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.
Southern Nevada’s housing market started 2013 in much the same way it ended 2012, with rising prices and a tight supply.
Las Vegas ended 2012 in the top 20 for foreclosure rates, despite major improvements.
A new relief plan for Nevada homeowners will be announced next week.