Las Vegas Sun

April 16, 2014

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Real Estate in Crisis

Foreclosed and for sale homes line the 9800 block of Fast Elk Street in northwest  Las Vegas.

Photo by Richard Brian / Las Vegas Sun

Foreclosed and for sale homes line the 9800 block of Fast Elk Street in northwest Las Vegas.

The subprime mortgage crisis is hitting the Las Vegas metro area particularly hard. In fact, Nevada has the highest foreclosure rate in the country and the metro area is consistently one of the top five worse in the nation. The crisis jeopardizes further growth by creating an overflow of available homes, which in turn slows the construction of new homes and invariably effects property values. But at the same time it creates opportunities of more affordable housing for those who have been priced out of the market in recent years.

The crisis entails homeowners losing their houses after they are unable to afford their mortgage payment. It was brought about by lenders and banks giving risky loans, or subprime mortgages, to people with poor credit scores or finances. Low interest rates first attracted such homebuyers. However, as many loans were adjustable rate mortgages (ARMs), higher interest rates down the road made payments nearly impossible, ultimately leading to foreclosure. Furthermore, predatory lenders have been accused of perpetuating the situation by unfairly taking advantage of uninformed or new buyers. There were a large number of investors who bought homes at the height of the market and expected to flip them for a profit, only to see values decline.

All stories

Las Vegas home prices end year up 24 percent

Wed, Jan 8, 2014

Las Vegas home prices inched higher last month to end the year far above 2012.

Property purchase raises speculation about possible expansion for Summerlin hospital

Tue, Jan 7, 2014

Is Summerlin Hospital Medical Center plotting another expansion? Its owners recently bought 7 acres of undeveloped land across the street from the Las Vegas facility, property records show.

Investors snatch up four senior housing complexes in foreclosure

Mon, Jan 6, 2014

Southern California and New York investors have teamed up to buy four distressed senior-housing complexes in Las Vegas. The $75 million acquisition — by Interwest Capital Corp. and Angelo, Gordon ...

Downtown's Ogden, Juhl among properties acquired in deal

Fri, Jan 3, 2014

Some of the more stylish residential buildings in Las Vegas are under new ownership, several years after the recession dented their financial health. ST Residential has sold Juhl and the ...

Latest trend lets purchasers buy a lifestyle, not just a house

Mon, Dec 30, 2013

When Elton John sold his pair of West Hollywood, Calif., condominiums last year, the buyer got more than four walls and the title. The units came with the singer’s designer ...

Real estate website ranks Las Vegas among America's 10 best cities

Mon, Dec 23, 2013

as Vegas isn’t America’s funniest city, the nerdiest, preppiest or the most exciting, but according to the real estate website Movato.com, it is among America’s 10 best cities for 2013.

Man gets 11 years in $15 million mortgage fraud scheme

Fri, Dec 20, 2013

A man who pleaded guilty in a $15 million mortgage fraud scheme was sentenced this week to 11 years in federal prison. In all, 10 people were charged and convicted ...

The valley's priciest homes: A few million dollars buys stable, elevators, water slides

Tue, Dec 17, 2013

The valley’s priciest homes typically span at least 6,000 square feet and include wine cellars, movie theaters, outdoor kitchens, indoor pools and elevators.

NV Energy sells land to home developer for $14.8 million

Mon, Dec 16, 2013

NV Energy, Nevada’s main electric utility, has sold almost 40 acres of vacant land to developer Ryland Homes. The $14.8 million deal closed last month and was announced today by ...

MGM sells property near M Resort; owners undecided about use

Thu, Dec 12, 2013

MGM Resorts International has sold about 90 acres of land south of Henderson off Interstate 15. The $11.75 million deal, which closed last month, was a speculative purchase, and the ...

Henderson could get 1,100 new homes, including a senior community

Thu, Dec 12, 2013

After years of delay, a proposed Henderson master-planned community that fell victim to the recession might finally see shovels in the ground. The LandWell Co., developer of the proposed 2,200-acre ...

Nevada out of dubious top 10 for foreclosures? Almost

Wed, Dec 11, 2013

One in every 859 housing units statewide received a foreclosure-related filing last month, down 53 percent from October and 55 percent from a year ago, according to a new report.

Median home sales price drops 1.1 percent in November

Tue, Dec 10, 2013

The median sales price of previously owned single-family homes in Southern Nevada in November was $183,000, down 1.1 percent from October but still 25.3 percent higher than a year ago, ...

Auction of delinquent-tax properties nets more than $2 million

Fri, Dec 6, 2013

Properties with delinquent taxes were put up for auction by Clark County this morning, offering investors willing to put down cash an opportunity to score a deal.

Photos: Flipping out on the set of A&E’s ‘Flipping Vegas’ with Scott and Amie Yancey

Thu, Dec 5, 2013

On A&E’s “Flipping Vegas,” abandoned homes across the Las Vegas Valley get a second chance in the hands of real estate investor Scott Yancey and his interior designer wife, Amie.

Videos

Government Takeover
Government Takeover
The government takes over failing Freddie Mac and Fannie Mae. What does it mean for ...
Sales Up, Prices Down
Sales Up, Prices Down
Home sales reach their highest point in years, but there's still no end in sight ...
Foreclosure Forecast
Foreclosure Forecast
A foreclosure analyst paints a grim forecast for the valley's real estate industry. Plus, the ...
Lake Las Vegas Bankruptcy
Lake Las Vegas Bankruptcy
The struggling housing market is forcing a Henderson master-planned community into bankruptcy. Plus, the federal ...

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