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Prices for distressed Nevada homes jump in Q1

LAS VEGAS (AP) -- Prices for Nevada homes in default or foreclosure made some of the highest leaps in the country in the first quarter.

RealtyTrac reports Thursday that prices rose 23 percent year-over-year for Nevada homes that had entered the foreclosure process but weren't in the hands of the bank yet.

The prices for bank-owned Nevada homes jumped 22 percent in the first quarter of 2013, compared with the same period last year.

The price hikes reflect a dwindling supply of homes in Nevada's rebounding market. The tight inventory has encouraged Vegas-area builders to double the number of new-home permits they pulled this time last year, and prompted fierce bidding wars among bargain-seekers.

Real estate tracking firm Trulia earlier this month called Las Vegas the most undervalued large metro market in the U.S.