Las Vegas, used to decades of continuous building and growth, is now in the middle of an unprecedented housing crisis. With unemployment over 13 percent and thousands of homes underwater and going into foreclosure every month, Southern Nevadans are wondering how we can possibly find our way out of the worst economic predicament in the state's history.
Thursday, May 16 2013 5:09 PM EDT2013-05-16 21:09:09 GMT
LAS VEGAS -- Las Vegas attorney Stanley Walton pleaded guilty Wednesday to a charge brought against him in February 2011 that he participated in a scheme to obtain mortgage loans from financial institutionsMore>>
Las Vegas attorney Stanley Walton pleaded guilty Wednesday to a charge brought against him in February 2011 that he participated in a scheme to obtain mortgage loans from financial institutions using straw buyers and false loan applications, Nevada's U.S. Attorney Daniel Bogden said.More>>
Monday, February 25 2013 6:59 PM EST2013-02-25 23:59:27 GMT
LAS VEGAS -- A judge dismissed all felony charges Monday against two people accused of robo-signing. Gerry Sheppard and Gary Trafford were former employees with Lender Processing Services. They facedMore>>
A judge dismissed all felony charges Monday against two people accused of robo-signing.More>>
Monday, November 19 2012 7:58 PM EST2012-11-20 00:58:58 GMT
LAS VEGAS -- Led by Bank of America, the nation's five largest mortgage servicers reported helping a combined 9,071 Nevada borrowers through September as part of the national multi-state mortgage settlement. ReadMore>>
Led by Bank of America, the nation's five largest mortgage servicers reported helping a combined 9,071 Nevada borrowers through September as part of the national multi-state mortgage settlement.More>>
Tuesday, September 4 2012 2:04 PM EDT2012-09-04 18:04:36 GMT
LAS VEGAS -- Slightly more than 5,000 Nevadans have seen any relief on their mortgages from a landmark settlement with the nation's five biggest banks. According to a report released Wednesday, very fewMore>>
Slightly more than 5,000 Nevadans have seen any relief on their mortgages from a landmark settlement with the nation's five biggest banks.More>>
State Program to Help Homeowners Running Out of Money
Tuesday, September 4 2012 2:02 PM EDT2012-09-04 18:02:20 GMT
LAS VEGAS -- The State of Nevada Foreclosure Mediation Program is running out of money. Lawmakers must now decide whether to keep the program created to help families stay in their homes. The legislatureMore>>
The State of Nevada Foreclosure Mediation Program is running out of money. Lawmakers must now decide whether to keep the program created to help families stay in their homes.More>>
Thursday, August 9 2012 9:03 PM EDT2012-08-10 01:03:25 GMT
Some homeowners are receiving letters promising a refinancing deal, but the attorney general says it's a scam.
LAS VEGAS -- Some homeowners are receiving letters promising a refinancing deal – oftentimes just what people, desperate to keep their homes, want to hear. "We're pleased to inform you that Bank of AmericaMore>>
Some homeowners are receiving letters promising a refinancing deal – oftentimes just what people, desperate to keep their homes, want to hear.More>>
Thursday, August 9 2012 12:01 AM EDT2012-08-09 04:01:17 GMT
LAS VEGAS -- The home foreclosure rate in Southern Nevada still exceeds the national average but the Las Vegas metro area in July fell out of the top 20 in this category for the first time since the GreatMore>>
The home foreclosure rate in Southern Nevada still exceeds the national average but the Las Vegas metro area in July fell out of the top 20 in this category for the first time since the Great Recession began.More>>
Wednesday, August 8 2012 8:16 PM EDT2012-08-09 00:16:02 GMT
LAS VEGAS (AP) -- Seven people scammed by a business called Save Your House got restitution checks and Nevada state Attorney General Catherine Cortez is offering their experience as a lesson for homeownersMore>>
Seven people scammed by a business called Save Your House got restitution checks and Nevada state Attorney General Catherine Cortez is offering their experience as a lesson for homeowners seeking help to avoid foreclosures.More>>
Thursday, July 26 2012 3:59 PM EDT2012-07-26 19:59:22 GMT
