Las Vegas Sees Price Jump in Foreclosure-Related Sales - 8 News NOW

Las Vegas Sees Price Jump in Foreclosure-Related Sales

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LAS VEGAS -- The average price of foreclosure-related residential sales in the Las Vegas metropolitan area rose 23 in the first quarter of 2013 versus the same period last year, RealtyTrac.com reported Wednesday night.

That was based on an average sales price of $143,155 this year versus $115,940 in the first quarter of 2012.

The real estate analytics company from Irvine, Calif., also reported that 29 percent of the residential sales in Nevada from January through March were non-foreclosure short sales. That placed Nevada fourth in that category behind Rhode Island (44 percent), Connecticut (42 percent) and Massachusetts (40 percent).

Those residences sold on average for $138,290 in Nevada.

Nevada registered 4,512 foreclosure-related sales in the first quarter of 2013, down more than 63 percent from the same quarter last year.

Nationally, foreclosure-related sales in the first quarter of this year were down 22 percent from the same quarter in 2012.

"We expected foreclosure-related sales to be lower given the downward trend in new foreclosure activity nationwide over the past two and a half years, but the decrease in non-foreclosure short sales was a bit of surprise given the 11 million homeowners nationwide still underwater," RealtyTrac vice president Daren Blomquist said.

"Rising home prices in many markets are stunting the continued growth of short sales by reducing incentive for both underwater homeowners and lenders."

 

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