Vegas' Distressed Market Draws Bargain Hunters

Often held out as the poster boy for all that is wrong with the housing sector, Las Vegas is attracting more than its share of bargain hunters. According to Robert Jenson, an agent with RE/MAX Central who specializes in Sin City's high-end properties, of the nearly existing home 2,000 sales logged in Vegas in January, 88% were distressed sales, either foreclosures (1,588) or short sales (180). "Lower interest rates and a drop in the average sales price to under $184,000 is attracting more bargain hunting," Mr. Jenson said. While the inventory of homes on the market peaked in the Las Vegas area in July, there are still roughly 21,000 units on the market. Of those, nearly 1,000 are priced at $1 million or more. January's sales pace was the second lowest over the past 12 months, according to the local real estate agent, who distributes a monthly report to his clients. At $184,000 the average price in January was down 7.25% from December, "the biggest drop in more than a year," Mr. Jenson said.