Las Vegas Sun

February 5, 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

Investor interest in Las Vegas homes continues to drop

Wed, Feb 3, 2016

In another sign that housing investors are clearing out of Las Vegas, such buyers picked up a larger share of homes nationally than in Southern Nevada in 2015 ...

CVS site on Las Vegas Strip available at steep price

Fri, Jan 29, 2016

In the latest effort to make millions from the Strip’s lucrative drugstore sector, a CVS has hit the market with a big price tag. Capital Square Realty Advisors is trying ...

Drawn to Chinatown, L.V. developer skips suburbs for latest apartment project

Thu, Jan 28, 2016

Las Vegas developers are flooding the suburbs with apartment complexes, and largely avoiding the kind of site where Jonathan Fore is plotting his latest project. His vacant Chinatown-area property is ...

Q+A: KB Home CEO Jeffrey Mezger on slow recovery from housing bust

Tue, Jan 26, 2016

The market for new U.S. homes strengthened for much of 2015. At the same time, rising prices amid a dearth of available resale homes in ...

UNLV closes $50 million purchase of land for possible stadium

Wed, Jan 20, 2016

UNLV has closed the deal on 42 acres of empty land along Tropicana Avenue and Koval Lane that could be used to build a long-awaited stadium on campus. The sale ...

Call Mike Tyson your neighbor by buying his former home in Henderson

Tue, Jan 19, 2016

Iron Mike has some flashy new digs. Former boxing champ Mike Tyson recently bought a two-story, 8,149-square-foot mansion in the Seven Hills area of Henderson for $2.5 million, just down ...

Seeking ranchland in Texas, where wealth is measured in acres

Tue, Jan 19, 2016

Jay Ellis, an investment fund founder, may be the only person in Texas who is giddy about collapsing oil prices ...

Las Vegas land isn’t dirt cheap, but here’s why it isn’t selling like it once was

Fri, Jan 15, 2016

Las Vegas once was a hot spot for land speculators, who couldn’t get enough desert tracts to develop or flip to other investors. Sales evaporated with the recession and recovered ...

In 2015, foreclosure filings climbed in Nevada, fell across U.S.

Wed, Jan 13, 2016

Nevada homeowners were slapped with a rising tally of foreclosure filings last year, bucking a nationwide drop as the state remained among ...

Drugstores galore: Another CVS being built on the Las Vegas Strip

Tue, Jan 12, 2016

The drugstore arms race on the Strip is ratcheting up another notch. Workers are building a CVS store in front of Bally’s. The two-story property is not expected to have ...

Home prices dip to end stable year for Las Vegas market

Thu, Jan 7, 2016

Las Vegas’ resale housing market ended 2015 with mixed results, with a jump in monthly sales but a dip in prices, which had been flat since summer ...

Q+A: Zillow economist explains why L.V. housing market hasn’t fully rebounded

Thu, Jan 7, 2016

Zillow chief economist Svenja Gudell spoke with VEGAS INC this week about underwater homes, their impact on the market and ...

Developer scoops up 38-acre IGT campus in southwest valley for $75M

Tue, Jan 5, 2016

Developer Doug Roberts is one of many investors building large industrial properties in the valley without tenants lined up. Now he’s got another big property to shop around ...

Westin Lake Las Vegas sells for 84 percent less than previous owners paid

Tue, Dec 22, 2015

The Westin Lake Las Vegas hotel, which as a prior brand crashed financially along with the lavish community it’s built in, has a new landlord. The 493-room Henderson resort ...

Analysis: In Las Vegas, the price of new home vs. resale is higher than average

Fri, Dec 18, 2015

Thinking about buying a new home in Las Vegas? Get ready for sticker shock. The gap between prices of new and resold homes is wider than the national average, which ...

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