Monday, Oct. 13, 2008 | 2 a.m.
The death knell for the subprime loan in Nevada began to sound in 2007. These mortgages, exemplified by relaxed standards and higher interest rates that made it easier for borrowers to qualify, dropped by 70 percent. A Sun review of nearly 2 million loan applications from 2004 to 2007 also shows a considerable decrease in approved loans statewide last year, partly because fewer people were applying. By this time, home values across the valley were in free-fall and Nevada was at the forefront of an unprecedented foreclosure boom.