In Clark County, Nevada, soaring interest rates and aggressive investor activity have made homeownership increasingly unaffordable for more than half of local residents.
Rising mortgage rates, now reaching into the high sixes and sevens, are significantly impacting affordability, according to real estate expert Alex Vazquez. Investors, often armed with all-cash offers or large down payments, are outbidding traditional buyers, especially in areas like North Las Vegas, where private investors now own 25% of homes, one of the highest rates in the nation. Countywide, investors own approximately 15% of the housing stock.
“It — it’s hard to buy a house in Las Vegas,” said Darryl Ursley. “All you can do is save, save, save — and even then — it may not be enough.”…