Largest Foreclosure Auction in Las Vegas History This Weekend

[UpInArms]

Source: KLAS-tv

The largest single home foreclosure auction in Las Vegas history will take place this weekend on Sunday, Aug. 5 at the J.W. Marriott in Summerlin. It starts at 1 p.m.

See photos and descriptions of properties on the auction block.

Drive through any neighborhood in the Las Vegas Valley and you are bound to see evidence of a housing market in a free fall.

"I would say this is a new home someone bought, whether they could not afford it or they decided not to move, whatever the case may be -- obviously unlived in as you can tell. Everything is brand new," said Joe Iuliucci, a Prudential real estate agent.

Eighty homes located near the Northern 215 Beltway and Jones will be auctioned. Last year's auction had only twelve homes.

Read more: http://www.klas-tv.com/Global/story.asp?S=6883830

[Maat]

1. My in-laws sold their property in Las Vegas about 5 years ago.

Bought in Enid, Oklahoma. The value of their house hasn't moved.

The one we would have bought them in Moreno Valley, Ca. went up 2-1/2 times, and then has come down a bit.

Real estate investment - that's what I'm in (helps fund the activism).


* is winning his war on the middle class (& upper-middle class). The economy's doing very well - for the ultra-rich.

[Joe Bacon]

2. But Fox Opinion says EVERYTHING is wonderful

And the economy has never been as bad as it was under Clinton....

[sarcasmo]

3. But, according to King George the economy is doing great.

[SpiralHawk]

8. "republicon Homelander experts agree: everything's peachy. Smirk." - Commander AWOL

"You little people never have any oil or munitions profits to gloat about, so naturally you are going to whine about food, and gas and rent and mortgages and hospital bills and all that petty shit. Well, who cares what you think. Profits are WAY up for me and my republicon Homelander cronies. So shut up and sit down. Smirk, smirk, smirk."

- Commander AWOL

[lovuian]

4. can we say Major Recession

and Housing Prices dropping kerplunk

[Demeter]

5. No Water, No Jobs, No Brains

Reality check

[Rydz777]

7. Good that you mentioned water. Aside from our shaky economy,

we are facing growing water problems. It was never a very brilliant idea to build large population centers in the middle of deserts.

[Democrats_win]

6. Dirty Republicans did this in the late 80s: they called them HUD houses.

HUD = U.S. Dept. of Housing and Urban Development
http://en.wikipedia.org/wiki/United_States_Department_of_Housing_and_Urban_Development
--snip
"Corruption

HUD was well-known in the 1980s for rampant corruption. Catherine Austin Fitts wrote that when she arrived at HUD as head of operations of the FHA program in 1989, it was comparable to a "sewer" for all the mortgage fraud that had occurred during the '80s: "My favorite description of HUD was to come many years later from staff to the Chairman of the Senate HUD appropriation subcommittee — Senator Kit Bond. When asked what was going on at HUD, the Congressional staffer said, 'HUD is being run as a criminal enterprise.'"<7> She wrote:

" 'After issuing $9 billion in mortgage guarantees, HUD/FHA was to lose something approaching 50% of the value of the portfolio — a level of losses hard to explain with mortal logic.' "
---

Mortgage fraud is also playing a role in today's crisis although Bush's massive budget deficits are ultimately responsible for the necessity of the FED raising interest rates. The rising interest rates hit people with Adjustable Rate Mortgages (ARMs) to the point that their homes went into foreclorse.