Housing prices pit builders against banks

Faced with bottom-line competition from foreclosures and short sales, homebuilders in Las Vegas have reduced prices to the point that some are selling for less than $100 a square foot. The average price of a new KB home at Manchester Park in the master-planned Providence community is $154,200, or about $80 a square foot, housing analyst Larry Murphy of Las Vegas-based SalesTraq said. That compares to the average foreclosure price of $149,746, or $84 a square foot. The condition of a typical foreclosed home is probably less than desirable: dead lawn, filthy, trashed, possible structural damage, older neighborhood. The average age of a foreclosed home is 15.7 years, SalesTraq reported. It was…

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