Vegas Real Estate News

Sadly, Las Vegas has another claim to fame---the foreclosure capital of the United States according to latest figures in Market watch. The Las Vegas real estate market has been inundated with short sales and foreclosures the last several months. Other areas are also seeing the same thing, although on a much smaller scale. I was talking to my friend Ken Smith, a Realtor in the Chicagoland area. The Barrington real estate market has also seen an increase as well. It seems consumers everywhere jumped on the sub prime lending wagon. Comparatively the numbers are a lot smaller than in Las Vegas and every market will have some foreclosures and perhaps a few short sales as well. With so many consumers buying homes they really couldn't afford combined with the current state of the economy, I think we'll see a lot more of the same unless the government steps in.

I'm curious to see what everyone else thinks. Should homeowners be allowed to fail and face the music (and possibly damage the economy more)? Or should the government step in and restructure these loans? There are pros and cons to both sides. After all, taxpayers are bailing out plenty of businesses so why shouldn't some taxpayers get relief? On the other hand, it has been greed that has gotten us into this mess on both sides of the fence.