Las Vegas Sun

April 23, 2018

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Topic:

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

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Wed, Apr 18, 2018

In metro areas such as Denver, buyers are rushing to close a deal before mortgage rates get too high. In Dallas, some are embracing longer commutes to find homes they ...

Zillow is getting into the home-flipping business

Mon, Apr 16, 2018

Most people simply list their home and wait for the best offer. But Zillow is hoping people who don’t want to go through the ...

Las Vegas housing supply remains tight; average sales price again increases

Fri, Apr 6, 2018

The average price for an existing single-family home sold in Las Vegas last month was $280,000, according to the Greater Las Vegas Association of Realtors. Home prices increased 1.8 percent ...

County to request millions in federal housing funds

Tue, Apr 3, 2018

The Community Development Advisory Committee today recommended six projects for a requested total of more than $6.6 million in state and federal funding ...

Commercial real estate attorney: Without litigators, negotiations are vulnerable

Mon, Apr 2, 2018

The of counsel for commercial real estate at Bailey Kennedy talks about the influx of large, national companies in Clark County and ways tenants can maximize the value of their ...

Photos: A look inside Jerry Lewis' Scotch 80s house for sale in Las Vegas

Fri, Mar 30, 2018

The 7,325-square-foot house near Interstate 15 and Charleston Boulevard was listed this week for $1.4 million. Lewis, who died in August, lived at the property for 30 years, according to ...

What to expect from the housing market this spring

Thu, Mar 29, 2018

This spring’s home sales season is shaping up to be the most interesting one in years. The housing market will depend on which opposing force proves more powerful ...

Hashtag open house: Real estate industry rethinking how it markets luxury housing

Tue, Mar 27, 2018

We’ve grown accustomed to seeing all sorts of products promoted with sponsored Instagram posts or on Snapchat stories, but, so far, homes are rarely marketed this way. Some developers and ...

California housing problems are spilling into Nevada

Thu, Mar 22, 2018

A growing homelessness crisis. Complaints about traffic congestion. Worries that the economy is becoming dominated by a wealthy elite. Those sound like California’s problems in a nutshell. But now they ...

Historic Nevada divorce house may be moved for redevelopment

Sun, Mar 11, 2018

Two historic houses that lie in the path of its revitalization project in downtown Reno, including one that played a key role in the city's emergence ...

Bricklayers think they're safe from robots. But are they?

Fri, Mar 9, 2018

Here at this Las Vegas race, humans are holding off the future with trowel and muscle. But that may not last. Bricklayers are becoming increasingly hard to find nationwide. Despite ...

Shrinking housing supply is 'catching up to' Las Vegas

Wed, Mar 7, 2018

Home sales in the Las Vegas area slowed in February because of the shrinking supply of properties, according to an industry report. The Greater Las Vegas Association of Realtors reports ...

Developer brings a movie and dining best-of to southwest Las Vegas

Mon, Mar 5, 2018

When developer J Dapper builds a dining and retail plaza, he tends to personalize it. He’s a huge architecture buff — has a library of books on the subject — ...

Local advocates for the homeless have big hopes for tiny homes

Mon, Feb 26, 2018

Despite their small size, tiny homes could play a big role in providing shelter for the homeless, advocates say. Veterans Village is exploring the feasibility of tiny homes for those ...

Court ruling fails to curb development plans at former Badlands golf course

Tue, Feb 20, 2018

Residents are fighting the latest iteration of plans to develop housing on the site of the former Badlands Golf Club after a recent court ruling against the new owner of ...

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