LAS VEGAS -- Nevadans are equally divided over whether homeowners who owe more on their homes than they are worth should purposely refuse to pay their mortgages, according to a report released ThursdayMore>>
Nevadans are equally divided over whether homeowners who owe more on their homes than they are worth should purposely refuse to pay their mortgages, according to a report released Thursday.More>>
Thursday, July 5 2012 6:05 PM EDT2012-07-05 22:05:56 GMT
CARSON CITY, Nev. (AP) -- A July 31 deadline is approaching for Nevadans whose homes were in foreclosure in 2009 or 2010 to apply for a federal independent foreclosure review. Nevada state Attorney GeneralMore>>
An aide to Nevada state Attorney General Catherine Cortez Masto says a July 31 deadline is being extended to Sept. 30 for people whose homes were in foreclosure in 2009 or 2010 to apply for a federal independent foreclosure review. More>>
Tuesday, July 3 2012 7:02 PM EDT2012-07-03 23:02:09 GMT
LAS VEGAS -- The $57 million the office of Nevada Attorney General Catherine Cortez Masto is receiving from a multistate settlement with the nation's five largest mortgage lenders will be spent on homeownerMore>>
The $57 million the office of Nevada Attorney General Catherine Cortez Masto is receiving from a multistate settlement with the nation's five largest mortgage lenders will be spent on homeowner assistance programs and other efforts related to the foreclosure crisis.More>>
Monday, June 4 2012 1:32 PM EDT2012-06-04 17:32:39 GMT
LAS VEGAS -- More than one of every four homeowners with a mortgage in the Las Vegas metro area owes more than double what their home is worth, the real estate information company Zillow reported. TheMore>>
More than one of every four homeowners with a mortgage in the Las Vegas metro area owes more than double what their home is worth, the real estate information company Zillow reported.More>>
Tuesday, May 1 2012 7:51 PM EDT2012-05-01 23:51:42 GMT
LAS VEGAS -- Robo-signing left tens of thousands of Nvadans not knowing if they own their home. There are many things that caused Nevada's housing crisis and forged signitures on mortgage documents mayMore>>
There are many things that caused Nevada's housing crisis and forged signatures on mortgage documents may be one of them. State leaders take a near unanimous stand against it but one Nevada politician may be voting one way, while profiting another way. More>>
Thursday, April 26 2012 1:24 AM EDT2012-04-26 05:24:52 GMT
LAS VEGAS -- Home foreclosures plummeted in Las Vegas during the first quarter of this year, dropping the metro area to eighth in the nation in foreclosure rates behind seven California communities, RealtyTrac.comMore>>
Home foreclosures plummeted in Las Vegas during the first quarter of this year, dropping the metro area to eighth in the nation in foreclosure rates behind seven California communities, RealtyTrac.com reported tonight.More>>
Thursday, April 12 2012 10:40 AM EDT2012-04-12 14:40:11 GMT
After 62 consecutive months of posting the nation's highest foreclosure rate Nevada slipped to number two in March behind Arizona but only by an eyelash, the website RealtyTrac.com reported Wednesday night. More>>
Thursday, April 5 2012 8:26 PM EDT2012-04-06 00:26:15 GMT
Four loan modification firms were ordered to shut down by a state agency in the last two weeks. They were accused of swindling thousands of dollars out of struggling homeowners, in exchange for broken promises.More>>
Friday, March 23 2012 7:06 PM EDT2012-03-23 23:06:30 GMT
It is sentencing day in one of the biggest mortgage fraud cases in Nevada. It involved three people who took millions from local would-be investors in a mortgage scam.More>>
Tuesday, February 28 2012 1:40 PM EST2012-02-28 18:40:48 GMT
The nationwide mortgage settlement will mean that $1.5 billion dollars is headed Nevada's way. But once that money is divided up, will it help underwater Nevadans stay in their homes?More>>
Tuesday, February 14 2012 6:59 PM EST2012-02-14 23:59:14 GMT
The newly inked deal between the nation's largest mortgage lenders and attorneys general from around the country is supposed to give struggling homeowners some relief but there is a group of homeowners it won't help.More>>
Thursday, February 9 2012 7:09 PM EST2012-02-10 00:09:46 GMT
