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Clark County, Nev.
The Las Vegas area has worked through its REO inventory faster than most other markets, down 67% over the last 18 months. In the last two years, pre-foreclosure activity has fallen by 68%, further decreasing the supply of distressed properties. Supply will improve in this region throughout 2014 due to more listings and average new building activity. But DataQuick says these gains arent enough to bring sales volume increases above the study average of 12%. The upside is property appreciation, up 29% through the end of July, will probably continue to be higher than most markets.
Cook County, Ill.
Home sales are up 20% in Chicago, primarily due to distressed properties being bought. But this is causing property values to only rise by 7% on a yearly basis through July, compared to the national average of 17% in this study. Only 0.24% of properties are currently being listed, as many potential sellers are still waiting out the distressed market. Meanwhile, the 2-year population growth in the Chicago region is only 0.7%, substantially down from the 2% national mark, and the unemployment rate was 10.2% as of July.The outlook for Chicago is that a high concentration of distressed sales will likely keep sales volume ahead of study averages, but result in only modest appreciation increases.