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Friday, July 25, 2008 | 2:11 p.m.
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Related story
- July 9 -- Home sales rise as prices continue slide
News release
Beyond the Sun
- Associated Press: US foreclosure filings more than double in 2Q
- Reuters: Foreclosures double from last year
Nevada had the highest foreclosure rate in the nation in the second quarter of the year, according to data released today.
Calif.-based RealtyTrac Inc. said one in every 43 Nevada households received a foreclosure filing, which is nearly four times the national average of one in every 171 households. The rate was even higher in Las Vegas, where one in every 35 households received a foreclosure notice last quarter.
Las Vegas ranks No. 3 among metro areas with the highest foreclosure rates, trailing Stockton, Calif., (one in 25) and Riverside-San Bernardino, Calif. (one in 32). Vegas-area foreclosures were up 25 percent from the first quarter and up nearly 144 percent from a year ago.
RealtyTrac said foreclosure filings were reported on 21,742 Las Vegas metro area properties last quarter. Foreclosures in Las Vegas made up more than 88 percent of all Nevada foreclosures.
Nationwide, foreclosures are up 121 percent from the second quarter of 2007. Filings increased year-over-year in 48 states, with North Dakota and Alabama being the exceptions.
After Nevada, the state's with the highest foreclosure rates were California, Arizona and Florida.
"The revelation that one in every 43 Nevada homes received a foreclosure filing during the second quarter of 2008 is very troubling," Gov. Jim Gibbons said in a statement today. "It is my sincere hope that the legislation working its way through Congress will be of help to the people of Nevada."
The median price of Las Vegas-area homes sold by a Realtor in June slumped to $225,000, which is down 26 percent from last June.
It's a historic tale for the Silver State: Boom to bust...
Is anyone surprised by this high rate of foreclosures?
If you allow people to buy homes with no money down, no documented income, neg am loans, and inflated appraisals - what do expect to happen?
Hopefully the boom comes back before too long...
Nows the time to buy while there are still this many foreclosures out there.
The right time to buy is definitely now. We in the real estate investing business or as Realtors realize market changes in Las Vegas market prior to the public realizing the increase in house value.
We are starting to see 4-7 offers on houses, especially wholesale or flipping houses deals. The market is definitely down and we hope it will never boom to an unbalanced high again. But rather a slow steady increase like Texas has seen.
If you are going to buy now, buy smart, do your homework and research!