My partner, Marc Canner, and I just returned from the Agent Reboot Conference in Las Vegas where we were promoting our new Real Estate Social Media company, HubConnected (click for more information). We learned a lot of new information about social media for real estate agents. But what really struck home was how horrible the Las Vegas, NV real estate market is, and how lucky we are to be based in Massachusetts.
Las Vegas home values have plummeted from a high of $294,000 in 2006 to $121,000 in July 2010. That’s a 59% drop.
Meanwhile, the foreclosure rates are still off the charts, comparatively. In the last month alone, approximately 13,000 Nevada houses and condo units received a foreclosure notice, and that’s down 13.9% from the same six-month period last year. Extrapolating, that’s roughly 156,000 foreclosure for the last 12 months! Mind blowing numbers…
As the above graph indicates, the Massachusetts real estate market is now officially in recovery mode, gaining from the lows of 2009.
By contrast, only about 4,100 Massachusetts homes received a foreclosure notice last month. What makes this data really amazing is that the Nevada population is around 2.6 Million, while Massachusetts is triple that at 6.5 Million.
That’s why Nevada has been the #1 state for foreclosures for 3 years running, where a whopping 1 in 84 households are in default or foreclosure. And that’s why the Las Vegas real estate market is all about foreclosure, REO properties and short sales. Thankfully, that’s not so here in Massachusetts.
So, the lesson from Las Vegas is that we Bay Staters actually have a lot to be thankful for here. It could be a lot worse. And hopefully, when it comes to real estate, what happens in Vegas, stays in Vegas!