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Las Vegas Short Sales Are Back In 2016
Las Vegas, Nevada – Earlier this week, the Las Vegas Review Journal released an article announcing that Nevada once again leads the nation with the most underwater homes.  In fact, The Las Vegas Valley ranked No. 1 among big U.S. metro areas for its share of homes with mortgages that were significantly underwater at the end of 2015.
 
From 2012 to 2014, Las Vegas home values appreciated like crazy, with annual gains of 25 percent to 30 percent. The median price of an existing single-family home jumped 71.6 percent, going from $118,000 in early 2012 to $202,500 in fall 2014, according to the Greater Las Vegas Association of Realtors. Surging values slashed negative equity to 31 percent in the third quarter of 2014.
 
Everything seemed to change in 2015 as home appreciation significantly slowed down.  While many are still trying to figure out what happened, local experts point to a variety of factors. Resale inventory increased as Sellers hoped to capitalize on rising home values; however, the resale market faced some strong competition with new builder homes. New home sales were stronger than ever in 2015, and for the first time in decades, we witnessed new home pricing more competitive than resale in ... more

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