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Expert Says Las Vegas Housing Market Healing | Housing

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Expert Says Las Vegas Housing Market Healing
Housing

LAS VEGAS -- The Greater Las Vegas Association of Realtors says home sales jumped 33 percent in March as buyers rushed to beat the deadline for the home buyer tax credits.

The group unveiled its latest numbers at a panel discussion on the Las Vegas housing market Wednesday morning.

Panelists say the emphasis in the coming year will be on short sales. GLVAR President Rick Shelton says he also expects there to be more foreclosures on the market because banks are not willing to work with homeowners on reducing their loans. He says that will result in more homeowners opting to do a short sale. Currently, short sales make up about half of the houses that are for sale in the market.

The panel says home prices are beginning to stabilize with the median home price for a single-family home at $136,000 which is up slightly from February. There has been an increase in home sales for the past 15 months.

Shelton says the Las Vegas housing market is in a "healing process".

 

Housing