hvactec
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Seven out of every 10 homes on the market there are foreclosures or short sales
Nevada families bet on a bubble that burst
Like thousands of other Las Vegas residents, Jim Tierney was caught in the housing collapse. He bought this home in the Mountain's Edge subdivision in 2007 for $425,000. Today, he is trying to sell it for $214,000.
LAS VEGAS -- If you want to know why this city was the epicenter of America's housing boom and bust, visit the Mountain's Edge community at the southern end of Clark County.
Plunked down in the middle of the desert, the hundreds of Spanish-style homes in Mountain's Edge sprang up at an astonishing pace from 2004 to 2006, selling at constantly escalating prices ranging from $400,000 to $800,000.
Today, even though some streets are still undeveloped, the planned community is already riddled with homes that are up for sale or available for rent. Seven out of every 10 homes on the market there are foreclosures or short sales.
A foreclosure means the bank has taken over the house after the owners defaulted. A short sale means the owner is being allowed to try to sell the house for less than what he owes on it.
Either way, the asking prices have plummeted with skydiver speed. At 9537 Bella Di Mora, a two-story, four-bedroom home, the price has dropped from $726,990 to $429,900; 7671 Windy Meadow Ave. has fallen from $519,975 to $213,400 in five years.
And over at 9280 Moose Country Place, Jim Tierney is asking $214,000 in a short sale for the five-bedroom home he bought for $425,000 in October 2007.
On a sizzling day in late September, his home was filled with boxes as he and his girlfriend prepared to move to a rented house in another subdivision, where her three children would be closer to their school district.
Living underwater
Read more: Las Vegas is ground zero for America's housing collapse
Nevada families bet on a bubble that burst
Like thousands of other Las Vegas residents, Jim Tierney was caught in the housing collapse. He bought this home in the Mountain's Edge subdivision in 2007 for $425,000. Today, he is trying to sell it for $214,000.
LAS VEGAS -- If you want to know why this city was the epicenter of America's housing boom and bust, visit the Mountain's Edge community at the southern end of Clark County.
Plunked down in the middle of the desert, the hundreds of Spanish-style homes in Mountain's Edge sprang up at an astonishing pace from 2004 to 2006, selling at constantly escalating prices ranging from $400,000 to $800,000.
Today, even though some streets are still undeveloped, the planned community is already riddled with homes that are up for sale or available for rent. Seven out of every 10 homes on the market there are foreclosures or short sales.
A foreclosure means the bank has taken over the house after the owners defaulted. A short sale means the owner is being allowed to try to sell the house for less than what he owes on it.
Either way, the asking prices have plummeted with skydiver speed. At 9537 Bella Di Mora, a two-story, four-bedroom home, the price has dropped from $726,990 to $429,900; 7671 Windy Meadow Ave. has fallen from $519,975 to $213,400 in five years.
And over at 9280 Moose Country Place, Jim Tierney is asking $214,000 in a short sale for the five-bedroom home he bought for $425,000 in October 2007.
On a sizzling day in late September, his home was filled with boxes as he and his girlfriend prepared to move to a rented house in another subdivision, where her three children would be closer to their school district.
Living underwater
Read more: Las Vegas is ground zero for America's housing collapse
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