High demand and low inventory drove Las Vegas home prices up in May.
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.
Foreclosures are decreasing across the country and bank reposessions are at a 65 month low. Locally, the trend is moving in the opposite direction.
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.
U.S. home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006. A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover.
Foreclosure rates in Las Vegas decreased for the month of March over the same period last year.
After five straight months in the number two position, Nevada once again leads the nation in foreclosure starts.
Home prices in the Las Vegas area are up 7.3 percent from a month ago and nearly 31 percent from last year as supply stays short.
A growing number of homes in Nevada are being sold for less than what’s owed on them.
An ambitious robosigning prosecution against two employees of a mortgage loan processing service has been derailed, after a judge dismissed all 306 counts against the defendants.
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