A U.S. Bankruptcy Court judge on Tuesday allowed homebuilder American West Development to legally wipe out a price promise and price guarantee that were supposed to reimburse homebuyers if the value of their homes fell within three or five years of their purchase.
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When American West Development Inc. touted its price promise as an antidote to plunging home sales four years ago, it pushed first-time buyers Chris and Tammy Bryant into starring roles in its promotions.
Las Vegas is now a city of renters, though it’s far less expensive to buy a home here than to rent one. From a peak of 64 percent in 2000, as measured by the U.S. census, Las Vegas Valley home ownership is now at 48 percent — and will continue to fall.
U.S. Rep. Joe Heck’s congressional office recently helped a senior couple refinance their mortgage. Working with their bank, the pair got a 30-year, fixed-rate loan that dropped their monthly payments from more than $900 to $500, he said Thursday.
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