Las Vegas Still Tops Residential Distressed and Short Sales

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Real estate analytics company Realty Trac has recently reported that short and distressed residential sales accounted for 36.3 percent of total home sales in the Las Vegas metropolitan last November topping the rest of the nation in this sector.

That was an increase from a 33.7-percent share in November 2013 according to real estate analytics company Realty Trac.

“As the price of distressed properties reaches a new high the pool of investor activity that has been fueling the housing recovery may dry up,” RealtyTrac vice president Daren Blomquist said.

Las Vegas led all metro areas with 23.9 percent of sales representing bank-owned properties, and ranked second behind only Lakeland, Fla., with 5.1 percent of sales coming from foreclosure auctions. Las Vegas also ranked fifth with short sales representing 7.3 percent of all residential sales.

In addition, the median residential sales in Nevada for November 2014 reached $175,000, a 9 percent increase from a year ago. At the national level, the median residential sales price was $190,000, a 15 percent increase from November 2013.

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