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Housing

Condo owner feels thwarted by covenants

Skip Jourdan bought a three-bedroom condo at Mar-A-Lago in northwest Las Vegas for $194,000 in 2006 for his daughter to live in while she was attending college. When his daughter transferred to a college in the East, Jourdan decided he’d be better off renting the unit than selling it for around $85,000, its value today. … But the codes, covenants and restrictions stipulate that anyone who bought at Mar-A-Lago in 2006 or later isn’t allowed to rent. Jourdan has to evict his renters and is now forced to pay $1,500 a month for empty space or sell it as a short sale.

Housing agencies to get $8.9 million

Local public housing agencies that have struggled in recent years to make do with shrinking federal resources will receive about $8.9 million in stimulus funds to build or renovate housing for the poor, officials announced on Wednesday.

Lower prices help homes sell

WASHINGTON — Sales of previously occupied homes jumped unexpectedly in February by the largest amount in nearly six years as first-time buyers took advantage of deep discounts on foreclosures and other distressed properties.

Reid urges housing reserve fund be created in budget

WASHINGTON — Sen. Harry Reid on Monday pushed for creating a housing reserve fund in the congressional budget, saying President Barack Obama’s plan to rescue home-owners “will leave out too many Nevadans.”

Fed action sparks market

Mortgage broker Mark Baker of Meridias Capital in Las Vegas has been deluged with 50 phone calls a day from prospective borrowers, many of whom are first-time homebuyers.

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Housing sales rise, prices fall

Despite an increase in Las Vegas home sales, pricing pressure continues downward and doesn’t appear to be letting up, a local housing analyst said Thursday.

Panel OKs bill to help owners win damages

CARSON CITY — A key Nevada Senate panel voted unanimously Friday for a bill that would help homeowners win court judgments for personal property damaged or sold during improper foreclosure proceedings.

Damage to LV housing mounts

Business has been good for Harley Marks and Greg Ozuna, two former car salesmen who started American Home Services in Las Vegas a few months ago to clean out foreclosed homes.

Home sales soar in LV as prices keep falling

Las Vegas home sales more than doubled in February from the same month a year ago, although median home prices continue to sink as foreclosures dominate the market, the Greater Las Vegas Association of Realtors reported Tuesday.

Plan aims to help homeowners threatened with foreclosure

Millions of Americans burdened with negative home equity are losing faith in the talk they hear coming from Washington, D.C., about loan modification. They just don’t see it happening.

House passes bill letting judges alter mortgages

WASHINGTON — The House last week passed a housing aid bill that would allow bankruptcy judges to adjust the mortgages of financially stressed homeowners.

Work stopped on west tower at Cosmopolitan

Construction has stopped on a portion of the Cosmopolitan’s west tower while some floors go through a redesign, sources familiar with the project said.

Lawmaker says bill would add protections for renters

CARSON CITY — Proponents of a renters’ rights measure said Friday that landlords in Nevada can move too quickly against slow-paying tenants, and lawmakers should change that by allowing more time for renters to catch up on what they owe.

Nevada housing market still suffering

The number of residential mortgage loans in Nevada that are either delinquent or in foreclosure reached 18 percent in the fourth quarter of last year, second only to Florida’s 20 percent rate, the Mortgage Bankers Association reported Thursday.

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