Las Vegas Home Sales Increase
May 9, 2009
With home prices already down an incredible 40% from the market highs of two years age, an incredible buyers market has been created. Even though the Las Vegas condominiums and housing market is still in trouble, some signs of life can be found. Over the last 13 consecutive months, housing sales have risen as home prices have plunged. In April, 3,198 single family homes were sold. This is an increase of 78.3% from April of 2008.But most of this increase in sales is being led by bank owned properties, foreclosure sales were about 80% of all sales during this time frame. The amount of homes for sale has decreased about 3.6% from one year ago. But this decrease can in part be ascribed to the moratorium that was placed on foreclosures by the current administration and not on the general overall health of the market. Legally reducing foreclosures by banks is of course going to decrease the amount of homes for sale by lenders and when this moratorium is lifted, look for a glut of houses to appear on the market and a further decline in home prices.
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