Las Vegas foreclosures

Well, the amount of foreclosed property in Las Vegas continues to increase. I spoke to a lady over the weekend who had been foreclosed upon in Lake Las Vegas and she was not a happy bunny. Now - Lake Las vegas is a bit of an anomaly in that it is even more artificial than Las Vegas itself.

Lake Las Vegas is a community built about 17 miles out of town, away from the strip and was originally sold as high end properties with an artificial lake in the middle of the desert. Just a few years on and the lake is leaking,  at least 35% of the properties there are already in foreclose; the remainder are worth less than half the price paid and - shock horror - the Lake Las Vegas Ritz-Carlton will close next month. As far as I know - this is the first Ritz-Carlton to close - ever.

So - things not looking too hot for Lake Las Vegas right now. even at fire sale prices I would be extremely wary of buying anything there. The Spanish foreclosure situation is not looking much better and the number of repossessed property in Spain is also continuing to rise. Something has to give soon.

Still - Greece has now been bailed out, so perhaps Spain will be next?