As prices plunge, housing experts wonder when recovery begins
With the pep talk from real estate agents contradicted by doom-and-gloom reports on the housing industry, nobody seems to really know if or when the market will begin to recover.
Consumers who have been sitting on the fence are being advised by sales agents that it’s a great opportunity to buy as Las Vegas home prices have plunged 25 percent from a year ago and the average foreclosure home is selling for $190,000.
Pundits are saying you’d be a fool to buy now and watch your home value continue to free-fall for at least another year.
“The recovery is a tricky question,” Realtor Steve Hawks of ReMax Platinum said. “For people who bought a home for $200,000 and their neighbor across the street owes $450,000, if you ask the homeowner who bought for $200,000, the recovery has begun. You ask the homeowner who owes $450,000, that homeowner will be giving you a much different answer.