“Some real estate experts are convinced that the boom in housing prices are primarily centered around Las Vegas luxury homes and vacation properties for sale. After all, property developers are generally more careful in buying real estate in the city, opting more for renovations rather than creating new properties from scratch. However, Nevada’s new consumer protection laws may have also had a hand in influencing the market.
Assembly Bill 284, which was passed last 2011, introduced stricter rules when it comes to declaring foreclosures. However, this had the unintended side-effect of slowing down foreclosures to an almost complete halt, forcing prices to go up. Banks were therefore unable to reclaim old houses and sell them to buyers, creating a smaller inventory of properties for sale.”