It’s easy to think of Las Vegas as a place where the lights never dim, the jackpots keep rolling, and everyone’s living their best life. But behind the Strip’s sparkle, there’s a quieter, more sobering story playing out in neighborhoods from Summerlin to Silverado Ranch.
According to a new report from UNLV’s Lied Center for Real Estate, nearly 1,290 notices of default were filed in Clark County in just the first half of this year — a 28% jump from the same period in 2024. And while that’s still low by historic standards, the trend line is headed in a direction that deserves our attention.
Who’s Feeling It Most
Single-family homes make up the bulk of these filings (1,035 of them), followed by townhomes (133) and condos (83). In June alone, nearly 200 default notices were filed — a spike of almost 32% over last June.
A notice of default isn’t the end of the road — homeowners can still work with their lender, restructure their loan, or get current on payments. But it’s the first formal step toward foreclosure, and that’s what makes this rise noteworthy.
Why It’s Happening Now
Nicholas Irwin, research director at the Lied Center, put it bluntly: while we’re not in crisis territory yet, the combination of a sluggish housing market, a softening tourism economy, and a local unemployment rate above the national average could mean “turbulent times ahead.”
Layer on record-high home prices and mortgage rates that remain stubbornly elevated, and you’ve got buyers priced out, sellers holding their breath, and some homeowners quietly slipping behind on payments.
The Bigger Picture
Nationally, economic uncertainty has been the headline of 2025, fueled in part by trade tensions and new tariffs that may be pushing up prices for businesses and consumers alike. Irwin says the second half of this year will be a telling period — not just for Wall Street, but for Main Street here in Vegas.
For homeowners, this could mean staying laser-focused on budgets, especially if you’ve stretched to buy in the last few years. For buyers, it may signal that opportunities are coming — particularly if we start to see more motivated sellers enter the market.
My Take
Vegas has always been a city of reinvention — we’ve weathered booms, busts, and everything in between. This current wave of defaults isn’t a reason to panic, but it is a reminder that the market has layers. If you’re a homeowner feeling the pinch, the worst move is no move — talk to your lender early. And if you’re a buyer? Keep your ear to the ground. A balanced market means leverage, and in Vegas, leverage can change hands quickly.
What do you think? Are these numbers a red flag, or just a blip in a resilient market? Drop your thoughts in the comments — I’d love to hear your take.
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In the meantime, if you're wondering how these changes affect your plans—whether you’re buying, selling, or just trying to time the market—I'm here to talk strategy. Let’s have a conversation that actually makes sense for you.