Las Vegas Luxury Housing Market Resists Mortgage Crisis

Although foreclosure proceedings have increased some 70% in 2007 for many homes, luxury real estate has not yet been heavily affected. In fact, in many markets the prices continue to rise. Las Vegas real estate is an example of a strong luxury market. By luxury we're not talking $500,000. Homes in the millions of dollars are in shortage and that limited supply of primier properties has caused the value rise among the wealthy. Several communities in the Las Vegas valley are very resistent over all.
"The rich are even richer than ever before and the very wealthy are pouring more money into residential real estate," says Laurie Moore-Moore, the founder of the Dallas-based Institute for Luxury Home Marketing.