Short Sales Increased Most in Nevada Last Year - 8 News NOW

Short Sales Increased Most in Nevada Last Year

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LAS VEGAS -- Nevada posted the nation's highest percentage increase in non-foreclosure residential short sales in 2012 compared to the prior year, RealtyTrac.com reported Wednesday night.

Because of the 86 percent increase, one-third of Nevada's residential sales in 2012 were short sales, according to the real estate analytics company from Irvine, Calif. Alabama, Florida and Michigan were the only other states where short sales made up at least one-third of their residential purchases.

Short sales made up 22 percent of all residential sales nationally last year.

The average short sale in Nevada last year was $121,977 short of the loan amount owed on the property. The U.S. average was $81,621 short of the loan amount owed.

RealtyTrac also reported that foreclosure-related sales made up 37.78 percent of all residential sales in Nevada in 2012, third highest in the nation behind California (38.05 percent) and Georgia (37.83 percent). Still, that was a big drop for Nevada, where foreclosure-related sales made up 55 percent of all residential sales in 2011 and 60 percent in 2010.

Nevada's average foreclosure sales price, $126,521, was nearly 5.8 percent higher than in 2011. Overall, though, the 34,891 foreclosure sales in Nevada in 2012 represented a 36.3 percent drop from 2011.

"Although foreclosure-related sales represent a shrinking share of total sales, primarily because of fewer bank-owned purchases, distressed sales are still a disproportionately high portion of the overall housing market," RealtyTrac vice president Daren Blomquist said. "And while distressed properties — whether bank-owned, pre-foreclosure or short sales not in foreclosure — are still selling at a significant discount compared to non-distressed properties, average distressed property prices are increasing in many markets thanks to strong demand and limited inventory."

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