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It’s not a bubble: Local real estate’s rebound is solid, from sought-after neighborhoods to those hit hardest

November 6, 2017 | Las Vegas Sun | Ric Anderson, Adam Candee, Michael Lyle

The numbers tantalize leery minds: Housing prices, population growth and job creation in Southern Nevada all rebounded from the Great Recession over the past few years. The same cannot be said for the battered psyche of a state staggered by the worst economic knockout punch in modern American history. A New York Times analysis showed the recession’s impact on Nevada caused the second-largest blow to a local or national economy of any crisis worldwide in the past four decades. Southern Nevada housing cratered to a $118,000 median resale price in January 2012, while Nevada led the nation in delinquent mortgages and foreclosures for 62 consecutive months, from 2007 to 2012. As the economy righted, so did the local housing market. Both the median resale and new-home prices soared in the past two years, reaching their highest peaks since 2007 — just before forces beyond the control of most wrecked the American dream of owning a home.

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