Market Conditions
Gloomy Housing Report
By Al Tamura, Broker

The foreclosure rate in Las Vegas is up big time in the 3rd Quarter '06.  According to Bargain Network 6,523 homes are in some phase of the foreclosure process.  This is up from 3,499 in the 2nd Quarter and double the 3rd Quarter '05 figures.

Delinquent mortgage payments are rising to 2.8% in the 2nd Quarter compared to 2.41% in the 1st Quarter '06 according to National Delinquency Survey. 

There were 20,815 homes listed for sale, median price $310,000 in Sept. '06

There were 20,384 homes listed for sale, median price $312,000 in   Aug. '06