(Las Vegas, NV) — A growing number of homes in Nevada are being sold for less than what’s owed on them.
During 2012, short sales in Nevada increased more than 86% over 2011. In Las Vegas, the increase was more than 160%, according to report released Thursday by the real estate monitoring firm RealtyTrac.
Lenders frequently chose the short sale option instead of following tougher requirements, as prescribed by a state law, to file for foreclosure.
Foreclosures accounted for nearly 38% of all residential sales in the Silver State last year, despite a 36% decrease from 2011.