There’s a lot of bad news that keeps coming out on the Nevada housing market. Oddly enough, contained within those figures are some positives that could be exploited by home buyers.
Let’s get some of the bad stuff out of the way. Nevada still leads the country in foreclosures, with more than 13,000 last month. Home prices keep falling, especially in Las Vegas where the average home price is below $125,000. Condo and townhome sales are also down, as are apartment rentals. The state will benefit from $102 million received from the federal government, and will be getting even more money to help ease the pain, but right now it’s not enough to stem the tide on its own.
That all sounds bad. Where’s the good news? One, though there are still a high number of foreclosures, the figure is actually 30% lower than it was this same time last year. Whether that means the economy is starting to turn around or the number of homes to be foreclosed upon has fallen is up for conjecture.
Two, there have been more short sales lately, and that means those home prices stay higher than foreclosed upon homes, and strangely enough those homes are more attractive to home buyers because owners tend to treat those homes better than they do a house that’s being foreclosed upon. And banks seem more willing to work with potential home owners buying these homes, which is always a good thing.
For everyone else, all of this means there are a lot of homes available, at prices that would have been unheard of only 3 years ago.
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Mitch writes on real estate, finance, and many other things. 
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