Renee and Dwaine McCuistion, who lost their Las Vegas
(SPCSLV) home after defaulting in 2010, are feeling lucky again. Bloomberg
reports that they bought another property last month for $475,000, 42 percent
less than what the previous owner paid.
“It’s like we won the
lottery,” said Renee, sitting on the patio of the four-bedroom house at Red
Rock Country Club beside Dwaine, her police officer husband. “With everything
so low, we felt it was imperative to start building equity again.”
Las Vegas, the center of the U.S. housing speculation and
collapse that sparked a global financial meltdown, is again enticing buyers
after a 62 percent price drop, the steepest of any American city. Demand has
intensified among investors such as Blackstone Group LP (BX), the world’s
largest private-equity firm, as well as families like the McCuistions who are
climbing back up the property ladder as Nevada’s supply of bank-owned property
tumbled the most of any state…..
Wait, wait…there’s more at http://www.bloomberg.com/news/2012-11-28/american-housing-casino-revives-after-big-drop-mortgages.html
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