Las Vegas Housing Market: Better Than 4 Years Ago?
LAS VEGAS (AP/CBS Las Vegas) — A new report comparing the current housing market to the situation four years ago says the picture is “somewhat better” for southern Nevada.
An analysis by foreclosure tracking firm RealtyTrac cliff notes that home prices are down 41% and unemployment is up 52% since fall 2008, although both are showing signs of recovery.
But it also lists some positives. The inventory of foreclosed properties is down 55%, and the number of properties entering the foreclosure process is down 78% since 2008.
Foreclosure sales account for a slightly smaller proportion of overall sales compared with four years ago, as short sales become more common. Foreclosure sales are down 6%.
Much of the change came when a Nevada law took effect last October, requiring lenders to file more paperwork before foreclosing.