Las Vegas real estate market faces shadow inventory dilemma

Southern Nevada - with communities of Summerlin, Henderson, North Las Vegas, Mountains Edge, Silverstone Ranch, Spanish Trail and Charleston Heights - real estate arena is showing some green sprouts coming up from the soil that has been pretty dormant for a long while. So, there is hope. Quite affordable mortgage money and shamefully low prices are largely behind the modest trend to turn things around. But a potential obstacle to the budding recovery could derail a promising start.

The lately much-discussed words shadow inventory are back on the lips of housing observers in Las Vegas and throughout. Shadow, or phantom, inventory entails foreclosed homes mortgage banks keep in their books while they try negotiate loan modifications and short sales. Or they may not do any of that, instead have decided to hold back and wait for the market to one day get better.

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