Vegas housing affordability challenge

For the blue-collar home buyer the good old days here were the 80's and 90's when he could afford to purchase a nice house fronting a wide street and had a decent-sized backyard. Newspapers across the land were writing about that. But in the early 2000's things began to turn for the worse. Mortgage guidelines by then had become increasingly lenient, allowing home buyers to borrow money way more than they could actually afford, fueling artificial demand. Then real estate speculators got involved and fanned the flames even more. Prices soared and the market badly overheated. And then stalled. And that is where we are today.

During this run-up median resale and new home prices reached to a little over $300,000 and are now desperately trying to hold on. To read the entire article, click Vegas housing.