Today's announcement that Nevada joined 48 other states in a $25 billion settlement with the nation's five largest residential mortgage services is certain to impact Nevadans but it could take as long as three years to find out just how many homeowners will be helped.More>>
Monday, December 19 2011 8:59 PM EST2011-12-20 01:59:26 GMT
Many foreclosed Las Vegas homes end up on the auction block. That's where one former homeowner found himself confronting investors in his one-man war to keep his home off the auction block.More>>
Friday, December 16 2011 6:06 PM EST2011-12-16 23:06:29 GMT
Nevada's Attormey General is going after the nation's largest home default company. Lender Processing Services, or LPS, has its hand in tens of thousands of Nevada home evictions and foreclosures.More>>
Wednesday, December 7 2011 6:49 PM EST2011-12-07 23:49:44 GMT
Nevada Governor Brian Sandoval says he's rolled up his sleeves and is ready to announce big changes in programs designed to help homeowners facing foreclosure.More>>
Wednesday, December 7 2011 10:23 AM EST2011-12-07 15:23:07 GMT
Nearly 75 percent of southern Nevada homeowners owe significantly more than their home is worth, and many don't know what to do about it. A neighborhood awareness campaign is offering free, life-changing help for people looking for answers.More>>
Monday, December 5 2011 7:33 PM EST2011-12-06 00:33:25 GMT
Three more complaints have been filed against robo-signers by the Nevada Attorney General's office, shortly after 8 News NOW's Desert Underwater series examining the state's housing crisis.
Thursday, December 1 2011 9:43 PM EST2011-12-02 02:43:47 GMT
The RealtyTrac foreclosure database service reports that banks have taken over 129,479 housing units in Clark County from January 2007 through September 2011. There was an upward trend from 2007, whenMore>>
Thursday, December 1 2011 6:46 PM EST2011-12-01 23:46:02 GMT
A federal task force has been formed to combat scams that target homeowners seeking to apply for the Home Affordable Modification Program, or HAMP.More>>
Tuesday, November 29 2011 5:43 PM EST2011-11-29 22:43:09 GMT
The Nevada Attorney General's Office announced Thursday that a local notary has pled guilty to one count of notarizing the signature of an individual not in her presence.More>>
Wednesday, November 23 2011 8:02 PM EST2011-11-24 01:02:01 GMT
Housing experts now estimate more than 100,000 homes in the Las Vegas valley have been foreclosed since 2007. As people have struggled to hold onto their homes, they have been subjected to dirty tricks, scams, and indifference. But progress has been made.More>>
Wednesday, November 23 2011 7:27 PM EST2011-11-24 00:27:26 GMT
Fraud takes many forms, from scams in the loan modification process, short sales, rentals, and even one that promised to eliminate your mortgage altogether. So how do you sort through the fact from the fraud?More>>
Wednesday, November 23 2011 7:07 PM EST2011-11-24 00:07:49 GMT
What are Nevada's elected officials doing to help relieve the foreclosure mess and make sure it doesn't happen again? Members of Congress admit programs created to help families stay in their homes have not worked as planned. More>>
Thursday, August 2 2012 2:58 PM EDT2012-08-02 18:58:44 GMT
LAS VEGAS -- The 8 News NOW I-Team ran its first mortgage fraud story in 2007. The victim lost his home, a chunk of change to lawyers, and some measure of his pride. Four years later, thousands more likeMore>>
The I-Team ran its first mortgage fraud story in 2007. The victim lost his home, a chunk of change to lawyers, and some measure of his pride. Four years later, thousands more like him can make similar claims. Fraud remains rampant.More>>
Thursday, April 5 2012 1:30 PM EDT2012-04-05 17:30:54 GMT
Con artists who promise to help homeowners modify their mortgage loans for a fee but wind up ripping them off have caught the attention of Nevada Attorney General Catherine Cortez Masto and her MortgageMore>>
Wednesday, November 23 2011 7:06 PM EST2011-11-24 00:06:59 GMT
Appraisers are supposed to be objective with no ties to the buyer or the lender when it comes to placing a value on a home. However, appraisers have taken a lot of heat for helping inflate the housing bubble a few years ago and now for low-balling values to throw off deals.More>>
