[T]here are 3,350 homes listed as short sales in Las Vegas, more than double the number from four months ago, and 1,450 of them are vacant. That's a good indicator that many of the short sales are investor-owned, [Las Vegas broker Arthur] Marvin said.

"That's a lot of homes that are short sales and every one of them is overencumbered," he said. "It's grown exponentially since last year and it's going to keep on going. Just a reminder -- there is an epidemic going on in Las Vegas and they're called foreclosures. Foreclosures are causing another epidemic called short sales."

The beneficiary, or lender, makes the final decision in approving a short sale.

As Las Vegas appraisers, we're sometimes asked how a short sale nearby might affect your home's appraised value. The answer is: not much, if at all.  Appraisers consider arm's length, willing buyer-willing seller sales without any influence or duress like default or foreclosure when considering the market value of a home for a mortgage appraisal.  Like any homes in default of their mortgage, short sale homes in Las Vegas are prone to disrepair, and that can influence the desirability of nearby properties.  But once a short sale is finalized and a new owner is occupying it, a home sold in a short sale has no more influence on property values than any other.

How do you do a short sale in Las Vegas?  eHow has all the details.  Look at "step one": Verify the value of your property.