures in Las Vegas, NV. was a very hard thing to do when you talk to the people that are losing their homes due to the economy. Yesterday I was with a Realtor Guillermo Retis sitting at a open house in a development that was built in 2005. I have had two previous client that recently purchased two homes only two blocks from where we were. Although we didn't have any visitors other then the neighbors who were drawn to look at the empty shell of someones previous dream home, we did have time to learn how that loss happened.
First I would like to describe the homes they purchased in 2005 and the demographics of the neighborhood. In 2005 at the peak of housing developers were seeking to keep prices down so the houses were being built upwards to keep the lot sizes smaller. These homes traded larger yards for common grounds and parks for the family entertainment and common parking areas to keep cost down and make homes more affordable. In one block both sides of the streets there are 14 homes, three were already listed REO, four in foreclosed and empty but not listed, and two people I talked to told me they were three months behind in making their house payments.
Las Vegas, is a cultural melting pot of people from all over the world drawn here because the average worker could make a better income and have a higher standard of living then other cities had to offer. From 1973 to 2001 Las Vegas Nevada had a very low unemployment rate with good skilled and semi skilled labor jobs that paid well. In 2001 we had a job losses in the 7% range higher then normal but not at today's 13.3% rate that has lingered for over a year.
The people in this housing development were average middle income service related or construction workers that were buying their first house. I counted 5 different nationalities on this one block, but they all had one common thread, when would their lives change back to normalcy from this economic devastated community. When would the block they loved, return to the vibrancy they once new and loved. www.lasvegasmtg.com Report putting a face on foreclosures in Las Vegas, NV. Lets come together and help this community.
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John Le Francois
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 200 Las Vegas, NV, 89113 US |
Work: 702-947-0648
Mobile: 702-271-2659
Fax: 702-541-9901
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