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Las Vegas noted for cash sales, in-foreclosure home sales

The Las Vegas Valley ranked highly on two measures of nontraditional home sales.

A Thursday report from California research firm RealtyTrac found that the valley stood out for its share of cash sales, and for its proportion of in-foreclosure closings.

In July, 32.6 percent of local home sales were cash sales, which typically indicate investor activity. That share ranked No. 14 in the nation. The top 10 markets for cash sales were all in Florida, with the Sebastian market on top at 54.6 percent.

The U.S. rate was 22.6 percent.

Las Vegas was the only West Coast market in the top 20. Regional markets including Denver and San Jose, Calif., have blown past pre-recession pricing peaks, which has hurt investment returns.

The local market also ranked No. 8 for in-foreclosure sales. The data showed 12.3 percent of valley closings in July were on homes that were in some stage of default. That was compared to a national average of 6.4 percent.

Salisbury, N.C., ranked No. 1, at 23.6 percent.

Contact Jennifer Robison at jrobison@reviewjournal.com. Find @_JRobison on Twitter.

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