(Las Vegas, NV) — Many valley homeowners remain underwater along with millions nationwide.
A new report shows Nevada led the country in home price gain in August.
Home prices nationwide, including distressed sales, increased 11.9 percent on a year-over-year basis in June, according to the CoreLogic Home Price Index.
Las Vegas area home prices, including distressed sales, increased by 25.0 percent in May 2013 compared to May 2012, according to CoreLogic’s May Home Price Index .
U.S. home prices soared 12.1 percent in April from a year earlier, the biggest gain since February 2006, as more buyers competed for fewer homes.
Although Nevada is still one of the top five states where foreclosures are a relatively high percent of all mortgaged houses, the nation’s inventory of homes in foreclosure is down.
Foreclosure rates in Las Vegas decreased for the month of March over the same period last year.
Analysts say Nevada still leads the nation in underwater mortgages, although rising home prices have improved the overall equity situation in the U.S.
U.S. home prices in November extended their steady recovery from the housing bust, rising 7.4% compared with a year ago. It was the biggest year-over-year increase in 6½ years.
A University of Nevada, Las Vegas real estate expert says market conditions in Sin City might lead to more people choosing to walk away from their mortgages. Nasser Daneshvary of the university’s Lied Institute for […]