While Las Vegas leads the nation in foreclosure filings, it is also gaining ground in Short Sales.  The Greater Las Vegas Association of Realtors announced that in January 21.1% of all home sales were Short Sales.   This is a 2% increase over December.  Rick Shelton, GLVAR president, called the Short Sale trend “promising” because it accompanied a similar decline in the sale of foreclosed homes.  Still, REOs represented a hefty 57.4% of all Las Vegas home sales in January.

Home prices are reported to declining at a rate of less than 1% from the previous month in the Las Vegas market, while the number of sales is increasing.

The number of homes purchased with cash increased from 40.4% to 45.5% between December and January, an indication that Investors, second home buyers and retirees are beginning to see a good value in the Las Vegas market once again.