North Las Vegas faces state of emergency
North Las Vegas is only five miles from Sin City proper, but the foreclosure rate and municipal budget issues have caused officials to declare a state of emergency in the area. Homebuyers looking for real estate in Las Vegas should be aware of the instability of the North Vegas market, while keeping in mind that foreclosure properties can be good deals.
Between 1999 and 2010, North Las Vegas’ population doubled to 217,482, but property values have decreased by half from what they were in 2007, according to Bloomberg News. Foreclosure rates in April were three times as much as the national average, meaning one in every 216 homes was foreclosed.
While a new city hall in the town was being built, 800 positions were eliminated, causing a controversy within the community, Bloomberg stated.
"We've had foreclosure issues here," said Jeff Hurley, president of North Las Vegas Firefighters Local 1607. “They just kept trucking along. There were a lot of alternative solutions. The constant has been to attack the city employees as if they're the problems."
Despite the overall gloomy news, the situation in North Las Vegas is complex. In the last decade, it has been among the fastest growing communities in the country. The price of land in the area increased in the last year from $34,065 to $120,953 an acre. In some areas, homeowners are even forced to pay their mortgages on top of renting the land due to the spiking prices.