Las Vegas Sun

September 18, 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

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House flipping becoming less prevalent in Las Vegas

Thu, May 1, 2014

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In Las Vegas home market, buying increasingly beats renting, report finds

Tue, Apr 29, 2014

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Home prices in major US cities flat in February

Tue, Apr 29, 2014

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Mortgage lenders see big drop in business with end of refi boom

Thu, Apr 24, 2014

Residential mortgage lending has been in a nosedive since the end of the refinancing boom last year, heralding leaner times for ...

Report: Las Vegas home prices continue steady surge

Mon, Apr 21, 2014

Las Vegas home values keep on climbing. The median home value in the quarter ending March 31 was $170,900, up 22 percent from a year earlier. The growth rate was ...

Developers moving forward on huge North Las Vegas master plan community

Wed, Apr 16, 2014

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Deutsche Bank said to seek sale of Cosmopolitan resort

Wed, Apr 16, 2014

http://www.bloomberg.com/news/2014-04-16/deutsche-bank-said-to-seek-sale-of-cosmopolitan-las-vegas-resort.html

Report: Las Vegas’ industrial space a turnoff for companies eyeing move here

Wed, Apr 16, 2014

The Las Vegas Global Economic Alliance has released a report saying dozens of companies that considered moving here picked other cities largely because of a dearth of big, available industrial ...

Lenders are repossessing fewer Nevada homes as foreclosures dip

Wed, Apr 9, 2014

Nevada’s foreclosure rate was sixth highest in the country last month, after Florida, Maryland, Indiana, Ohio and Illinois. One in every 701 housing units statewide received ...

Inventory of Las Vegas homes climbs along with prices

Tue, Apr 8, 2014

In Las Vegas, home prices have been climbing at one of the fastest rates in the country as investors, looking to capitalize on the housing crash, bought cheap homes in ...

Mysterious group buys underground doomsday house in Las Vegas

Fri, Apr 4, 2014

The famed underground house near Flamingo Road was built as a spacious Cold War bunker, to keep people alive and entertained in case the Soviets wiped out Las Vegas with ...

Court hearing on fraud-related charges for father of quints delayed until June 20

Wed, Apr 2, 2014

Deon Derrico, the father of a set of Las Vegas quintuplets, will wait to have his day in court on real-estate fraud charges. This morning in North Las Vegas Justice ...

Father of Las Vegas quints faces real estate fraud charges

Tue, Apr 1, 2014

Until now, Deon Derrico has been in the news as the father of quintuplets. But now he's got more than just changing diapers on his mind. He's scheduled to be ...

How to do Vegas like a Trump

Tue, Mar 25, 2014

http://www.usatoday.com/story/experience/las-vegas/best-of-vegas/2014/03/25/eric-trump-las-vegas-itinerary/6873029/

Videos

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