Nevada Bad Credit Mortgage Lenders

When people think of Nevada, they normally think of Las Vegas. Nevada itself has become identified with the iconic sin city that people imagine to be full of mobsters, casinos and strip clubs. While people outside of Nevada may think of Las Vegas for its crime and gambling, people who live in Nevada know it differently. Las Vegas, and the rest of Nevada as well, is a mostly wholesome place where people pursue the American dream and generally leave the casinos to the tourists.

The state’s economy is in good repair, with the average number of people living below the poverty line at a low 10.5%. Compare that with the national average of 12.4% and you find an indication that Nevada is doing well for itself. While the percentage of home ownership in the state is less than the national average, this is often an indication of a vigorous economy. Although, the higher rental numbers might also be explained by the higher cost of home ownership. In Nevada, the average value of a home is $142,000. When you compare that to the national average value of $119,600 you get some idea of why renting is a popular option. In the long run however, a difference of $20,000 dollars in a mortgage of well over $100,000 dollars means very little.

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Nevada ’s housing market is growing fast, arguably the fastest in the nation. Economists’ analysis shows that housing’s share of Gross State Product reached 27 percent in Nevada, the highest contribution among the states. The housing market’s share of GSP was 20 percent in Hawaii, California and Florida; and 19.5 percent in Colorado, making Nevada stand out from the pack.

“This data from NAHB helps us demonstrate to legislators just how important the housing industry is to our economy,” said Irene Porter, executive director of the Southern Nevada Home Builders Association. “I think lawmakers will find it very interesting that this industry generates one-in-four dollars spent in the state.”

The total home building industry share of Nevada’s GSP was 8.3 percent in 2002, NAHB reported . The average of nationwide home building contributed to 4.87 percent of state output of goods and services. That amount includes employee compensation and indirect business taxes and profits from home builders and re-modelers, producers of building materials and housing-related products, brokers and others.