Home values growing in most Las Vegas ZIP codes

Las Vegas home price appreciation has returned to positive growth rates for the first time in years, reports the Las Vegas Review Journal. All but the three of the Las Vegas Valley's 58 ZIP codes posted a positive appreciation rates at the beginning of 2013.

The largest gains were in areas of the city that were hardest hit by the recession. These ZIP codes over-corrected and saw real estate values drop far below expected. They are now rising at an alarming rate and driving the city's real estate boom.

The rate of foreclosures has also seen a drastic decline, a sign that Las Vegas real estate is recovering. Foreclosures, which accounted for almost half of all home sales in Las Vegas at the height of the recession, now represent a modest 15% of the market. Bank repossessions are down 60% in the last year.

Mark Boud of Real Estate Economics predicts a 5.7% annual increase in Las Vegas home prices for the next 5 years, due to the continued recovery of the once devastated market.

A more bullish outlook comes from Bryan Lebo of ReMax Benchmark Realty who is predicting another 10% rise in 2013. His prediction is based upon the limited inventory of current homes and increasing rates of willing buyers driven mostly by those looking to invest.

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