Ten Las Vegas ZIP codes reported drops of more than 60 percent in home sales prices from 2008’s first quarter through March, according to a research firm that tracks regional sales.
New numbers are out showing Las Vegas and Nevada continue to lead the nation in residential real estate loan foreclosures. Despite an 18 percent decrease in foreclosure activity from the previous month, Nevada continued to post the nation's highest state foreclosure rate in April.
Democrats are locked in an increasingly acrimonious battle over construction defect legislation, which has emerged as one of the most contentious issues this session.
Counties with high foreclosure rates also tend to have large immigrant populations, according to a report released Tuesday. The study ranked Clark County sixth nationwide in foreclosure rates. Nearly 1 in 4 heads of household locally were foreign-born, much higher than the national rate.
A union trying to organize construction workers helped put together a lawsuit accusing KB Home and Countrywide Financial of inflating home values and appraisals in Nevada and Arizona, a union spokeswoman said Saturday.
Customers of KB Home are suing the homebuilder, claiming they paid more than their homes were worth because the company artificially inflated appraisals in cahoots with Countrywide Financial and its appraisers.
Countrywide Financial is accused in a new lawsuit of teaming up with KB Home to inflate prices on new homes in Arizona and Nevada -- allegedly hurting consumers by placing them in deals with negative equity without their consent.
With vacancy rates rising for commercial buildings and residential permit requests at their lowest level this decade, the immediate prospects for the local construction industry are bleak, according to the Associated General Contractors.
The economy is taking its toll on the construction industry and homebuilding may not bounce back until 2010 and commercial construction until 2011, according to the Associated General Contractors of America’s chief economist.
Existing-home sales in March reached their highest level since August 2006, raising the question of how close the Las Vegas housing market is to recovery.
The nation's top three homebuilders this week reported financial results that gave little hope the spring selling season will be strong enough to stop the red ink.
A bill that would require lenders and willing homeowners facing foreclosure to sit down and mediate terms of a mortgage passed the Assembly unanimously on Tuesday. Speaker Barbara Buckley said experts believe as many as 17,700 homes could avoid foreclosure if Assembly Bill 149 becomes law.
