Las Vegas Sun

February 24, 2017

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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

Americans buy existing homes at fastest pace in a decade

Wed, Feb 22, 2017

Americans shrugged off rising mortgage rates and bought existing homes in January at the fastest pace since 2007 ...

Southern Nevada sees increase in rental rates

Tue, Feb 21, 2017

As it becomes more expensive to buy a house in Southern Nevada in early 2017, home and apartment rental rates creep upward as well. RentRange’s final quarterly report for 2016 ...

The battle to build near Red Rock Canyon is coming to a head — again

Mon, Feb 20, 2017

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Popping the housing bubbles in the American mind

Sun, Feb 12, 2017

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Las Vegas area sees rare January uptick for home prices

Tue, Feb 7, 2017

The median price of existing single-family homes sold in January through GLVAR’s Multiple Listing Service (MLS) increased to $238,000. That was up 1.3 percent from December and up 8.7 percent ...

Don’t build near Red Rock

Wed, Feb 1, 2017

I run a small business buying and selling bikes and frequently ride my bike, hike and run in Red Rock Canyon with my wife and kids ...

iBorrow provides loan in Sahara Avenue office sale

Wed, Jan 25, 2017

A Los Angeles-based private direct lender for commercial real estate, iBorrow, recently provided a $1.7 million loan to a private group to acquire the Milan Business Center on Sahara Avenue. ...

Roberta Ross sells Reno's Ross Manor after 30-year legacy

Mon, Jan 23, 2017

On Dec. 22, Roberta Ross sold a big piece of her life. For 31 years, Ross worked at and then later owned one of the oldest apartment buildings in downtown ...

December condo sales shine in Las Vegas housing market

Fri, Jan 6, 2017

Condos were more popular with home buyers than houses in December last year, according to numbers released Thursday by the Greater Las Vegas Association of Realtors (GLVAR), which is not ...

Real estate salesman: ‘Las Vegas is having a last-call sale’ for condos

Mon, Jan 2, 2017

A partner at real estate investment firm KRE Capital talks about the benefits of buying a condominium in Las Vegas, the importance of art to the city, and the next ...

Racial diversity in L.V. neighborhoods among best in the country

Wed, Dec 28, 2016

Racial diversity within Las Vegas neighborhoods ranks among the best in the country, according to a recent analysis of census data released by the Brookings Institution. ...

The Siegel Group acquires Boulder Highway property

Fri, Dec 23, 2016

The Siegel Group Nevada Inc. acquired a 126-unit extended-stay property on Boulder Highway for $4.55 million, the real estate investment and management company announced Thursday. ...

Realtors anticipate new Las Vegas headquarters

Thu, Dec 15, 2016

Realtors in Southern Nevada will have a new space to call home next year. ...

High off the hog: NLV housing development planned for former pig farm

Thu, Dec 8, 2016

A 150-acre housing development called Sedona Ranch will be built on the site of R.C. Farms, the departing North Las Vegas pig farm ...

On city tour, mayor hopes to sell real estate agents on North Las Vegas

Thu, Dec 8, 2016

Sell, sell, sell. Whether it’s Mayor John Lee pushing the virtues of North Las Vegas or the assembled audience of real estate professionals Wednesday morning at City Hall, that’s the ...

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