Lessons From Las Vegas: Housing Markets, Neighborhoods, and Distressed Single-Family Property Investors

The collapse of the housing bubble and the ensuing wave of foreclosures have led to a dramatic increase in investor activity in distressed single-family markets, particularly in high-foreclosure areas such as Las Vegas, Nevada. Using a case study of investors in the Las Vegas market as the starting point, supplemented by research in the Detroit, Michigan, area and elsewhere, this article analyzes the strategies being followed by investors and the relationship between investor behavior and market conditions, presenting a market-based typology of single-family property investors and assessing the effects of investors on markets and neighborhood conditions.