Housing
North Las Vegas’ economy could see some bright spots, but the valley’s housing market may not experience a full rebound for nearly a generation, predicted a local observer at the city’s Directions 2010 event Thursday.
A joint investigation by every state could force mortgage companies to settle allegations that they used flawed documents to foreclose on hundreds of thousands of homeowners. Lenders could be forced to accept an independent monitor to ensure they follow state laws and pay some people whose foreclosures were improperly handled.
Single-family home sales dropped sharply to 2,806 in September, a 16.4 percent decrease from the same month a year ago, and inventory of homes on the market jumped 9.2 percent to 22,719, the Greater Las Vegas Association of Realtors reported Friday.
Facing increased competition from foreclosures and short sales, Las Vegas homebuilders have not only had to cut production, but keep prices around $100 a square foot, the standard from about 10 years ago.
No matter how many billions of dollars the government throws at the problem, nothing appears to be easing the housing crisis in Las Vegas, one of the hardest-hit cities in the Great Recession and often cited as “ground zero” for subprime lending and mortgage fraud.
If you live in Las Vegas, you face pretty long odds on qualifying for a home loan. A new report shows nearly a third of all Americans can’t get a home loan due to bad credit, and local observers say the problem is substantially worse in Southern Nevada.
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