The state of tourism and the statistics on housing tell two different pictures of Las Vegas. The former, according to an article published in the Wall Street Pit, is busier than in previous years and expects a three-percent increase by the end of the year. The overall state of real estate in Vegas, however, is still very bleak. The paradigm of a bust, Las Vegas had home prices drop to 50-percent of 2006 home prices, and the average price for a home in the Sin City now is slightly less than a home cost in 2000, inflation not adjusted. The market, however, has been stable for two years.

When considering states with the most foreclosure filings, Nevada comes in first, according to the article linked above, and Las Vegas is the number one city for foreclosures in the state. This number is taken from a percentage of overall foreclosure filings for homeowners: at the moment, 58.6 percent of all residents have a mortgage, and only 15 percent of the state owns a home. While these figures are taken from the present, the state and Las Vegas both saw high numbers for mortgage defaults and foreclosures over the course of the recession.

Commercial real estate, an uncertainty at the moment in many areas of the country, has also hit an overall low in Vegas. Although the casinos and tourist attractions appear to be bustling, the city still has a 24-percent office vacancy rate.

As the article above mentions, Las Vegas appears to be attracting many foreigners and locals looking for a staycation. Considering the state of real estate in Las Vegas – and the state of the economy to go with it – could Las Vegas have a future in catering to a foreign market, which would increase jobs and also the ability to purchase real estate? Or, is the slight increase in tourism masking the state of the local economy?

Tags: las vegas housing market, las vegas real estate, las vegas real estate market