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Home sales are strong in Las Vegas - but why?

Although home sales are currently on the rise in the Las Vegas area, this is mostly due to distressed sales, whether bank-owned properties or short sales. Considering the high number of delinquent mortgages, properties currently in foreclosure and homeowners who are upside-down on their mortgages, it appears that the number of distressed sales in the area will remain high.

According to a July 10th report from the Greater Las Vegas Association of Realtors (GLVAR), the sales of single-family homes on the Realtor-based Multiple Listing Service (MLS) were up 16.7% over May and 8% over June of 2010. The June 2011 sales figures were the third-best month in history for the Southern Nevada area.

The increase in sales is heartening, but it does not necessarily indicate a normal or healthy real estate market. Nearly 70% of these sales were bank-owned or short sales. 47.2% of sales in June were bank-owned properties, and 21.6% were short sales.

Investor activity, however, does appear to remain strong in Southern Nevada. Approximately 50% of the homes sold in June were purchased with cash.

For experienced guidance in any foreclosure or bankruptcy related matter, you can count on the skilled team at Jacoby & Jacoby. The firm represents debtors and homeowners throughout Long Island, providing knowledgeable and dedicated counsel when it is needed the most.

Contact a Long Island foreclosure lawyer at the firm today.

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