Nevada has laid out its plans for spending nearly $103 million from the Emergency Stabilization Act, part of $1.5 billion in federal funding for the five hardest-hit states in the housing downturn.
Housing
The federal tax credit for first-time and move-up homebuyers expires Friday, taking away a “crutch” that has propped up Las Vegas home sales since it was extended last year, a local housing analyst said Wednesday.
MIAMI — Home prices in February posted their first annual increase since the end of 2006, lifted by temporary tax credits for homebuyers.
Las Vegas property values have declined to levels of 10 years ago, but will recover to 60 percent of their peakwithin three years, said Robert Lang, director of Brookings Institution at University of Nevada, Las Vegas.
A developer can apply for higher-density housing than zoning allows on hilltop land near the Red Rock Canyon National Conservation Area.
Apartment rents in Las Vegas rose slightly in the first quarter, part of a national trend in which 36 of 41 metropolitan statistical areas showed an increase in rents, California-based RealFacts reported Tuesday.
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