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Market share of REO sales in Nevada diminishing quickly

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Sales of homes that had been repossessed by the banks, or REO, accounted for 40% of all Nevada home sales in September, down from 67% a year ago, according to data released from the Nevada Title Company.

Nevada is the hardest hit state in the foreclosure crisis. According to RealtyTrac, which monitors foreclosure filings nationwide, 64,000 properties in Nevada received a foreclosure filing in the first half of 2010, which was a 13% drop from the six months before.

As a result, home prices have dropped so far that traditional home sales are priced in the REO range. While Nevada has the most foreclosures, the discount of REO from traditional home sales ranked 37th in the country at 18%.

The average closing price on a home in September reached $135,000, down from $140,000 in August and $138,000 a year ago. In the last year, the highest the median price has reached was $143,000 in April, the same month the homebuyer tax credit expired.

"Because of this persistent display of weakness, market bottom continues to be undefined," according to Nevada Title Company.

Short sales have taken up 31% of the market, more than traditional or standard sales at 29%.

Write to Jon Prior.

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