Wednesday, November 23 2011 7:06 PM EST2011-11-24 00:06:18 GMT
For more than a year, political pundits have followed the progress - or lack thereof - of the Mortgage Foreclosure Multi State Group - an ever shrinking raft of state attorneys general negotiating a settlement that's supposed to punish banks for foreclosure misconduct. More>>
Tuesday, November 22 2011 7:12 PM EST2011-11-23 00:12:40 GMT
Nearly a $200 million piggy bank of federal money -- meant for homeowners in need -- remains almost untouched in Nevada. The I-Team's research uncovered that less than 450 families have been helped by federal dollars meant to keep thousands of Nevadans in their homes.More>>
Monday, November 21 2011 7:35 PM EST2011-11-22 00:35:22 GMT
Democrats and Republicans don't agree on much these days but Nevada's congressional delegation has found at least some common ground regarding the foreclosure crisis.More>>
Monday, November 21 2011 7:16 PM EST2011-11-22 00:16:15 GMT
As struggling and frustrated homeowners try to save their homes, more and more are calling or showing up at the local congressional offices looking for help.More>>
Saturday, November 19 2011 2:32 AM EST2011-11-19 07:32:27 GMT
Few things stand between Nevada homeowners and the crooks eager to take their last buck. In 2007, the Nevada Attorney General's Office created the Mortgage Fraud Task Force, and since then, it has grown along with the spiraling need.More>>
Friday, November 18 2011 7:36 PM EST2011-11-19 00:36:50 GMT
The bank owned signs may have come down, but trashed and overgrown yards are the new mark of a foreclosed home. There are so many that cities are stepping in to clean them up to keep property values from plummeting further.More>>
Friday, November 18 2011 6:54 PM EST2011-11-18 23:54:05 GMT
Cheryl Kegley story is like that of thousands of other southern Nevadans who are trying to save their homes. She bought her house at a high price, circumstances in her life changed, and now she faces foreclosure.More>>
Friday, November 18 2011 6:51 PM EST2011-11-18 23:51:13 GMT
Nevadans looking to save their homes or get into the housing market often find themselves lacking the inside knowledge. However, a growing number of places are looking to help. More>>
Friday, November 18 2011 4:20 PM EST2011-11-18 21:20:37 GMT
Foreclosures are forcing people out of their homes and onto the streets. The Las Vegas Constable's Office is doing nearly 300 evictions every day.More>>
Friday, November 18 2011 4:19 PM EST2011-11-18 21:19:50 GMT
Approximately 12,000 Nevadans have sought home mortgage mediation to lower their monthly payments and save their homes. Only 4,000 have been successful.More>>
Friday, November 18 2011 4:18 PM EST2011-11-18 21:18:39 GMT
Short sales now account for half the properties on the Las Vegas market. For some people, it means putting their lives on hold. For others, it's an opportunity to get a good deal.More>>
Friday, November 18 2011 2:22 PM EST2011-11-18 19:22:12 GMT
In Nevada, tens of thousands of homeowners are in for a big surprise -- they don't really own their homes because the paper trail was corrupted from the beginning. And if the house you bought has ever been in foreclosure, there's a strong chance you have a problem.More>>
Friday, November 18 2011 12:59 PM EST2011-11-18 17:59:26 GMT
There is no bigger challenge in the local housing market than getting the thousands of foreclosures sold. One zip code in particular is most affected.More>>
The meltdown in the housing market has focused media, public, and government attention on those who lost - be it a job, a home, or savings accounts. However, not everyone was a loser during the crisis.More>>
Thursday, November 17 2011 10:37 AM EST2011-11-17 15:37:03 GMT
The nation's largest banks stopped foreclosures last fall following allegations their employees cut corners while processing paperwork. What the I-Team found is that robo-signing is still taking place.More>>
Thursday, November 17 2011 10:35 AM EST2011-11-17 15:35:39 GMT
When the housing bubble burst, no community in America was harder hit than the Las Vegas valley. The foreclosure crisis became an unemployment crisis and the ripple effects are still expanding outward. How did it get this bad? More>>
