Tuesday, April 08, 2008

'Feeding frenzy' in Las Vegas

Foreclosures, short sales rise, bringing big drop in prices

More than half of Las Vegas home sales in March were foreclosures or short sales, the president of Greater Las Vegas Association of Realtors said Monday.

The association reported 1,478 escrow closings for single-family homes during the month, a 34.6 percent increase from February. It was the third straight monthly increase. Sales are down 7.9 percent from the same month a year ago.

"What an increase we had in March," association President Patty Kelley said. "People are coming outside, the weather's getting warm and they've heard doom and gloom all winter long. There's some great deals out there, and they're not going to last forever."

Inventory of homes listed for sale is at 22,763, up 1.2 percent from February and up 6.9 percent from March 2007.

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