The supply of housing in Las Vegas is at a three-year low, a fact many attribute to prospectors buying up low-priced foreclosures in recent months.
"After a record number of existing-home sales in June at 4,663, SalesTraq reported that the inventory on the Multiple Listing Service fell to 12,653 or a 3.4-month supply - a level not seen in several years, President Larry Murphy said. The listings are the fewest since 11,497 homes were on the market in December 2005.
The dwindling supply of foreclosed homes is one reason existing-home prices have stabilized in the last couple of months, housing analysts said."
But because a record number of foreclosures were recorded in June, some expect that the supply of available housing will jump again.
Read the full story: Las Vegas housing supply hits 3-year low
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The housing market has yet to devolve like in 2008, thanks to a federal safety net put in place in March, but a wave of foreclosures is still a possibility as protections begin to expire.
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Call it a tale of two housing markets.
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