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.

Most Popular Articles

Sales of new houses will rise to a 13-year high in 2020, NAR’s chief economist says

Sales of new homes probably will rise to a 13-year high in 2020 as the U.S. dodges a recession, according to Lawrence Yun, chief economist of the National Association of Realtors.

Nov 08, 2019 By

Latest Articles

RealPage: The size of the average U.S. household is growing

For the first time since 1850, the average size of the U.S. household is on the rise, RealPage says. And it’s not just the kids or Millennials, either. Households are becoming multi-generational.

Nov 12, 2019 By