LAS VEGAS – June 13, 2011 – Dayna and Scott Merritt ask themselves almost every day if they should keep paying their mortgage.
Many other residents on their street, Helens Pouroff Avenue, stopped long ago. Since the 69 new homes on this street were sold in 2006, almost half the owners have defaulted on their mortgages. Most of the houses went into foreclosure, which helped drive prices down for others on the street.
The Merritts’ house has suffered a typical fate. The couple paid $385,000 for it in 2006. It’s now worth about $180,000, recent sales indicate, and Las Vegas prices are still falling.