There’s a three-year inventory of homes in foreclosure for sale, and that’s devastating home prices.
Las Vegas has so many foreclosures that 53% of all the homes sold in Nevada are in some stage of foreclosure, according to a report from RealtyTrac, the online marketer of foreclosed properties.
Foreclosures represent 45% of sales in California and Arizona, and 28% of all existing home sales during the first three months of 2011.
“This is very bad for the economy,” said Rick Sharga, a spokesman for RealtyTrac.
What’s more,……
By: Les Christie, On Thursday May 26, 2011, 5:16 am EDT
Speak Your Mind