Lee Calls for Transparency on Big Corporate Landlords Buying Up Nevada Homes and Jacking Up Prices

WASHINGTON – Today, Congresswoman Susie Lee (NV-03) sent a letter to Federal Housing Finance Agency Director Bill Pulte calling for transparency on out-of-state big corporations and landlords buying up foreclosed Nevada homes, outbidding working families, and jacking up prices for homebuyers. 

It's estimated that 15% of the single-family homes in Las Vegas are owned by corporate investors and these massive corporations are trading homes like stocks. Recent local reporting has uncovered that New York-based hedge fund Pretium Partners is most likely the single largest homeowner in Clark County. Pretium-owned Progress Residential, a homes-for-rent management company, owns at least 3,190 homes in the county as of the end of February.  

Lee is a cosponsor of the HOME Act to make it illegal to rent or sell a unit at an unreasonable price during a crisis. It also directs the Department of Housing and Urban Development to investigate price manipulation and price gouging by these cash-rich investors. The funds collected from fining these bad actors will go toward the National Housing Trust Fund to increase affordable housing nationwide. 

Nevada is estimated to be over 78,000 units short of affordable units, with the Las Vegas area accounting for over 60,000 units. Las Vegas only has about 14 units for every 100 homes needed. 

“I request further details regarding the processing of these foreclosures, including participation of out-of-state corporate entities in post foreclosure dispositions of properties sold to third parties or real estate owned (REO) properties executed by Fannie Mae and Freddie Mac and steps taken by the Federal Housing Finance Agency to protect local homeowners,” wrote Congresswoman Lee. 

Lee continued, “In addressing this issue, it is critical that processes relating to the foreclosure and sale of homes in Nevada remain transparent and subject to necessary oversight.” 

Full text of the letter can be found here and below:  

June 2, 2025

The Honorable William J. Pulte 

Director 

Federal Housing Finance Agency 

400 7th Street SW  

Washington, D.C. 20219  

Dear Director Pulte, 

I am writing to seek information about recent foreclosure activities and post-foreclosure dispositions in Nevada. Specifically, I am interested in understanding how many properties have been foreclosed upon in Nevada in the past 24 months. I request further details regarding the processing of these foreclosures, including participation of out-of-state corporate entities in post foreclosure dispositions of properties sold to third parties or real estate owned (REO) properties executed by Fannie Mae and Freddie Mac and steps taken by the Federal Housing Finance Agency to protect local homeowners.  

As you know, Nevada faces a housing crisis which has made homeownership increasingly unattainable for many in our communities. As the supply of available homes and units continues to lag behind demand, corporate landlords and cash rich investors, many of which are based outside of Nevada, outbid working families for available homes and further jack up prices. Currently, as many as 15% of single-family homes in Las Vegas are owned by these investors and studies suggest that corporate entities could own up to 40% of homes nationwide by 2030.  

In addressing this issue, it is critical that processes relating to the foreclosure and sale of homes in Nevada remain transparent and subject to necessary oversight. As such, I request further detail regarding the disposition process following foreclosure, and ask you to provide answers to the following questions:  

1. For properties that have been foreclosed in the last 24 months, does FHFA have information regarding properties that are being auctioned or sold “at the courthouse steps” to third party buyers in their respective jurisdictions, as well as how many REO properties have been processed?
2. Does FHFA have a means of tracking in-state and out-of-state third parties that participate in this process?
3. As it pertains to the established First Look period, can you share additional details regarding properties that are excluded from this period, including how often properties are not subject to the First Look period and who buys those properties? 
4. What additional protections does FHFA enforce, either for REO properties or otherwise, to protect local homebuyers in this process?  

This information is crucial to helping better understand current housing trends in Nevada and to address any potential impacts on local housing availability and affordability. Ensuring as many homes as possible are available for Nevada homeowners is a top priority and I appreciate your partnership in promoting transparency in this process.  

Thank you for your time and attention to this matter. I look forward to receiving any data or insights you can share, as well as any relevant procedures or policies that might guide the disposition of foreclosed properties. If you have any questions, please reach out to my office.  

Sincerely, 

Susie Lee 

Member of Congress 

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