Nevada has been at the top of the list for the most homes in foreclosures for several years. Those bank-owned properties bring down the value of homes around them. That is why the city of North Las Vegas is stepping in to stabilize neighborhoods hurt by foreclosures.
The city is targeting areas with the highest number of foreclosures like a neighborhood near Tropical Parkway and Losee Road. Its Neighborhood Stabilization Program bought a four-bedroom, four-bath home in that area and fixed it up. It is now back on the market for tens of thousands of dollars below what the former owner paid. The home can only be purchased by a qualified buyer.
"To be income qualified, your area median income has to be 120 percent or below. You have to be able to qualify for a first mortgage. You have to reach certain front-end and back-end debt income ratios," said Beth Posey with the city of North Las Vegas.