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Demand for Las Vegas Foreclosure Homes Remains Strong

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By : John Cutts    99 or more times read
The demand for Las Vegas foreclosure homes remain strong despite the slow pace of the housing market in August. According to market data, single family home sales totaled 3,229 in Las Vegas, Nevada in August. Last month's figures were 14 percent lower compared with July sales of 3,738.

Also in August, the median home price sold in the area was $135,500, a drop of 2.4 percent compared with the previous month's $138,800. The median price in August represented a 36 percent drop compared with the same month last year.

Sales of condominiums, town houses and homes dropped to 4,039 in August compared with 4,602 in July. Sales of town houses and condominiums dropped to 810 or 6.3 percent in August while the median price declined to $66,288 or 1.1 percent.

Las Vegas foreclosure homes accounted for almost 70.5 percent of the total home sales in the area in August. The figures represented a decline from previous months. According to industry experts, the August figures indicated that demand is high for foreclosure properties. Last month's sales were higher by 27 percent compared with the same month last year.

Statewide, Nevada is still the foreclosure capital of the United States last month, with foreclosure filings totaling 17,902, a decline of 8 percent from the previous month but higher by 53 percent compared with August 2008.

Aside from the 27 percent increase in home sales last month, condominium sales also rose by 110 percent. Meanwhile, the total value of properties sold last month dropped by 16 percent to $531 million compared with the same month the previous year.

Condominium and town houses sold last month had a combined value of about $77 million, a jump of 22 percent compared with August of the previous year. By August 31, there were 20,999 houses and 5,508 townhomes and condominiums available on the market, an increase of 2 percent from the previous month.

For homes that do not have contingent or pending offers, August figures showed that 8,579 houses and 2,545 town homes and condominiums are available on the market. Furthermore, available properties have median prices ranging from $30,000 to $185,000, which are higher than the combined pending and contingent sales.

In Las Vegas, there were 14,940 total foreclosure filings last month, over 6.7 times higher than the national foreclosure rate.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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