The state’s top real estate regulator on Wednesday said it will provide $1.1 billion to help stabilize the market after the collapse of an online auction site that caused a crash that left some investors out of pocket.
The state’s real estate commission, which includes two former U.S. presidents, the governor and other top officials, said it would also work with lenders and brokerages to provide loan guarantees to help defray the cost of the collapse and recovery.
“This will help stabilize Nevada’s real-estate market and protect our consumers,” said commission chairman Mike McCollum, a Republican who has served in both chambers of the state Legislature for 27 years.
The Nevada Housing Finance Agency, a state agency, will provide up to $1 billion in mortgage insurance to help buyers and sellers recover.
The agency has been responsible for helping consumers since 2011, when it helped to stabilize the housing market after a similar housing crash that affected hundreds of thousands of Nevadans.
Nevada also has the nation’s highest number of foreclosed homes, and it has a high foreclosure rate.
In 2017, about $18 billion in foreclosed properties were foreclosed.