Las Vegas Sun

October 13, 2015

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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 still ranks among nation’s worst for share of vacant houses

Thu, Oct 8, 2015

In a sign that abandoned homes still blight Southern Nevada neighborhoods, Las Vegas has a larger share of vacant houses than most U.S. cities and a bigger percentage of homes ...

Report: Las Vegas housing market more stable, predictable

Thu, Oct 8, 2015

Las Vegas used-home prices have been largely flat for four consecutive months, a new report shows, and sales volume is sliding. The median sales price of single-family homes last month ...

Prices for commercial real estate are rising, and buyers are shying away

Thu, Oct 8, 2015

Sales of Southern Nevada office buildings, shopping plazas, warehouses and apartment complexes have dropped in 2015 to the slowest pace in years. At the same time, however, prices have soared. ...

Almost 900,000 square feet of Summerlin office space placed on the market

Tue, Oct 6, 2015

Las Vegas brokers with CBRE Group last week listed more than 895,000 square feet, spread across 18 buildings, that Hines Interests and Oaktree Capital Management bought in fall 2012 as ...

New-home sales are up from 2014, but report delivers bad news, too

Tue, Sep 29, 2015

Las Vegas homebuilders are selling more houses than last year and ramping up construction plans, but a many issues still are weighing down ...

Luxury Henderson condo complex is sold for more than $38 million

Tue, Sep 22, 2015

Vantage Lofts was a mothballed condo complex, abandoned during the downturn, and after changing hands a few times became one of Southern Nevada’s most expensive rental ...

‘We’re trying to stop the decay’: Effort to fuel redevelopment begins with Sahara Decatur Plaza

Fri, Sep 18, 2015

At Sahara Decatur Plaza, a once-bustling strip mall, Circuit City’s doors are locked (“Store closing sale,” a sign still says, several years after the retailer shut down) and used-car dealer ...

Nevada’s foreclosure rate is back to No. 1 in the nation

Wed, Sep 16, 2015

The state's foreclosure rate was highest in the country for more than five years until March 2012, a sign of how bad things got after the once-booming real estate market ...

Investors buy 64 condo units at Sky Las Vegas high-rise on north Strip

Wed, Sep 16, 2015

A 45-story luxury high-rise, Sky is across the street from the mothballed Fontainebleau resort. Pathfinder picked up the remaining units that never sold after the 409-unit tower opened in 2007. ...

Industry rebounding, but let’s not go overboard

Mon, Sep 14, 2015

The vice president of leasing and sales at American Nevada Company, who also serves as Southern Nevada chapter president of NAIOP, talks about the status of commercial real estate in ...

North Las Vegas’ Park Highlands project would be impressive comeback tale

Fri, Sep 11, 2015

Developer Gregg Wolin has been in the real estate business for 25 years, but few projects have tested his “humanity” and “ethical fiber” as much as Park Highlands in North ...

Air Force to condemn land near Area 51 after sale talks fail

Thu, Sep 10, 2015

Arguing it has exhausted all options, the Air Force instructed the Department of Justice today to condemn the 400-acre Groom Mine owned by a Henderson family. The parcel sits within ...

Las Vegas climbs in housing confidence rankings

Wed, Sep 9, 2015

Amid slumping confidence nationally, Las Vegas has moved up a list measuring faith in the housing industry, as more renters plan to buy in the next year and more owners ...

August used-home sales down from July, up from last year

Wed, Sep 9, 2015

Las Vegas used-home sales dropped and prices were flat in August compared to July. But compared to the same time last year, business was up, a new report shows. The ...

Brighter days are in forecast for One Summerlin building

Tue, Sep 8, 2015

Las Vegas’ office market is still slumping from the recession, and at first glance, the pricey new building in Downtown Summerlin seems bogged down with it. The office sector has ...


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