The key point for me was that the median home price in Las Vegas in February 2008 ($246,500) was down 20.6 percent from February 2007.
Lower home prices are mainly due to a large number of short sales, or homes sold for less than the balance owed on the mortgage, and bank-owned homes being sold at reduced prices, Kelley said. They accounted for 41.5 percent of February’s sales.
Yikes, short sales and bank-owned homes accounted for 41.5 percent of sales.
LAS VEGAS INVENTORY OF HOMES FOR SALE
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1 Cbass // Mar 13, 2008 at 3:25 pm
We don’t appear to much better on the forclosure front.
“The state has typically hovered around No. 8 in a monthly ranking of states with the highest foreclosure rates, compiled by national research firm RealtyTrac. But February foreclosure filings — default notices, auction sale notices and bank repossessions — were up 210 percent from a year ago, catapulting Arizona into the top five alongside California, Colorado, Florida and Nevada.”
fromthegroundup.freedomblogging.com/2008/03/13/arizona-foreclosure-rate-leaps-to-4th-highest-in-nation/
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