The increasing rate of foreclosure homes has led to a drop in the value of home prices in the west such as Nevada and California in the month of July. This has in turn increased the rate of existing home sales. Nearly 1.1 million condominiums and pre-owned properties in the 13 state regions were sold last month. This is a 1 percent hike from what it was last year during the same period. There have been a 13.2 percent decline in the existing-home sales in US from July, 2007 and a 3.1 percent increase from June. The real estate market in the western region has been proving beneficial for some buyers as the price has gone down.

Ysidro Simental, a warehouse clerk, has bought a house in Corona, east of Los Angeles, which he could never have afforded to buy two years back. He bought the house at an auction for $347,000, after the house went into foreclosure activity. It was priced at $510,000 in 2006. Las Vegas, San Diego, Phoenix, Los Angeles, and San Francisco were counted among those top 10 markets that had the most exorbitant decline in median-home-price last month. Among these, the hottest real estate market has been the Metropolitan Las Vegas.

There has been about 31 percent increase last month in the home sales in comparison to what it was last year, in the metropolitan Los Angeles. The median home price dropped down to $335,000, which is a 35 percent decline from the figures of July 2007. A major decline in the home prices have been seen in Seattle and Portland. Seattle’s median home price dropped down to $340,000 last month, which is a 6.9 percent decline than the figure a year ago. There has been an 8.3 percent increase in the home sales in San Diego and California and 3.1 percent increase in the sales in San Francisco.

However, home sales in other parts of the western region remained somewhat down. These include places like Salt Lake City, Denver, Boise, Billings, Alaska, Honolulu, Anchorage, Albuquerque, Idaho, and Mont. According to the district director of the Seattle area for ZipRealty Inc., Michael Tenore,

“We’ve basically been going through this standoff between buyers and sellers. We’re just seeing more and more increases in inventory and sales coming down.”

He further said that the sellers are not willing to sell their properties at big discounts to the buyers in these regions even under the tight foreclosure situation.

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