Las Vegas foreclosure properties account for two-thirds of October sales
Las Vegas home prices fell 34 percent in October from a year-earlier as foreclosed properties accounted for two-thirds of sales, reducing the value of single- family houses and condominiums, MDA DataQuick said today.
The median price paid for all new and re-sold houses and condos in the Las Vegas metropolitan area fell to $130,000 in October from $196,000 a year earlier, the San Diego-based real estate research company said today in a statement. The price has been at or close to $130,000 since July and hasn’t fallen below that level since April 1999, when it was $129,000.
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Homes that had been foreclosed on in the previous 12 months rose to 67 percent of resales in October, from 65 percent a year earlier, MDA DataQuick said. It was the highest foreclosure rate that month among metropolitan areas with populations of 200,000 or more, according to RealtyTrac Inc.
A total of 5,068 new and resale houses and condominiums were sold in the Las Vegas-Paradise metropolitan, an increase of 1.1 percent from September and 22 percent from a year earlier, MDA DataQuick said. Of those, 485 were newly built, down 34 percent from a year earlier.
“Builders can’t compete with discounted foreclosure resales,” MDA DataQuick said.
The research company is a unit of Richmond, British Columbia-based MacDonald, Dettwiler & Associates Ltd. It compiles surveys using county records and supplies real estate information to customers including public agencies, lenders and title companies.
Source: http://www.bloomberg.com/apps/news?pid=20601103&sid=amKdvZxx0AXk
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