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StumbleNevada’s home foreclosure rate tops nation
Thursday, Aug. 14, 2008 | 12:32 p.m.
Beyond the Sun
Sun archives
- Aug. 13 -- At ground zero of a national housing crisis
- Aug. 6 -- Home sales up for 7th month; prices fall
- July 25 -- Nevada leads nation in rate of foreclosures
Numbers released today show Nevada has once again claimed the top spot on the list of states with the highest foreclosure rates.
Irvine, Calif.,-based RealtyTrac Inc. reported that one in every 106 households in Nevada received a foreclosure filing in July. Foreclosure filings were up 15 percent compared to June and up 97 percent from July 2007.
More than 10,000 Nevada homes fell into foreclosure last month.
RealtyTrac reported that bank repossessions in Nevada were up 384 percent in the past year, while default notices were up 59 percent. California (one in every 182 homes) and Florida (one in every 186 homes) followed Nevada with the second- and third-highest rates of home foreclosures.
The Las Vegas area ranked No. 5 on the list of cities with the highest foreclosure rates. RealtyTrac reported that one in every 85 homes received a foreclosure filing last month.
The metro area with the highest rate of foreclosures last month was Cape Coral-Fort Myers, Fla., (one in 64), followed by three cities in California: Merced, Stockton and Modesto. Rounding out the Top 10 were three more metro areas in California -- Riverside-San Bernardino, Bakersfield and Vallejo-Fairfield -- followed by Fort Lauderdale, Fla., and Phoenix.
Nationwide, more than 272,000 homes received at least one foreclosure-related notice in July, up 55 percent from about 175,000 in the same month last year and up 8 percent from June, RealtyTrac said. That means one in every 464 U.S. households received a foreclosure filing last month.
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It will not get better with travelers staying out of Nevada. They put their money in gas pumps and not traveling here. 20% of all flights here are permanently cancelled and more to be cut soon. We cannot exist without cheaper energy and Sen. Reid continues to block nuclear, drilling, oil shale, and coal. Does he work for Russia, they want to sell us energy. Use American resources for American jobs and save this country from one big foreclosure to the oil nations that recieve 700 billion dollars a year. Contact harry and tell him to cut Pelosi's puppet strings on his spine and save Nevada. Let the Russians and the Chinese "save the planet", we just want to live
email link
http://reid.senate.gov/contact/index.cfm...
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Lloyd D. George Building
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Phone: 702-388-5020 / Fax: 702-388-5030
neiman1... While I agree that energy costs are the highest they've been in a long, long time and a consideration for just about everyone looking to get away for a weekend... I wish you wouldn't use every economic based story to push your drilling agenda. Yes, that would help, but not for quite some time, and not to the extent that you think it will.
Two things have conspired to help make the situation in Las Vegas what it is. 1) The economic model that the large resort corporations have adopted is fundamentally flawed, and 2) the credit and housing boom that the nation experienced the last half dozen years or so was flawed as well.
Because of the hotel-casino's current principle of extracting more money from a smaller market of people and turning their back on the larger, more value driven segment of the population, Vegas is now drawing fewer people and charging the ones that do come here quite a bit more, and just in time to open up 20,000 more hotel rooms to boot. With fewer visitors to a leisure-based destination, there are fewer service jobs. Fewer jobs means residents leave town. Residents leaving town means a housing surplus, which makes prices go down. Pretty simple economics.
Gas prices aren't the only evil in this world. Maybe you could also write Reid a letter and ask him to get the collective resort management in this town to bring their prices down to be more reasonable with what most people can pay and afford, and I'll bet you a gallon of gas that that helps the situation just as much as increased drilling.
While energy costs keeping tourists away certainly is 1 issue concerning jobs and therefore the housing market right now, they say that the cure for high prices are high prices. It's the high prices that have reduced demand and are partially behind the current lower oil and gas prices of the past week. Just keep in mind that most everything is cyclical.
The same goes for real estate. The cause of home sales in Vegas being up for the past 7 consecutive months are the extremely low prices. With some homes selling for around $70 per square foot ( well below replacement cost ) it's a matter of time before prices will rebound and ease the foreclosure crisis just as is happening with gas now. If you look long term ( 2-5 years ) anything bought today will seem like a bargain.
http://www.VegasRepos.com
High gas prices have driven away customers or reduced the amount they spend in Las Vegas.
Airlines have cut tons of flights into Las Vegas.
You have to be Democrat to think that high gas prices are not destorying jobs in Las Vegas.
If you're referring to me jfnance32.... I have no affiliation. I grew frustrated with both parties long ago, now I go with who makes the most sense for the real issues, whether they be an elephant or a donkey.
Judging by your response, I guess you have to be a Republican to think that high gas prices are the main problem with this country.
Could someone explain something to me?
People qualified for loans at sub-prime rates. These loans were adjustable, but sales people and financial institutions told them that before the "real" rates kicked in, they could refinance. Low and behold, their properties dropped in value, so they couldn't refinance, and now can't afford the interest at the "real" rate.
So why don't those financial institutions just give these homeowners a break for a few more years and let them pay at the lower rate until the market turns around? At least someone would be living in the properties, sending them money, and they wouldn't have vacant properties bringing down the value of their other homes in the area?
It just seems that it's stupid to insist these people pay sometimes double or triple what they qualified for, knowing that they are going to have to foreclose and be stuck with another vacant property the financial institution can't get rid of for what they loaned on it in the first place!