Las Vegas Sun

June 29, 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

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 ...

Ten years after: Looking back at homes sold during bubble era’s peak

Thu, Jun 16, 2016

Las Vegas’ housing bubble reached its most bloated point 10 years ago this month, at least by one gauge: resale prices hit their peak. In June 2006, the median sales ...

In North Las Vegas, squatting problem prompts coordinated crackdown

Fri, Jun 10, 2016

North Las Vegas, arguably more prone to squatters than much of Southern Nevada, is using a multipronged approach to curb the problem: Police, code enforcement and utilities officials say they’re ...

A weight lifted: Las Vegas no longer has greatest share of debt-laden homes in U.S.

Tue, Jun 7, 2016

An estimated 20.2 percent of Las Vegas-area homeowners with mortgages were underwater in the quarter ending March 31. That was second to ...

Fewer Las Vegas homes sell, but prices are higher

Tue, Jun 7, 2016

After nearly a year of flat prices, Las Vegas houses sold at a noticeably higher level last month amid shrinking sales totals ...

Canine crazy: Las Vegas makes list of top American cities for dogs

Tue, Jun 7, 2016

Woof it up, Las Vegas: The city has been recognized as one of America's top communities for dogs. Realtor.com listed Las Vegas at No. 3 in its list of ...

Las Vegas mansion rented by Michael Jackson for sale for $9.5 million

Fri, Jun 3, 2016

The Las Vegas mansion where pop icon Michael Jackson once lived is up for sale for $9.5 million. The 1.7-acre compound, dubbed "Thriller Villa," with seven bedrooms and 12 full ...

In Las Vegas, house flipping remains frequent but less profitable

Wed, Jun 1, 2016

Investors are flipping houses at a faster pace in Las Vegas than in most metro areas, but their profit margins are smaller here compared to ...

Ex-BLM head stood to benefit from sale of Henderson land, watchdog reports

Tue, May 31, 2016

Bob Abbey, former head of the U.S. Bureau of Land Management, was “personally and substantially involved” in selling Henderson land for a multi-venue sports complex to developer Chris Milam and ...

Is the Southern Nevada housing market poised for a rural rebound?

Fri, May 27, 2016

When Ted Price was looking to buy Valley Heights, a failed subdivision in Logandale with streets and utilities but few houses, he noticed a few things about this rural town. ...

Old Riviera site pitched for proposed NFL stadium

Thu, May 26, 2016

A top Las Vegas Sands Corp. executive said today that the proposed 65,000-seat football stadium his company is pushing for may end up being built on the Strip. When plans ...

Why L.V.’s biggest industrial real estate developer is feeling confident

Tue, May 24, 2016

Real estate magnate Jordan Schnitzer is one of the biggest landlords in Las Vegas, with millions of square feet of warehouses under his control. With the market heating up ...

Las Vegas ‘zombie’ foreclosures remain grave concern despite dip

Wed, May 18, 2016

Las Vegas’ share of “zombie” foreclosures has dropped from a year ago but still is larger than in most metro areas. Some 6.8 percent of Las Vegas-area homes in ...

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