The builder poised to take over the No. 1 ranking in home sales in Las Vegas by the end of the year has parted ways with its division president.

The news is bad enough that three homeowners out of four in the Las Vegas Valley owe more on their houses than they’re worth. And there’s no comfort in the prediction that the local real estate market won’t recover for years.

Despite dropping sales since 2008, developers still are planning new projects in Mountain’s Edge. Lennar Homes received preliminary approval for a 238-unit single-family home community.

Las Vegas-area home prices fell again in June as high unemployment and foreclosures continued to dampen the market. Debt-rating agency Standard & Poor's today issued its monthly S&P/Case-Shiller Home Price Indices, and they once again show the Southern Nevada real estate market continues to lag the national market.

Three people were indicted on multiple felony charges Monday for allegedly operating a foreclosure rescue scam in Las Vegas during 2008 and 2009, according to the Attorney General's Office.

One shopping center on Las Vegas Boulevard faces foreclosure, while another is moving ahead with expansion during the recession.

The delinquency rate for mortgage loans in Nevada fell in the second quarter and the percentage of loans in which foreclosures were started declined as well, according to a report released today by the Mortgage Bankers Association.

The downturn in the construction industry and high unemployment that deter people from moving to Las Vegas have taken a toll on the extended-stay motel business. Occupancy has fallen sharply since the recession began, and room rates have been lowered to lure visitors.

The operator of a mortgage rescue scam run from the Philippines was sentenced Tuesday in Las Vegas and will be required to pay partial restitution to his victims.

Don’t list the Las Vegas construction industry as one of the big fans of the $787 billion federal stimulus.

Nevada’s foreclosure pandemic has attracted a slew of scam artists hoping to take advantage of homeowners desperate to avoid losing their homes. In response, officials announced a public awareness campaign to help citizens spot fraud.

Sales in the Las Vegas new-home market tumbled in July in a sign the expiration of a federal tax credit could hamper the industry the rest of the year. SalesTraq reported this morning that the 408 closings of new homes in July represents a 58 percent decline from June, when 983 closings were reported.

The Lied Institute for Real Estate Studies has selected education and how it relates to the Southern Nevada economy as its topic for its 2010 round-table discussion.

Nevada kept its No. 1 national ranking for foreclosure filings for the 43rd consecutive month, but the state and Las Vegas are faring better than a year ago, according to report released late Wednesday.

When retiree Peter Bernasconi left New York for Las Vegas, he was drawn to Mountain’s Edge, a master-planned community in the southwest valley that promised a swath of parks and a well-plotted system of roadways.

THOUSANDS OF TEXANS TO BENEFIT FROM AFFORDABLE, GOVERNMENT APPROVED MORTGAGE PLAN

HUD SECRETARY: TENS OF THOUSANDS OF CALIFORNIANS COULD BENEFIT FROM HIGHER GOVERNMENT-INSURED MORTGAGE LIMIT.

HUD SECRETARY ENCOURAGES CONGRESS TO COMPLETE WORK ON FHA REFORM LEGISLATION