Kathleen England fights for those who battle against discrimination and victims of sexual violence. Now, the outspoken England has another cause as the new president of the State Bar of Nevada.
The commercial real estate slump is taking a toll on brokerages whose revenue has dipped sharply because of the steep decline in sales and lease rates.
CityCenter, by the end of September, is expected to announce how much it will cut condominium prices, but one gaming research group says co-owner MGM Mirage will have success trimming those prices about 30 percent.
The red-hot Las Vegas housing market cooled off a bit in August as home and condo sales dropped and prices edged lower. The 3,229 sales of single-family homes in August were 14 percent less than July when 3,738 homes sold.
Nevada and China will strike a deal Tuesday in Phoenix that will pave the way for the Chinese government and its private sector to make investments in Nevada that will create jobs, state officials said.
The region’s political leaders told a real estate development group that the local economy needs to be reshaped to deal with future downturns and alleviate the pain felt today with lost jobs and government revenue.
A Las Vegas real estate agent featured prominently in Time magazine has come under fire from members of her profession and has generated unease in the real estate community about the public’s perception of agents.
Investors and first-time buyers dominate home purchases in Las Vegas, and their investments will be key to burning foreclosure inventory, a research company reported. Almost 70 percent of the area homes and condos sold in July were foreclosure sales, meaning those homes had been foreclosed in the past 12 months, said Andrew LePage, a spokesman for MDA DataQuick, a San Diego research firm. July’s percentage of foreclosure sales was the same as June, but up from 62.5 percent in July 2008.
A domestic partnership law that goes into effect Oct. 1 has prompted businesses to review policies to avoid lawsuits that attorneys say are likely on both sides of the issue.
Las Vegas’ economy is going to need more than CityCenter’s opening — and massive hiring — to rebound to pre-recession employment levels, a local economist says.
The turnaround in sales of existing homes has spurred hope that Las Vegas’ housing market is recovering, but local homebuilders remain on the outside looking in and are calling on the federal government for help.
The turnaround in sales in existing homes has spurred hope that Las Vegas’ housing market is recovering, but local homebuilders remain on the outside looking in and are calling on the federal government for help.
Demand in July for Las Vegas homes was strong with buyers snatching up the most since September 2005 amid the housing boom. Las Vegas-based SalesTraq reported 4,675 existing homes sold in July, 12 more than June.
Twenty Las Vegas attorneys have been recognized by the American Bar Association for participating in a pro bono project to help Holocaust survivors obtain reparation from the German government.
The number of commercial properties facing foreclosure tapered off over the summer, but that hasn’t prevented Las Vegas from holding onto its No. 1 ranking for distressed buildings and development.
At issue: Are homeowners buying what they don't need?
Friday, Aug. 21, 2009
The Nevada legal community is getting behind a new mediation program designed to reduce the state’s ongoing foreclosure problem, but some attorneys are facing criticism for trying to profit from it.
Las Vegas home sales slowed slightly in July and prices resumed their downward spiral after stabilizing the previous two months, according to the Greater Las Vegas Association of Realtors.
There is little optimism for a rebound in the Southern Nevada construction industry anytime soon, and any possible recovery will be stifled by new taxes approved by the Legislature, according to the Associated General Contractors of Las Vegas.
A study shows more homeowners here are willing to default on their mortgages, even if they could pay
Monday, Aug. 10, 2009
Las Vegas homeowners are more likely than those elsewhere to walk away from their mortgages even though they can afford them, according to a study by two Chicago-area universities. The reason: Las Vegas — where 81 percent of homes are worth less than their mortgages based on the latest figures — leads the nation in the rate of foreclosures. And the decision to default on a mortgage can be contagious.
Even apartment buildings aren’t immune to foreclosures. Las Vegas apartment market analyst Michael Belnick said owners are facing some rough times with 6 percent of the buildings in default or foreclosure. More than 300 notices of default have been issued, he said.
Las Vegas is at greater risk than other cities that its homeowners will walk away from their mortgages even though they could afford them, according to a study by two Chicago universities. Not only are depressed home prices a contributing factor, but when neighbors and friends see someone they know defaulting on their mortgage, the moral constraints and social stigma are lessened and make it increasingly likely that more foreclosures will result, according to the study by the University of Chicago Booth School of Business and Northwestern University. The study finds that 26 percent of all mortgage defaults are classified as strategic, meaning the homeowner can afford to pay.
Investors are still mostly from California, but what they’re looking to gain from homes in Las Vegas has changed with the market.
Monday, Aug. 3, 2009
Southern California investors — a breed apart from those who contributed to the real estate collapse — are converging on Las Vegas, hunting for bargains on single-family homes and driving strong sales in June, housing industry experts said.
The chances are growing less likely that Las Vegas median home prices will fall to $100,000, but no one should expect prices to shoot up anytime soon despite a lack of inventory, according to a Las Vegas housing analyst.
Although new home sales remain weak in Las Vegas, DR Horton has eclipsed the traditional front-runners in the market when it comes to sales through the first six months of 2009.
Buyers focus on rental income more than appreciation potential
Friday, July 31, 2009
Southern California investors have returned to the Las Vegas market in force to look for bargains on single-family homes and helped drive Las Vegas to a record number of sales in June, housing industry experts said.
While the Senate prepares to vote on the nomination of federal Judge Sonia Sotomayor to the Supreme Court, a group of UNLV professors has thrown its support behind her.
The $8,000 tax credit for first-time homebuyers is considered to have been a boon to the existing-home market that saw record sales in Las Vegas in June.
Expert expects trend to end as foreclosures increase
Friday, July 24, 2009
The number of existing homes on the market fell to the lowest level in more than three years, but the declining inventory is likely poised to rebound after Las Vegas reported a jump in foreclosures in June, according to newly released statistics. After a record number of existing-home sales in June at 4,663, SalesTraq reported that the inventory on the Multiple Listing Service fell to 12,653 or a 3.4-month supply — a level not seen in several years.
Homebuilders and other professions tied to the housing industry have taken a hit during the recession, but a Las Vegas-based company said it is prospering.
The industrial market recorded its highest vacancy rate in history during the second quarter and that rate shows no signs of lowering for two years, according to Applied Analysis.
Officials say poor economy has kept several local residents close to home
Friday, July 17, 2009
Like the Strip, Lake Las Vegas has taken a hit from the slowdown of out-of-state tourists visiting Nevada, but the Henderson resort is turning to valley residents to pick up the slack. Aided by Las Vegans coming to the resort, the Ritz Carlton and Loews Lake Las Vegas were full during the Fourth of July weekend, surpassing what they did a year ago. The hotels expect heavy weekend bookings for the rest of the summer. MonteLago Village, which features boutique shops and restaurants, reports it has been attracting more visitors to its growing number of special events.
If society just followed the advice of its grandparents, there wouldn’t be an ongoing crisis with foreclosures that helped trigger the nation’s economic woes, according to the author of a new book.
Jeff Harris came to Las Vegas as a football player and now he is a head coach. Not the head coach of a football team, but Harris views his role as president of Nevada Title Co. much the same way.
A UNLV index that measures Las Vegas’ economy rose modestly from May to June, meaning the sharp slowdown in the region has at least paused and given hope of a recovery starting in 2010, according to economist Keith Schwer.