A couple of years ago, Bonnie and Clyde Petersen were pulling down $150,000 in interest payments yearly on $1 million invested with hard-money lender OneCap Mortgage. Today, the Petersens, retirees who are now divorced but remain friends, expect to lose their separate homes. They are among many local retirees who are struggling to cope with personal financial problems after Southern Nevada and the nation slipped into recession.
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About one in eight Nevadans is now behind on their residential mortgage, new data from the Mortgage Bankers Association show.
WASHINGTON — Buyers who were brave enough to dive into the market for a bargain-priced house helped provide a modest boost to sales last month.
For Frank Rodriguez, $11,788 is a lot of money to be owed, especially in these tough economic times.
Housing analyst Larry Murphy was hoping he was wrong when he said median existing home prices in Las Vegas could slide to $100,000 by year’s end.
Headlines scream almost daily about soaring foreclosures, that more than 1 million homes were lost to foreclosure in 2008 and the number is expected to top 1.2 million this year.
Home remodelers have lost nearly 10 percent of their business nationwide in the last year, but local contractor Michael Lopas would probably love to post that kind of decline.
MIAMI — The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, data being released today show.
The partnership behind the 2,675-acre Park Highlands master-planned community in North Las Vegas has filed for Chapter 11 bankruptcy protection to restructure its current debt and reposition the project during the economic downturn, a project official said.
Rick Worth keeps a manicured yard at his home in the Palm Hills community near Horizon Ridge Parkway in Henderson, much nicer than the foreclosures on his block.
Las Vegas is emerging as a national leader in the housing market recovery with 13 consecutive months of increasing home sales, though the trend of declining prices continued in April, the Greater Las Vegas Association of Realtors reported Friday.
Short sales are making up a larger percentage of distressed home listings in Las Vegas, but banks are still dragging their feet on approval, local real estate agents said.
CARSON CITY — Her bill wouldn’t help every person behind on home mortgage payments, but Assembly Speaker Barbara Buckley said Tuesday that analyses show it could keep 17,700 Nevada families from losing homes to foreclosure.
Faced with bottom-line competition from foreclosures and short sales, homebuilders in Las Vegas have reduced prices to the point that some are selling for less than $100 a square foot.
Two luxury high-rise condominium projects on opposite ends of Las Vegas Boulevard have run into financial trouble, though both developers remain optimistic about the market’s long-term prospects.
