Closed Short Sales Make Huge Gains in Las Vegas

A very interesting dynamic is happening in the Las Vegas market due to tighter controls on the foreclosure process by federal and state governments.  A reduction in the bank repo inventory has pushed home buyers to select and wait for short sales.  Interesting numbers;

4169 total closed units (Single-Fam, Condo, Townhome)
80.5% Single Family / 19.5% condo/townhome

Closing type? 33.9% short sale / 37.5% bank repo / 28.6% other (regular sellers, flippers)

How they closed?  41.2% cash / 20.3% Conv / 29.6% FHA / 4.7% VA / 2.7% other

Short sales continue to grab more and more market share in 2010.