Nevada New Home Permits, Foreclosure Starts Go Up - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Nevada New Home Permits, Foreclosure Starts Go Up

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Help appears to be on the way for buyers locked in bidding wars for Nevada homes.

Data released Thursday by RealtyTrac shows the number of building permits is up 73% in the first three months of 2013 compared with the same time last year.

Foreclosure starts are up even more. They increased 131% in the first quarter over last year.

Foreclosed homes supplied plenty of inventory in the past few years, but that supply is dwindling. Builders are responding, with single-family home building permits up 27% year-over-year nationwide.

Craig King of the Chase International brokerage covering Lake Tahoe and Reno says more foreclosures and new homes will help sate a "feeding frenzy" for homes in the area. But he said it will be "far from a feast."

(Copyright 2013 The Associated Press. All rights reserved.)

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