Las Vegas Real Estate News

Assemblyman seeks unlikely title: Victim

In his lawsuit against Countrywide Home Loans, Las Vegas Assemblyman Morse Arberry portrays himself as naive to the cutthroat ways of the mortgage business.

5 May 2009
By Jeff German

Centex investors file suit over Pulte merger

Carpenters Procoro Espejo, left, and Moises Cuevas work on a single-family home for Pulte Homes in Henderson in this 2008 file photo.

Centex Corp. shareholders are being short-changed in the company's proposed $3.1 billion merger with Pulte Homes Inc., investors are charging in lawsuits in Nevada and Texas. Centex, which is incorporated in Nevada but based in Dallas, was sued April 24 along with its directors and Pulte by shareholder Anbar Holdings Ltd. The suit was filed in Clark County District Court in Las Vegas. Anbar said the "consideration being offered by Pulte is unfair and inadequate."

4 May 2009
By Steve Green

Dead in the water: Your bailout

Dead in the water: Your bailout

Lenders refused to support legislation to allow bankruptcy court judges to modify the terms of residential mortgages, a power they hold over mortgages on vacation homes — even yachts.

3 May 2009
By Lisa Mascaro

Housing collapse gets the blame for industrial market's woes

The effect of the housing market collapse extends well beyond the residential sector, as evidenced by the industrial building market’s foundering in the fallout.

1 May 2009
By Buck Wargo

Rhodes creditors granted spending oversight

The future of Rhodes Homes hangs in the balance this summer. The U.S. Bankruptcy Court signed off on an agreement Tuesday for a $1.2 million budget that will allow Rhodes to use its cash to continue building and selling homes through June 28. The company, in the meantime, is developing a plan to help it emerge from bankruptcy — a challenge given the slowdown in the homebuilding industry and millions of dollars of debt.

1 May 2009
By Buck Wargo

Assemblyman feels pinch of real estate market slump

Las Vegas Assemblyman Morse Arberry is going to court to try to stop foreclosures on two of his rental properties and pushing for state laws that would address situations like his.

29 April 2009
By Jeff German

Report: Home prices drop 3.6 percent in month

Las Vegas again is near the top of the list of big U.S. cities when it comes to the decline in home values. Standard & Poor's today released its monthly S&P/Case-Shiller Home Price Indices, with numbers for February showing prices in Las Vegas fell 3.6 percent from January.

28 April 2009
By Steve Green

Titus: Bailout should help underwater homeowners

As banks begin to repay (or give back) their bailout money, Democratic Rep. Dina Titus wants the windfall to be used to help underwater homeowners in Southern Nevada.

27 April 2009
By Lisa Mascaro

Rhodes’ lenders want him out

Creditors allege that Rhodes Homes paid about $1.75 million to the interior design business of Glynda Rhodes, wife of Jim Rhodes, the builder's president.

Rhodes Homes President Jim Rhodes is accused of misappropriating money by creditors who want him removed to prevent what they say is continued mismanagement. A bankruptcy filing alleges questionable activity, possibly even criminal, in the weeks leading up to the Chapter 11 bankruptcy filing March 31.

25 April 2009
By Buck Wargo

Appraisers say post-boom market keeping them busy

These are good times for Marsha Scofield, who appraises the value of homes.

24 April 2009
By Brian Eckhouse

Phoenix’s commercial market shows what awaits Vegas

Las Vegas may need to look no further than Phoenix to see its fate when it comes to the commercial market.

24 April 2009
By Buck Wargo

Analyst: Apartment market points to further deterioration

The Las Vegas apartment market should deteriorate more in the first three quarters of the year before stabilizing in the fourth quarter, according to CB Richard Ellis in its latest review.

24 April 2009
By Buck Wargo

Queensridge developer disputes report, says loan is solid

The developer of One Queensridge Place disputed a report it has had trouble with its loan payments and said the luxury condominiums remain in good financial health.

24 April 2009
By Buck Wargo

Home prices plunge as rising defaults take their toll

Nevada set a record in March with more than 10,000 homeowners defaulting on mortgage payments, and the price of existing homes sold last month in Las Vegas plummeted to its lowest level since 2001, raising the question how much further they can fall.

24 April 2009
By Buck Wargo

Upside down? Consider the costs of your options

Consider this hypothetical: Three years ago, you bought a house for $400,000, financed with a $320,000 mortgage that costs $2,240 a month. But the home is now appraised for half the purchase price -- so you are upside down -- and the most it could fetch on the rental market is $1,200.

23 April 2009
By Brian Eckhouse
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