Las Vegas luxury homes are small percentage of short sales in Las Vegas to have closed. Jumbo loans are very difficult to get these days. Jumbo loans are loans between 417,000 to 729,750 are jumbo conforming and are Fannie Mae and Freddie Mac backed. Loans over 729,750 are Super Jumbo and are not backed Fannie and Freddie. These higher end loans are a scary bet for lenders because if the borrower defaults it will be difficult to get rid of the property.

Here in Las Vegas, a jumbo loan will get a nice home but in some markets you’ll need a jumbo just to get into a modest home. This price range poses a problem for a recovery to the Las Vegas Real Estate market. With these higher priced homes sitting on the market and not moving, it could drive the prices down in the lower priced market.

Las Vegas Homes closed in June 2009 were 3,701 total single family homes. Luxury homes priced over 500,000 made up 1.8% of the homes closed. There were 67 total units sold in June. Of these 67 homes, 6 of these were Las Vegas short sale homes. That works out to 1 tenth of 1% of the closing were short sales!

Las Vegas has one of the highest percentages of jumbo loans that are 90 or more days delinquent in the entire country. The NAR is pressuring Congress and the Obama administration to increase the jumbo loan limits that Fannie and Freddie will guarantee and make them permanent. Current amounts were raised in 2008 and are set to expire Dec. 31, of this year.

If you are upside down on your Las Vegas luxury home, we may be able to help.