Las Vegas First Time Home Buyers and Investors Dominate Home Sales
Las Vegas first time home buyers and investors looking for a great opportunity are fueling the sales growth in the Las Vegas real estate market. Over 70% of Las Vegas single family homes and condos were bank foreclosures. That makes July at 70%, June at 70% and May at 74% of the total homes sold were Las Vegas bank foreclosures.
Government insured Federal Housing Administration Loans which is a popular form of financing for Las Vegas first time home buyers made up 58% of the purchases up from 52 percent in June. Investors and previous homebuyers bought 39% of the new and existing homes in July.
Las Vegas buyers are using cash 43% of the time to buy Las Vegas homes and condos. Cash deals have been dominate in areas were prices have dropped sharply and sellers prefer the speed and certanty of the deal closing.
Las Vegas single family homes and condos dropped in price to an average of $130K down 41% from July of 2008.
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