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Las Vegas called "mortgage fraud ground zero"


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Since late 2004, the real estate market in Las Vegas has "crashed", down about 20% - 40% from its highs just a couple of years ago to pre-2004 prices in most areas. Over-building, exaggerated enthusiasm, bad mortgages, a terrible economy and huge FRAUD combined to create the perfect storm pressuring millions of homeowners to fold and lose big. These very sad times for millions are now causing increases in crime, and overwhelming physical and mental illnesses from stress. Here is an article typical of the Las Vegas Newspapers everyday lately.
CuringAutism

10 responses // Las Vegas called "mortgage fraud ground zero"

  • I totally dont see any problem with floating millions of no-down questionable credit mortgages sold to the huge expectations of the worlds stock markets. What could go wrong?
    Cretony38
  • Good Point! LOL!
    CuringAutism
  • Fraud in Vegas? But that city has such a clean history!
    merasyad
  • aren't house prices going to flunk in a year or two there anyway?
    furryjenn
  • what could go wrong with a bunch of people moving to a desert to work in a disneyland with gambling?

    nothing, if there is plenty of water.

    oooops, there isn't plenty of water.
    rodajones
  • Las Vegas the new land of Fruit and Nuts!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
    Robroy1
  • Wow, interesting comments, thanks!
    CuringAutism
  • Fraud... In Vegas... No way!
    BetterWatching
  • Way!!!!
    CuringAutism
  • just be careful of signing contracts if you are a buyer/seller, my brother almost lost $5000 reserving a house, the contract he signed had a clause that if he didn't show proof of insurance and a cashiers check with the down payment by a specific date and time the "reserving money" wouldn't be re funded, nice job of the Realtor for keeping it to the last minute. As long as you can use a lawyer you can trust and deal with the owner's lawyer you'll save even more than with geico :D.

    http://pakistanhousing.pk/

    http://googlerealestate.blogspot.com/
    Anum

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