Las Vegas has so many foreclosures that 53% of all the homes sold in Nevada are in some stage of foreclosure. Foreclosures represent 45% of sales in California and Arizona, and 28% of all existing home sales during the first three months of 2011. With the slowed sales pace, it will take three years to burn through the inventory of 1.9 million distressed properties, according to Sharga.
http://finance.yahoo.com/news/Foreclosures-for-sale-Big-cnnm-2801454840.html
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