Weekend America: Gated Into Foreclosure: "San Niccolo has been feeling the effects of the real estate crisis for more than a year now. A lot of houses are vacant, post-foreclosure. Others are being rented out to college kids, or multiple families, by investors who'd hoped to flip the properties for a quick profit but couldn't find buyers.
Houses that went for $600,000 a few years ago are now on the market for half that. And the neighbors say the wrought iron front gate, supposed to symbolize prestige and security, is regularly rammed by tow trucks trying to get in to repossess residents' cars. Vandalism has become a problem in the neighborhood: break-ins, slashed tires, broken windshields."
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This is a high-priced gated community in Las Vegas. The houses sold for $500,000 and higher not too long ago.
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