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1 Las Vegas Realtor Las vegas real estate As of December 2012... The subprime mortgage crisis is hitting the Las Vegas metro area particularly hard. In fact, Nevada has the highest foreclosure rate in the country and the metro area is consistently one of the top five worse in the nation. The crisis jeopardizes further growth by creating an overflow of available homes, which in turn slows the construction of new homes and invariably effects property values. But at the same time it creates opportunities of more affordable housing for those who have been priced out of the market in recent years. Rents are up 5.6 percent from a year ago. However, home prices are rising faster than rents in most of the largest rental markets. Las Vegas-based SalesTraq reported a median existing-home closing price of $124,000 in October, up 18.1 percent from a year ago. Prices have risen for nine straight months, climbing 24 percent from $100,000 in January. The inventory of homes available for sale in Las Vegas continues to be constrained. A report from National Title Co. showed 3,878 single-family homes available on the Multiple Listing Service at the end of November, roughly a 10-day supply. Of those, 2,666 homes are listed for less than $300,000, with a median list price of $214,900. MORE REAL ESTATE LINKS This domain is for sale.
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