Perspectives on where our world is heading from a vantage point in Denver, Colorado.
11 July 2011
Distressed Sales Dominate Las Vegas Real Esate Market
In Las Vegas, "47.2% of the sales in June were bank-owned properties, and another 21.6% were short sales." Combined, 68.8% of Las Vegas real estate sales in June were distressed, with sales going forward basically only to the extent that banks decide that they will. Given that a significant percentage of homes for sale in the market at any given time are owned free and clear, the percentage of sales of mortgaged homes for sale that are distressed is much higher.