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Cheap Money Bankrolls Wall Street's Bet on Housing

May 02, 2013 - Reuters Hedgeworld (New York)
Mergers and Acquisitions

LAS VEGAS (Reuters) - Michael Marchillo, a plumber, has been trying and failing for months to buy a bigger home for his family here in Sin City. He was pre-qualified by a bank for a $130,000 mortgage, which a year ago would have landed a typical three- bedroom home in the area. No more. Now, the 36-year-old says, it's hard to compete with "greedy investors" who come to the table flush with cash for quick deals.

Mr. Marchillo is on to something. The once-beleaguered Las Vegas housing market...