Esko Kiuru wrote a recent blogpost on his blog stating a piece of information that is key to my readers and to any person who is looking to invest money in the Las Vegas real estate market. The market here has been decimated over the last 18 months due to the shady lending (and borrowing) practices of people in this town . This piece of information is a data point and should not be taken as a trend for the Vegas market, but it is a piece of good news.

The folks that played above board during high-tide and were planning on being here when the party ended and the hangover started, are the ones like Esko who are trying to bring calm to the market with his good blog posting. What is important to remember, though, with what is happening in this marketplace is that the amount of foreclosure filings is not solely laid at the feet of the Fed’s decision to keep rates low for that long, OR at the feet of the mortgage industry and some folks in that business that conducted these shady lending practices. But it is also the fault of the many folks that decided to commit fraud on their applications by lying about their income level and whatever else they needed to do to get as much money as possible.

These pre-foreclosure filings dropping off as much as they did could not have come at a better time and we need to keep focusing on the anecdotal evidence that things are turning. Ever so slowly, but they are turning to be sure.

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