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.
The number of new homes sold last month in the Las Vegas area has almost doubled compared with a year earlier.
Las Vegas leads the nation in underwater mortgages, but there are signs of improvement.
Nevada led all states with a 22.2 percent gain in home prices for the month of March.
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.
After being one of the areas hardest hit by the housing bust, Las Vegas is now posting some of the nation’s largest increases in home prices.
Analysts say the price of land in Las Vegas is rising at a “downright scary” pace as the housing market recovers.