Las Vegas Real Estate News

Businesses boost inventories, lifting the economy

Job losses and the time it will take to replace those jobs make this recession hurt more than most, but the American economy will show more signs of recovery in 2010, according to the Mortgage Bankers Association’s chief economist.

12 February 2010
By Buck Wargo

Las Vegas lender prevails in class-action lawsuit

Las Vegas “hard money lender” Vestin Mortgage Inc. on Thursday said it prevailed in a class-action lawsuit filed by some shareholders in San Diego.

11 February 2010
By Steve Green

Nevada starts new year with same ranking: No. 1 in foreclosures

Nevada started 2010 leading the nation in the rate of foreclosure cases again, but lenders scaled back on the amount of filings from a year ago. California-based RealtyTrac reported Nevada had 11,854 foreclosure filings in January and 2,332 homes had been repossessed.

10 February 2010
By Buck Wargo

Las Vegas home prices, sales slip in January

Home prices in Southern Nevada dipped slightly in January as investors purchased an even greater percentage of homes, according to statistics released this morning by the Greater Las Vegas Association of Realtors.

9 February 2010
By Buck Wargo

Analyst: Las Vegas home prices will increase 3 percent this year

Houses sprawl across the Las Vegas Valley. When the housing bubble burst in 2007, Las Vegas became the No. 1 area in foreclosures nationwide.

A Las Vegas housing analyst said today he expects sales of existing homes in 2010 to mirror those in 2009 and predicts prices will increase by more than 3 percent by the end of the year. Dennis Smith, the president of Home Builders Research, said in a seminar held over the Web that existing home prices will rise by $4,000, or 3.3 percent, from $123,000 at the end of 2009 to $127,000 by the end of 2010. Prices have fallen nearly 60 percent from the peak of the market.

4 February 2010
By Buck Wargo

Report: High-rise condos saw biggest drop in value last year

Report: High-rise condos saw biggest drop in value last year

High-rise condominiums depreciated at the fastest rate in 2009, at 44 percent, while the average price decline for residential real estate fell 23 percent, according to a report from SalesTraq.

4 February 2010
By Buck Wargo

Average apartment rental rate drops to four-year low

The average rents requested by Las Vegas apartment complexes in the fourth quarter fell by $71 a month to a four-year low, a research firm reported.

3 February 2010
By Buck Wargo

Investors, cash buyers become larger part of housing market

Sales of new and existing homes priced below $200,000 comprised 77 percent of transactions in Las Vegas in December as investors remain an integral part of the market, a real estate information firm reported.

3 February 2010
By Buck Wargo

HUD boosts staff in Las Vegas to handle foreclosures

WASHINGTON -- The HUD secretary said today he is dispatching a foreclosure rapid-response team to Las Vegas and plans to add a total of eight new members to its Clark County office to deal with the housing crisis.

1 February 2010
By Lisa Mascaro

Union helping open doors to homeownership in Las Vegas

Three years ago, as the Culinary Union sat down with Las Vegas casino companies for a new round of contract talks, labor leaders sought to preserve the city’s identity as a worker’s paradise, the place where a housekeeper owns a home.

1 February 2010
By Michael Mishak

Economists have a dimmer view of local housing market

Leave it to economists and housing analysts outside the Las Vegas market to put a damper on predictions that the valley’s market will be stable in 2010.

29 January 2010
By Buck Wargo

Q&A: Ken Lowman, broker-owner, Luxury Homes of Las Vegas

High-end niche: Ken Lowman is shown in a home formerly owned by actor Nicolas Cage that recently sold out of foreclosure for $4.95 million.

Ken Lowman knows how to engineer his way around a problem. The 45-year-old broker-owner of Luxury Homes of Las Vegas, an electrical engineering graduate from Oregon State University, became interested in real estate while in Southern California.

29 January 2010
By Buck Wargo

Short sales soar while foreclosure sales slacken

Las Vegas and the state may be changing from the nation’s foreclosure capital to a housing market dominated by short sales.

29 January 2010
By Buck Wargo

Foreclosure investors suing over HOA, collection fees

A stagnant pool is shown in Ventana Canyon in Henderson, whose homeowners association was sued by investors.

Depending on who is doing the talking, investors buying foreclosed homes in the Las Vegas area are either being gouged by greedy homeowners associations or are contributing to neighborhood decay by failing to maintain their newly purchased properties.

28 January 2010
By Steve Green

Las Vegas leads nation in foreclosures for 2009

The grim reality of real estate in Southern Nevada.

Las Vegas led the nation in foreclosure filings in 2009, according to a California firm that tracks the housing market. Las Vegas has routinely ranked in the top five metropolitan areas in foreclosures on a monthly basis, but this is the first time it had secured the top spot for a whole year.

27 January 2010
By Buck Wargo
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