State attorneys general from Nevada are close to finalizing a settlement with the U.S.'s five largest lenders over misconducts that led to the nation's housing market debacle.
Due to the wrongdoing, Las Vegas has undergone both economic and housing market hardship during recent years, resulting in one of the highest foreclosure rates in the country as well as a near 30 percent decline in home prices.
However, while the housing market's decline ultimately resulted in years of economic turmoil in Las Vegas, it does have a silver lining. As a result of affordable home prices and low mortgage rates, many prospective buyers who were previously priced out of purchasing a home at the housing market's peak are now able to actively examine the prospect of being homeowners.
Distressed properties currently account for a major portion of all homes for sale in Las Vegas, and with this pending settlement, it could result in a significant amount of compensation for previous homeowners in the city – getting them back on track to once again be homeowners.
