According to the Las Vegas Review-Journal, things are not looking up for the Nevada housing market. Nevada ranks first across America in residential foreclosures and second in delinquencies for the second quarter of 2010.
As Stephen Brown, the economist who just became the director of the Center for Business and Economic Research at the University of Nevada, Las Vegas, said, “The Las Vegas housing market is pretty close to a bottom.” He doesn’t expect to see residential real estate begin to recover for another three years or so.
Unfortunately, Nevada is in good company with their foreclosure rates. RealtyTrac, a foreclosure listing service, reports that more than 2.3 million homes have been repossessed by lenders since the recession began in December, 2007.
Many banks have tightened their lending standards as a result of these real estate issues. Certainly, some companies are able to help with these real estate issues. Sightline Acquisition, Inc. with Kirk Sanford, for instance, is a privately held Las Vegas-based investment fund specializing in the acquisition of distressed commercial and residential real estate. While benefiting from a depressed market, companies like this one with Kirk Sanford can, hopefully, help to breathe life into the real estate market and boost sales.