Real Estate

Grubb & Ellis files for bankruptcy, will be sold

California-based commercial real estate brokerage Grubb & Ellis Co., which has offices in Las Vegas and Reno, filed for Chapter 11 bankruptcy reorganization and agreed to sell itself to BGC Partners Inc., a publicly traded company.

21 February 2012
By Steve Green

Obama administration housing proposals: Will they work?

President Obama discussed the American Jobs Act and a housing plan outside Jose and Lissette Bonilla's home in Las Vegas on Oct. 24, 2011.

The Obama administration recently unveiled a string of proposals to help struggling homeowners and get the housing market back on its feet as part of the administration's "We Can't Wait" election year to-do list. Of course, the White House has made big promises before about helping homeowners.

21 February 2012
Cora Currier, ProPublica

Company to buy Hooters casino with $60 million credit bid

Hooters hotel-casino just off the Las Vegas Strip.

The main creditor of the Hooters hotel-casino in Las Vegas won the right Friday to take over the property and — importantly — its cash. The creditor, Canpartners Realty Holding Company IV, will buy Hooters Las Vegas with a $60 million credit bid under a sales plan approved by U.S. Bankruptcy Judge Bruce Markell during a hearing Friday. Hooters had been marketed to other potential buyers, but no other party submitted a qualified bid for the property.

17 February 2012
By Steve Green

2

Local foreclosure rankings steady and high in January

Nevada and Las Vegas maintained their No. 1 and No. 5 rankings, respectively, on the national foreclosure activity lists in January.

15 February 2012
By Steve Green

1

Nevada Supreme Court weighing HOA collection agency dispute

A stagnant pool is shown in Ventana Canyon in Henderson, whose homeowners association is one being sued by investors.

The Nevada Supreme Court waded Wednesday into the first of what may be multiple cases pitting homeowner associations and their collection agencies against buyers of foreclosed homes.

15 February 2012
By Steve Green

1

Cortez Masto: Settlement just one part of Nevada mortgage fix

Nevada continues to be plagued by high foreclosure rates.

Nevada’s attorney general said Friday this week’s settlements with banks over foreclosure abuses are just one part of a process aimed at stabilizing home prices and investigating wrongdoing in the field.

10 February 2012
By Steve Green

3

FDIC seeks $86 million from officers of failed Nevada bank

Regulators filed suit Thursday in Las Vegas against four officers of the failed Silver State Bank, demanding more than $86 million in damages for “gross negligence and breaches of fiduciary duty.”

9 February 2012
By Steve Green

1

Critics call foreclosure settlement 'a slap in the face' to affected Nevadans

A home sits foreclosed and unoccupied in the 4500 block of E Sun Valley Drive, Thursday Dec. 15, 2011. A group of organizations and individuals are rallying together to put pressure on the Obama Administration to reject the 50 state settlement with Wall Street banks.

At first glance, Nevada’s $1.5 billion settlement with banks over mortgage servicing and foreclosure problems seems like a lot of money. But for the consumers and their attorneys most affected, the deals announced Thursday are woefully inadequate.

9 February 2012
By Steve Green

Banks near mortgage deal with state AGs

Two foreclosed and unoccupied homes in the 4500 block of East Sun Valley Drive sit across from each other Dec. 15, 2011. Organizations, such as PLAN and the Las Vegas Foreclosure Task Force, were pressuring the Obama administration to reject the 50-state settlement with Wall Street banks.

The nation’s five largest banks and a consortium of state attorneys general are closing in on finalizing a settlement of at least $25 billion for the roles the banks played in the mortgage meltdown, Politico has confirmed.

8 February 2012
Joseph Williams, Politico

Las Vegas home sales rise, but prices fall

The latest Las Vegas-area home price statistics show again that year-to-year sales are up while prices are down, the Greater Las Vegas Association of Realtors reported Tuesday.

8 February 2012
By Steve Green

2

Nevada investors sue over San Antonio land deal

Nevada investors who put up $65 million for a land development deal involving Texas A&M University charge in a new lawsuit that they were damaged by misconduct and self-dealing by the project’s former managers and a prominent San Antonio attorney.

2 February 2012
By Steve Green

Foreclosure processor fights Nevada attorney general's robosigning lawsuit

Saying there’s nothing illegal about “robosigning” and “surrogate signing,” a big processor of foreclosure paperwork is seeking dismissal of a fraud lawsuit filed by Nevada’s attorney general.

31 January 2012
By Steve Green

7

Las Vegas home prices sink to 1997 level, Standard & Poor's reports

Las Vegas-area home prices fell in November to a level last seen 15 years ago and will likely keep dropping through late 2013, says new housing data.

31 January 2012
By Steve Green

8

Freddie Mac bets against homeowners stuck in high-rate mortgages

Freddie Mac's corporate offices are seen in McLean, Va. Freddie Mac was bailed out in 2008 and is now owned by taxpayers. The company's rules determine whether homeowners can get loans and on what terms.

Freddie Mac, the taxpayer-owned mortgage giant, has placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.

31 January 2012
By Jesse Eisinger, ProPublica, and Chris Arnold, NPR News

On the auction block: 12-bedroom, 16-bathroom, $14 million mansion

La Maison des Jardins at Spanish Trail in Las Vegas seen on Monday, Jan. 30, 2012.

Up a cobblestone path and behind the large, white double doors of a Mediterranean-inspired home in the Spanish Trail community sits a gleaming monument to when economic times were good in Las Vegas. The entrance of the home opens into a shining white interior, with pristine marble floors stretching in all directions, framed by 30-foot ceilings above.

31 January 2012
By Conor Shine

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