Las Vegas condos land on non-permissible list

When the residential real estate market turns soft, mortgage lenders typically are the first ones to take notice and begin studying where their exposure can get them in trouble. Countless banks operating in Las Vegas have already in their own way reacted to the slowdown here and more are certainly doing so as the situation warrants.

BankUnited from Florida has paid particular attention to the condominium market and has decided to cease underwriting mortgages on 191 projects nationwide, 14 of which are here in Southern Nevada. The bank is hardly an household name to many in the business, but its action underlines the present difficulties the sector is experiencing. Most of the black-listed condos are in the Miami area. To read the entire article, please click on the link in this paragraph.