Las Vegas Sun

May 25, 2018

Currently: 80° — Complete forecast


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

Historic Reno neighborhood tops preservation list

Sun, May 20, 2018

A 19th century neighborhood on the edge of the UNR campus tops a historic preservation group's new list of Nevada's 11 most ...

Why don't people who can't afford housing just move where it's cheaper?

Thu, May 17, 2018

Many San Francisco renters I met while reporting an article on affordable housing lotteries had responded to the region’s housing crisis by putting up with great discomfort: They crammed in ...

Campaign to preserve Paradise Palms neighborhood enters second phase

Wed, May 16, 2018

The Nevada Preservation Foundation has launched the second phase of a campaign to obtain national historic neighborhood status for the Paradise Palms neighborhood in central Las Vegas, with the new ...

Council to revisit possible Badlands development

Mon, May 14, 2018

The council is set to consider an amendment to the general plan designating the area for open space and recreation, pared-down plans to put housing on the land, and the ...

Las Vegas home prices up 16 percent from last year

Tue, May 8, 2018

The average sales price for a single-family home in the Las Vegas area in April was $289,000, which is an increase of 3.2 percent from March and ...

Anonymous Owner, LLC: Why it has become so easy to hide in the housing market

Wed, May 2, 2018

LLCs shield property owners from personal liability while obscuring their identities. In some cases, so much anonymity also enables money laundering, and it can mean that tenants struggle to hold ...

Developer confident that luxury apartments will make splash in Chinatown

Mon, Apr 30, 2018

Big change could be coming to this oft-overlooked area. With this luxury property aimed at young professionals, Fore Property Co. is betting on Chinatown as the ...

Road to homeownership gets rockier this spring as rates rise

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 ...


Government Takeover
Government Takeover
The government takes over failing Freddie Mac and Fannie Mae. What does it mean for ...
Sales Up, Prices Down
Sales Up, Prices Down
Home sales reach their highest point in years, but there's still no end in sight ...
Foreclosure Forecast
Foreclosure Forecast
A foreclosure analyst paints a grim forecast for the valley's real estate industry. Plus, the ...
Lake Las Vegas Bankruptcy
Lake Las Vegas Bankruptcy
The struggling housing market is forcing a Henderson master-planned community into bankruptcy. Plus, the federal ...

Most Popular