51% of homes in Vegas Purchased with Cash

In Data on February 9, 2011 at 6:14 am

Why do property values continue to drop in Las Vegas? Channel 12 Action News Las Vegas reports on the latest stats released by the Greater Las Vegas Association of Realtors (GLVAR) indicating that cash buyers dominate the Las Vegas home buying market. Cash buyers are so prominent in the Las Vegas housing market because only a tiny percentage of all home sales of homes result from traditional arms length buyer financed transactions. January 2011 saw 49.8% bank owned transactions and an additional 26.6% short sales.

Recovery is not going to happen in the Las Vegas area until foreclosures make up a smaller and smaller percentage of the housing market.

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