Las Vegas Sun

July 26, 2016

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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

Sale prices for new homes edge up in Las Vegas, nearing boom-era record

Tue, Jul 26, 2016

Las Vegas homebuilders this year are selling more houses, pulling more permits and booking higher prices than they were in 2015, a new report shows. Buyers picked up 3,422 new ...

British Columbia proposes real estate tax on foreign buyers

Mon, Jul 25, 2016

Foreign nationals buying Vancouver real estate will pay an additional property transfer tax of 15 percent under legislation proposed by ...

Sierra Brook Court: Living near a home that neighbors call a squatter magnet

Fri, Jul 22, 2016

In the Las Vegas suburbs, near stretches of open desert and the mountain range on the city’s western fringe, Sierra Brook Court is lined with high-end homes, some with clear ...

Meet Nana I Am, the mystery man behind a bizarre Las Vegas squatter case

Thu, Jul 21, 2016

He sues all the time but never seems to win. He writes his name countless different ways. Accused squatters say he gave them keys to an abandoned, custom-built house, even ...

Foreclosures on the downswing in Las Vegas, report shows

Wed, Jul 13, 2016

Foreclosures slowed in Las Vegas during the first half of the year, but lenders still targeted delinquent homeowners more often here than ...

Selling a relic: Site of failed boom-era tower complex remains on market

Wed, Jul 13, 2016

Jack Woodcock has sold houses, developed office buildings and owned retail properties. But over his four-decade real estate career in Las Vegas, he’s never owned anything as big or expensive ...

Slow times on Billionaires’ Row as the 8-digit boom fizzles

Tue, Jul 12, 2016

New York City’s ultraluxury real estate frenzy — with its sky-piercing condominium towers and $100 million price tags — has finally come to an end ...

Swanky amenities mark apartment surge in Las Vegas, but does demand match the supply?

Mon, Jul 11, 2016

A swanky pool area. A sand volleyball court. A dog spa. South Beach, an apartment complex under construction in southwest Las Vegas, plans to offer those perks and more, including ...

'Strong summer': Las Vegas home sales, prices heat up

Fri, Jul 8, 2016

Las Vegas home prices last month rose from May and sales totals climbed even faster, a new report shows. The median sales price of previously owned single-family homes in Southern ...

David Copperfield buys Las Vegas home for a record $17.5 million

Thu, Jul 7, 2016

Illusionist David Copperfield has paid $17.55 million for a Las Vegas home complete with a movie theater and nightclub — and made an old price record ...

Photos: Corey Harrison of ‘Pawn Stars’ lists northwest valley home for $2.4M

Thu, Jun 30, 2016

For $2.39 million, you can buy a northwest valley house with seven bedrooms, six baths, six garages and a spacious basement. Telling people you own a piece of "Pawn Stars" ...

Rita Rudner sells oceanfront house seen in YouTube spoof for $8.3 million

Thu, Jun 30, 2016

Rita Rudner just sold a five-bedroom house in Dana Point, Calif., with panoramic ocean views for $8.3 million — no joke. But her YouTube home tour, a spoof on selling ...

Property with a past: Lot with ties to Las Vegas criminals goes on the market

Wed, Jun 29, 2016

A passer-by wouldn't know it, but the vacant lot for sale at 2121 Geronimo Way has an infamous history. It's linked to notorious mother-and-son grifters Sante and Kenneth Kimes, who ...

Why are high-rises missing from the construction rebound in Las Vegas?

Mon, Jun 27, 2016

Southern Nevada’s once-pummeled construction industry has bounced back from the depths of the recession, with builders putting up housing tracts ...

Goal of owning home still strong, and 8 other housing trends

Wed, Jun 22, 2016

Americans still want to own homes — if they can afford to. That's the finding of a report being released Wednesday by the Harvard University Joint Center for ...

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