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Cash is king in Nevada real estate market

More people are buying their homes with cash.

More people are buying their homes with cash.

In Nevada, homebuyers are keeping their checkbooks and credits cards stashed and paying for their new homes with cash.

According to the Greater Las Vegas Association of Realtors, more than half - 51 percent - of all existing homes sold in Southern Nevada are cash-purchased.

The president of GLVAR, Paul Bell, foresaw this trend.

"We've been saying for months that we could eventually see cash buyers accounting for more than half of all our sales," Bell said. "We're now at 51 percent, so we've reached that threshhold."

Bell said he's looked at sales figures around the country and believes Nevadans are paying with cash for homes more often than any other state with a major metropolitan area.

While Nevadans may have more cash money on hand, the housing market in the greater Las Vegas area continues to struggle. According to a report released by CoreLogic, more than 71 percent of homeowners in Nevada's Clark County owe more than their home is worth. Other counties rife with homes under water can be found in Florida and California.