As Nevada housing brightens, some see storm coming

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Updated: 1/24/2013 2:29 pm

LAS VEGAS (AP) — In a state long defined by its stormy housing market, the sun is apparently peeking out from the clouds.

Nevada just ended its five-year reign as foreclosure king of the nation, relinquishing the title to Florida in 2012. Home prices shot up 24 percent in Las Vegas in one year, and buyers are in outright wars to get a piece of tight inventory that's shriveled to a five-week supply.

But amid the optimistic signs, troubling questions loom.

Most prominent among them: Has Nevada law AB 284 — legislation aimed at stemming illegal foreclosures — spurred real improvement, or simply created a bubble and delayed the inevitable?

Nobody is quite sure.

 

©2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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