Proposal: Crack down on corporate price gouging, bring down Las Vegas housing prices [Video]

LAS VEGAS, Nev. (FOX5) – The American Dream of homeownership has increasingly become out of reach for many families.

Data from Freddie Mac shows just how expensive it’s become to borrow money to buy a home. The 30-year fixed mortgage rate surged from 3.5 percent in March of 2020 to nearly 6.9 percent now.

Adding to the strain are higher home prices. The national average sale price is up from roughly $375,000 in early 2020 to more than $492,000 at the end of last year. Experts blame low supply and some are calling out corporate buyers who often swoop in with cash offers to take homes off the market.

Nevada Senator Jacky Rosen is proposing new legislation to go after corporate investors who she says are price gouging Nevadans and inflating costs in the housing market. It is called the HOME Act.

“Right now, we are at a dilemma in …