A Wednesday report from California real estate research firm RealtyTrac showed Las Vegas slipping to No. 2 in the nation for its share of underwater homes, or homes worth less than the mortgage owed on them.
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With the end of a 15-year drought in local development of communities for people 55 and older, the Las Vegas Valley is set to harvest a bumper crop of age-qualified neighborhoods.
New reports show the number of homes languishing unsold on the Las Vegas market is on the rise. Industry observers blame the trend on unreasonable seller expectations based on median prices that gained 25 percent a year in 2013 and 2014 but have since gone flat.
Sales of single-family homes spiked 37.8 percent month to month, to 2,707 units, the Greater Las Vegas Association of Realtors said Tuesday. Closings of condos and townhomes soared 33.7 percent, to 651 units.