This article from the National Association of REALTORS daily news caught my eye:
10 Cities Boasting Mini Sales Booms
- Las Vegas
- Sacramento, Calif.
- San Diego, Calif.
- Los Angeles
- Detroit
- Phoenix
- San Francisco
- Washington, D.C.
- San Jose
- Atlanta
More relevant than the list itself were the first few paragraphs:
Some cities that were hardest hit by the real downturn are experiencing mini sales booms.
Las Vegas real estate properties are down 28 percent in price, but sales of homes are up 15 percent.
Motivated buyers accounted for 64 percent of Las Vegas sales in October, says Radar Logic, a derivatives firm. That’s the highest rate in the country.
“There’s a pretty active housing market, it’s simply at a lower-priced inventory,” says Michael Feder, chief executive of Radar Logic. “And there are now bidding wars taking place over homes in foreclosure.”
This sounds familiar.
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