Per se it was not about Las Vegas, the problem was, and still is, about not managing mortgage loan well, and it happened all across the country in massive volumes. Las Vegas property market suffered because of overdevelopment and not enough planning and budgeting by the homebuyers.
You could liken it to a gold rush where people came in droves to buy up land and houses in Las Vegas. They did it impulsively, without proper planning, and this was what caused many to default on their loans.
Think about it, why did so many not default? If the problem is Las Vegas, then 99% of all home loans in Las Vegas should have failed.
If you are holding on to a Las Vegas mortgage loan, and you got one because you wanted to invest your money into something promising, then that should still hold water because Las Vegas is Las Vegas. It cannot be compared to any other city in the world. This means that the property values will skyrocket again.
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