There’s a rumbling in Las Vegas and it’s growing louder every day. It’s an uprising of distressed homeowners who feel betrayed by their government and frustrated by the financial system.
Housing
Home sales in Las Vegas increased 4.5 percent in February and median prices fell 12.8 percent from the same month a year ago, the Greater Las Vegas Association of Realtors reported. February’s 2,390 single-family home sales are “fairly solid” for what is traditionally a slow time of the year, Realtors association president Rick Shelton said Tuesday.
Fortunes have been made and lost on land deals in Las Vegas. Mostly lost, lately.
From affluent suburbs to inner-city neighborhoods, no part of Las Vegas was left unscathed by the precipitous drop in home values last year. Some suffered more than others, but everybody lost ground.
Wall Street analysts and Las Vegas real estate professionals say a slight thawing in the frozen Strip high-rise residential market might be taking place.
Realtors sold 2,608 single-family homes in Las Vegas during January, a 17.3 percent increase from the same month a year ago, the Greater Las Vegas Association of Realtors reported Tuesday.
New-home sales in Las Vegas are projected to increase to about 5,400 in 2010 and the median price should be close to $220,000 by the end of the year, a slight bump from December’s median of $216,000, housing analyst Dennis Smith said Thursday.
A drop in Las Vegas apartment rents may be sobering news for landlords and owners, but it comes at the right time for budget-conscious renters in the worst economic times since the Great Depression.
The Department of Housing and Urban Development is sending eight additional employees to Las Vegas to help the city deal with the home foreclosure crisis, Senate Majority Leader Harry Reid, D-Nev., announced Monday.
President Barack Obama’s first-year grades have dropped significantly in the subject of the U.S. housing market, a survey by California-based Trulia.com showed Tuesday.
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