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Well...at least we're not Detroit.
Nonetheless, Las Vegas on Wednesday officially grabbed the distinction as the region with the third highest foreclosure rate in the nation among the top 100 metropolitan areas, according to new data released by foreclosure tracking agency RealtyTrack.
The metro area saw 4.2 percent of its homes enter foreclosure in 2007, with 59,983 foreclosure filings on 30,375 properties. That was up 169 percent over 2006.
Nevada led the nation in the rate of foreclosures in 2007 with 3.4 percent, more than three times the national average.
Unlike top foreclosure city Detroit, Las Vegas's unfortunate rates were due more to unsustainable growth than widespread economic downturn, RealtyTrac CEO James Saccacio said in a statement.
But if anyone is expecting relief this year, local economists say they might be disappointed.
That's because there are still a hefty number of adjustable rate loans that are set for sharp interest rate increases. Economists are also concerned that a growing unemployment rate in Las Vegas, combined with slumping housing prices here, could send more homes financed by traditional fixed-rate loans into foreclosure.
"In 2007 everyone wanted to talk about subprime predatory lending and investor purchases, but fixed rate mortgage foreclosure could be the story of 2008," said Jeremy Aguero, principal with Applied Analysis. "New unemployment claims are rising and all of the layoffs in residential construction and ancillary jobs like mortgage lending could lead a lot more people into foreclosure situations."
Thank you for your article Alexandra.
I don't know if you covered the issue I'm about to discuss since you wrote your article. I'm talking about a solution.
I understand that home ownership is a very emotional matter. Memories, dreams and lives have been shared inside the walls and around the home, but don't give up hope if you are facing foreclosure at any level.
I know first hand that there are a couple of solutions that do not require some predator to swoop in and purchase your home with the promise to sell your home back to you at a future date for 'fair' market value.
Now think about it!
You couldn't afford your current note but, all of a sudden, you're going to magically be able to afford this new, higher note.
I've discovered a couple of viable solutions and if you or any of your readers would visit me at www.ExposeMyHome.com and contact me I would be happy to point you in the right direction.
I'm not an expert at this but my loan officer is.
There's a HUD program that if you qualify for the government will come in, catch you up, put the monies on the back end and your note virtually remains the same. That's the jist.
Then there's hard money. Don't run away. This is a real solution.
Both options require detaching your emotions from your home and making a business decision.
You see, either way the scoreboard is wiped clean. You get a fresh start. Your clock is reset to zero.
I may not get my point fully across here so visit my site and contact me for clarification.
I don't care if you do business with me or not
I'm a home owner and I wouldn't want to lose my home but would choose the options I'm recommending if I were faced with foreclosure.
The point is you now have time to SELL your property. That's right, as a business decision it is no longer a home. It is your property.
Sell it and protect whatever credit and equity you may have left. Start over. Fight! Don't let the bank take it!
As I learn more; I'll share more.
God bless!