BogotÃ¡, Colombia (PressExposure) May 08, 2009 -- Places like Sacramento, Southern California, Las Vegas, and Florida are becoming a bargain-hunter's paradise as first-time home buyers and investors capitalize on great real estate deals. Evidence of this can be seen in Las Vegas, which saw an increase in sales of 35% between March 2008 and March 2009. Additionally, VivaReal.us recently experienced a 100% increase in Las Vegas property visits over a one day period, with heavy interest coming from Spanish-speaking investors.
When a market hits bottom, which many experts believe to be right now or in the very near future, banks become much more receptive to accepting loans, as the collateral value cannot drop further. Moreso, many Hispanics in the U.S. are first-time home buyers and are benefiting from the recent $8,000 first-time home buyer tax break.
The falling real estate prices, which have driven up the number of foreclosures to record levels, appear to be leveling out in Las Vegas. Sales are rising, and the Standard and Poor's index is in positive territory for the first time in months. "The trend going forward should be higher sales," stated David Berson of the mortgage insurer PMI. This confidence has triggered a surge in interest in Las Vegas real estate among Spanish-speakers in the United States and abroad. VivaReal.us, an expert and leader in the Hispanic real estate market, reported incredibly high interest within Spain as cities such as Madrid, Barcelona, and Valencia had a sharp increase in visitors to the Las Vegas section. "Most likely the recent articles in the NYT and other major newspapers were picked up by the Spanish media peaking the interest of foreign investors in the region, we are happy to have them visiting our site," states VivaReal's founder, Brian Requarth.
Quote comes from: Streitfeld, David, "Where Home Prices Crashed Early, Signs of a Rebound", The New York Times, 4 May 2009, page A1.