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August 4, 2015

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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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