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Five Years of Pain on a North Las Vegas Street

Five Years of Pain on a North Las Vegas Street

An in-depth look at how the housing and foreclosure crises have affected one Aliante-area street: read more at USA Today

North Las Vegas Sees Largest Number of Homes Sold

North Las Vegas Sees Largest Number of Homes Sold

A new report from Greater Las Vegas Association of Realtors shows the valley had strong home sales April, and one part of North Las Vegas saw more homes sold than any other area.

The report shows 437 single-family homes were sold in the Aliante area of the city at an average of $122,665. Another 38 condo or townhomes were also sold in the area in April. The average price was $63,575. 

Overall, more than 3,000 homes, condos and townhomes were sold in April. That is more than the same time last year, but fewer than the sales figures in March. 

The neighborhood with the second highest number of homes sold in April was the far northwest. Two hundred thirty-one single-family homes sold in that area in April.

Unfinished Condo Development to Be Completed

Alliance Residential Company purchased and will finish a 152-unit condo complex in North Las Vegas by early next year.

Alliance recently acquired The Pueblos, an unfinished 152-unit Class A condominium community in North Las Vegas at 4034 Adabella Avenue.

Construction on the community was stopped in 2008 due to a collapse in the condominium market. At that time, five buildings totaling 40 units had been completed. In 2010, the original lending institution was seized by the FDIC and The Pueblos was foreclosed upon. Alliance then purchased the unfinished property, with plans to complete the 112 unfinished units and reposition the asset as a rental project.

Community Workshop Tackles Foreclosures, Loan Modifications

NORTH LAS VEGAS -- Homeowners have the chance to learn about mediation, loan modifications, and foreclosure scams at a free event later this month.

Expert Says Las Vegas Housing Market Healing

LAS VEGAS -- The Greater Las Vegas Association of Realtors says home sales jumped 33 percent in March as buyers rushed to beat the deadline for the home buyer tax credits.

The group unveiled its latest numbers at a panel discussion on the Las Vegas housing market Wednesday morning.

Panelists say the emphasis in the coming year will be on short sales. GLVAR President Rick Shelton says he also expects there to be more foreclosures on the market because banks are not willing to work with homeowners on reducing their loans. He says that will result in more homeowners opting to do a short sale. Currently, short sales make up about half of the houses that are for sale in the market.

The panel says home prices are beginning to stabilize with the median home price for a single-family home at $136,000 which is up slightly from February. There has been an increase in home sales for the past 15 months.

Program to Offer Incentives for Short Sale Homes

A new effort that hopes to speed up the process of selling your home if it's worth more than you owe is underway.

The Obama Administration's program will give $3,000 for moving expenses to homeowners who complete a short sale or agree to turn over the deed of their property to the lender.

Under the Home Affordable Foreclosure Alternatives program, borrowers will get the relocation incentive.  Servicers, investors and second lien holders will also get incentives as well. 

Once homeowners come to their lenders with bonafide offers, they'll have to be accepted within 10 days. 

More Homeowners Falling Delinquent on Mortgages

LAS VEGAS -- The number of Southern Nevada homeowners delinquent on their mortgage payments has climbed steadily for the past several months. In some cases, it's people just willing to walk away from their homes, and in other cases, homeowners are holding out hope that they will get a loan modification.

In any given neighborhood, chances are good that a homeowner is the process of walking away from their mortgage. In the past, five months was typically the longest a homeowner could stay in their home until the bank would come knocking. But that is no longer the case.

Nick Nolf with The Nolf Group has been in the real estate business through the boom, the bust, and now the slow turn-around.