Nevada leads nation in rise of distressed home prices
With investors buying houses and hacking down the inventory, the price of distressed homes is rising faster in Nevada than in any other state, a new report shows.
Nevada homes that were bank-owned or headed toward foreclosure sold for an average $144,182 in the three months ending March 31, up 22.71 percent from a year earlier, according to Irvine, Calif.-based RealtyTrac.
Nevada’s price increase comes amid shrinking availability and sales volume. A total of 4,512 distressed homes — meaning they had been seized by lenders, scheduled for auction or slapped with a notice of default — were sold statewide last quarter, down 63 percent from a year earlier, Vegas Inc reported May 29.