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Homes Lost Value

There’s a 16-home cul-de-sac in North Las Vegas called Via Maria Court that tells the story of the housing bubble, from inflated prices to a wave of foreclosures. In early 2009, Obama vowed that his Home Affordable Modification Program would reduce monthly payments for 3 million to 4 million Americans. To date only 1 million have received assistance. Meanwhile, hundreds of billions were returned to the Treasury unspent. Things are looking up: This year the Case-Shiller 20-City Composite Index has risen 5.9 percent, and Via Maria’s prices are edging up, too. Investors are back on the block, including a man from Alaska who paid cash for No. 4811.

Sources: RealtyTrac, Redfin, Clark County (Nev.) Assessor’s Office; Photograph by GeoEye
Coy is Bloomberg Businessweek's economics editor. His Twitter handle is @petercoy.
Philips is an associate editor for Bloomberg Businessweek in Washington. Follow him on Twitter @matthewaphilips.
Nick Summers covers Wall Street and finance for Bloomberg Businessweek. Twitter: @nicksummers.

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