Thursday, November 17 2011 10:28 AM EST2011-11-17 15:28:43 GMT
MERS, the Mortgage Electronic Registration Systems, was viewed by the mortgage banking industry as a viable alternative to filing deeds with county recorders. Critics say MERS has contributed to the record number of foreclosures.More>>
Wednesday, November 16 2011 3:09 PM EST2011-11-16 20:09:18 GMT
There was a significant decline in the number of mortgage default notices served on homeowners in the Las Vegas metro area and in Nevada in October, but not because of a sudden recovery in the housing market.More>>
Wednesday, November 16 2011 1:54 PM EST2011-11-16 18:54:36 GMT
Nevadans looking to save their homes often find themselves unable to reach a deal with banks on their own sometimes reach out to the state mediation program.More>>
Tuesday, November 15 2011 11:38 AM EST2011-11-15 16:38:00 GMT
With record unemployment and an unprecedented housing crisis, it is easy to forget that just six short years ago, many businesses, residents, and state economists simply did not see, or at least openly raise red flags, about the impending implosion.More>>
Wednesday, November 23 2011 7:03 PM EST2011-11-24 00:03:11 GMT
Nevada Attorney General's Office Grant Sawyer Building, 555 E. Washington Ave., Suite 3900, Las Vegas (702) 486-3420. Website provides information on consumer protection and how to file complaints aboutMore>>
Topics include definition of foreclosure, how the foreclosure process works, what to expect in mediation, how to make your best case for loan modification, short sale or other resolution. More>>
The following is a list of free legal resources in Southern Nevada. Many area law firms also provide a free session to evaluate your financial situation and explain options. More>>
Wednesday, November 23 2011 6:24 PM EST2011-11-23 23:24:17 GMT
As go the numbers, so does the economy. While the numbers, rankings, and data crunching does not truly convey the human cost of the housing implosion and recession, they can give us clues as to why things happen, the scope and scale of the problem and when we might recover.More>>
The subprime home loan debacle became readily apparent in 2007 but it wasn't until 2008 that the number of short sales by Clark County homeowners already in default began to skyrocket.More>>
There is no bigger challenge in the local housing market than getting the thousands of foreclosures sold. One zip code in particular is most affected.More>>
Thursday, November 17 2011 10:54 AM EST2011-11-17 15:54:44 GMT
With 269,560 mortgaged residences underwater in the Las Vegas metro area, only a fraction have found relief through federal housing programs offered by the Obama administration. More>>
Wednesday, November 16 2011 7:59 PM EST2011-11-17 00:59:37 GMT
State-run welfare programs have seen their caseloads skyrocket since the economy tanked. According to the Nevada Division of Welfare and Supportive Services, there were 279,840 Medicaid recipients statewideMore>>
UNLV Economics Professor Nasser Daneshvary, director of the university's Lied Institute for Real Estate Studies, estimates that banks have foreclosed on 75,000 homes in Clark County since 2008 and that there have also been about 20,000 short sales since then.More>>
There was a significant decline in the number of mortgage default notices served on homeowners in the Las Vegas metro area and in Nevada in October, but not because of a sudden recovery in the housing market. Although, foreclosure activity data does appear to show a longer-term improvement trend. More>>
While other states have seen greater price declines during the past year, Nevada dubiously takes the top spot for home value deflation between the bubble's peak through today.More>>
Property tax revenue for Clark County, Las Vegas, Henderson and North Las Vegas rose rapidly from fiscal 2005 before peaking in fiscal 2009, and then heading over the cliff.More>>
Average Credit Score
655
Nevada borrowers have the second lowest average credit score in the nation, second only to Texas.
Las Vegas mortgage holders are cumulatively underwater by far more than any other city with the amount of mortgage debt exceeding the value of homes by more than $14 billion.
