After years of robust growth, the housing market in Las Vegas has been beset with the highest foreclosure rate in the nation, as well as a drop in prices and declining sales. (Adam Tanner/Reuters)
By Susan Milligan
Globe Staff / December 2, 2007
HENDERSON, Nev. - In America's ultimate boomtown, the signs of economic trouble literally show up in the streets, with "for sale" sign after "for sale" sign stuck in the front yards of homeowners who lost their houses because they couldn't afford to pay their mortgages.
Las Vegas, a national symbol of growth and opportunity, now suffers the highest foreclosure rate in the country. Nearby Henderson - full of gated communities as well as moderately priced housing - now has more than 300 properties in foreclosure or preforeclosure and some streets have as many as six houses in the process of being sold because the owners couldn't keep up the payments.
The subprime mortgage crisis was caused when lenders gave often-risky loans to buyers who would not be approved for mortgages under normal standards, either because they had bad credit or lacked the financial records - such as proof of income - to get a standard mortgage.
http://www.boston.com/news/nation/articles/2007/12/02/mortgage_crisis_tarnishes_las_vegas_boomtown_image/?page=1
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment