Time to take another look at what’s going on with foreclosures in the Las Vegas area in the New Year with this week’s edition of Haines & Krieger’s Las Vegas Foreclosure Round-up:
1. Why Was Vegas Denied Foreclosure Funding? (Fox 5 KVVU)
Clark County applied for but was denied any funds from the $20 billion in stimulus money the U.S. Department of Housing and Urban Development (HUD) is responsible for doling out. The money is intended to be used to help clean up neighborhoods and housing developments that had deteriorated due foreclosure. Seems ironic since Las Vegas and the surrounding area is consistently listed as the Foreclosure Capital of the U.S. And even more ironic given that Northern Nevad is to receive $20 million of that money!
2. A Desert Mirage (Washington Post)
Good article and slideshow on the high-end home construction business in Las Vegas, featuring Domenico Custom Homes.
3. Nevada No. 1 As Foreclosures Break Record (Fox 5 KVVU)
New year, same story. At least we get credit for breaking a record.
4. Distressed Properties a Blight on Office Sector (Las Vegas Sun)
It’s not just housing developments in Las Vegas. Newly built office buildings also have distressingly low vacancy rates and an image problem to go with it.
5. Bank of America to Release Homes (Las Vegas Review-Journal)
"Bank of America expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, or about 500 a month, an executive with the bank said Wednesday."
"It’s part of the so-called "phantom inventory" of foreclosed homes being held by banks as they work out loan modifications and negotiate short sales, two of the more desirable alternatives to foreclosure."
Haines & Krieger attorneys have been at the forefront of helping Las Vegas residents deal with foreclosure problems and getting back on their feet.