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October 30, 2014

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Cash customers dominate housing market, county commissioners told

Updated Tuesday, Oct. 16, 2012 | 11:44 a.m.

Cash investors are once again winning the battle for all those foreclosed homes in Las Vegas and Clark County.

Clark County Commissioner Susan Brager, a real estate agent, said even though homes up for sale are now getting between four and 10 offers right away, banks keep giving the homes to those buyers with cash – mostly investors waiting to flip the properties.

“People that want to purchase and live in a home are not getting the homes,” she said during Tuesday's Clark County Commission meeting. She blamed federal restrictions that make it difficult for consumers to purchase foreclosed homes.

“The banks just don't care,” added Commissioner Chris Giunchigliani.

Commissioners were discussing how the county was spending $49 million in federal funds it has received since 2009 from the federal Neighborhood Stabilization Program.

•••

Budget cuts made in 2009 to a pollen-count program are coming back to haunt commissioners.

Pollen pollution is a big concern in Clark County, and those who suffer allergies used to look daily at the news to see how much pollen, from olive trees and mulberry – two big culprits – was in the air.

At their meeting Tuesday, county commissioners approved the mandated transfer of $270,000 in fines collected by the county's Department of Air Quality to the Clark County School District. The district will use the money for related educational programs, teacher workshops, a summer workshop, among other endeavors.

Meanwhile, commissioners discussed bringing back a pollen-count program, which would force the county to undergo significant costs to train and hire people; to pay for equipment (the old equipment was given to UNLV, which never started its own program due to lack of funding).

Check back at lasvegassun.com for more on Tuesday's Clark County Commission meeting.

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  1. Is it really the counties job to count pollen and tell us about it?

    I watch Channel 3 news, they tell me every day what the pollen is and does not cost me anything.

  2. It sucks to lose a potential house to a cash investor....but thats life, deal with it.

    Oh the humanity, how did Clark County residents survive before getting a government paid pollen count?

  3. Will these Out Of Town Investors Maintain these Properties or if Home Values don't increase create Urban Slums. Many Banks require Condos to have a high percentage of Resident ownership in order to provide a Mortgage. Since Commissioners(at Public Expense) are responsible for putting millions into reviving Crime Ridden Neighborhoods it's penny wise and pound foolish for them to ignore the future impact of such a Huge Potential Problem. If a Short Sale is offered why not require Banks to sell to the Present Owner at a 10% markup - if they are Financially Viable and stabilize the communities.

    Or as in California - Declare Eminent Domain and let the Local Community solve the Problem (Google for Info) - Instead of Hedge Fund Managers around the Globe squeezing the Last Nickel out of our economy.

  4. Ben, require the banks to sell to the present owner who defaulted in the first place? Require?

    Eminent Domain is a very bad idea, is unconstitutional in this case and would set a bad precedent.

    So what if investors are going flip or rent out the properties, if its their property who are you or the government to dictate what they do with their properties?

    Government cannot solve the housing crisis. It needs to get out of the way, quit prolonging these foreclosures with these worthless programs and let the free market resolve these issues on its own.