Las Vegas Home Prices Inch Up Amid Foreclosure Crisis

Las Vegas home prices are starting to creep up. It appears that out-of-state retirees, specifically from California and New York, are taking advantage of the current market and investing in homes at 50% of their former value.
Dec. 3, 2010 - PRLog -- Las Vegas remains saturated with distressed properties, but a new survey finds the city with the nation's worst foreclosure rate saw an uptick in home prices in September.

According to the S&P/Case-Shiller 20-city index released Tuesday, for the second consecutive month Las Vegas home prices nudged up 0.1 percent.

Las Vegas was one of just two cities in the report that saw prices increase in September.

Buyers are taking advantage of prices that are now more than 50 percent below their peak from four years ago. There is an increase in the number of out-of-state retirees and investors who are buying homes in the area with cash.

Washington, D.C. was the only other city to post an increase month over month in the Case-Shiller index.

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The Hakans Group real estate team specializes in Las Vegas Short Sales, Foreclosures, Equity or Negative Equity Listings, Investment Properties, and Home Buyers in Nevada.

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