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Sales from Las Vegas Foreclosure Listings Fell, Prices Rose

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By : John Cutts    99 or more times read
Sales from Las Vegas foreclosure listings slowed down in March as short sales surged, based on data from the Greater Las Vegas Association of Realtors. As a result, the sale price median for homes increased in March.

The percentage of sales from HUD home listings and other foreclosure listings in March was 50 percent of total home sales, a decrease from the February share of 53 percent and the January share of 57.4 percent.

In contrast, foreclosure short sales rose from 22 percent of all house sales in February to 25 percent in March. Realtors said that the number of short sales has been rising because of the desire of distressed homeowners to preserve their credit scores and to take advantage of the Obama administrationís short sale incentive program.

More lenders have also been considering short sale requests because of the federal short sale program and because of the fact that short sale prices are typically higher than foreclosure prices. Short sales also eliminate the need for lenders to maintain foreclosure properties.

The slowdown in sales from Las Vegas foreclosure listings pushed up the median sales price for all single-family homes sold in March this year to $136,000, an increase from the $135,694 median in February. Despite the increase, however, home price levels this year were nearly 9 percent below house price levels one year ago.

The sales price median for townhomes and condos also rose in March to $68,200, up by almost 5 percent from the February median of $65,000.

The number of foreclosed homes for sale in Nevada increased sharply from 1,992 units in February to 2,601 units in March, a jump of 30.6 percent. With one foreclosure filing for every 76 homes in the state, Nevada was still the chart-topper in March among the 50 U.S. states.

For the entire first quarter, Nevada again posted the biggest foreclosure rate of one foreclosure filings for every 33 housing units. Analysts said that foreclosures battered the state partly because of the high level of speculation in the residential sector and the inflation of house prices during the boom. Unemployment is also another factor for continued foreclosures.

Local realtors also reported that over 40 percent of sales of homes from Las Vegas foreclosure listings and nondistressed homes in March were made to investors and that nearly 44 percent of homes sold in March were paid in cash. Realtors said that home purchases by investors have been rejuvenating the Las Vegas housing market.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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