Tight market boosts Las Vegas new home sales
LAS VEGAS (AP) -- A tight supply of homes for sale is helping boost home construction and sales of new homes in the Las Vegas area.
That's despite the city's high foreclosure rate.
Housing analyst Dennis Smith says more than 2,700 new homes have been sold in the Las Vegas area through July, up 26 percent from a year ago.
Smith says housing inventory is down despite the abundance of foreclosed homes.
The Las Vegas Review-Journal reports (bit.ly/O7sval) banks are choosing to hold onto foreclosed homes rather than sell them. Harry Jacobs, chief executive of Credit Restoration of Nevada, says banks are still holding 12,000 to 20,000 homes in some stage of foreclosure.
Information from: Las Vegas Review-Journal, http://www.lvrj.com