Home sales begin to rebound in Las Vegas

Archive: Real estate markets in Close to Home before July 2007 There's a glimmer of hope in the neon city of Nevada, where home sales are starting to heat up after two dismal years. In fact, sales in Las Vegas have risen over the past six months. Bank-owned foreclosed properties are setting the pace. With prices falling, the homes are grabbing attention. The median home price was $225,000 in June, down from a peak of $315,000 in June 2006. "About 60% of everything that is selling is foreclosed properties," says Patty Kelley, president of the Greater Las Vegas Association of Realtors. "A feeding frenzy of buyers is coming in and picking up property at the 50 cents to 60 cents on the dollar that owners had paid for it." Las Vegas was one of the first areas hit by the subprime mortgage collapse. In a city where many gamblers... [read full story]