Source: Review Journal —
Las Vegas’ housing market isn’t being kind to many people these days.
Following last year’s buying binge, house hunters have faced a sharp jump in borrowing costs and big price gains over the past year, and they’ve pumped the brakes on purchasing.
Sellers have increasingly slashed their prices, faced a glut of competition, and dealt with a shrinking pool of people who can afford to buy a place.
Southern Nevada’s market appears to be in a logjam, and there’s no telling when it will break through.
“It’s impossible for people in this market to afford these homes, and so something’s gotta change,” said Nicole Bachaud, senior economist with listing site Zillow.
