The ECONOMY:

Las Vegas tops list of home foreclosures

City recorded one filing for every 62 households in October

Thursday, Nov. 13, 2008 | 12:56 p.m.

Real Estate in Crisis

Las Vegas reported the highest foreclosure rates in the nation in October in topping 229 other metropolitan areas.

California-based RealtyTrac reported Las Vegas had one filing for every 62 households, more than seven times the national average.

The 12,155 filings in Las Vegas were 6 percent greater than September and 104 percent higher than October 2007.

Nevada posted the nation’s highest foreclosure rate in October for the 22nd consecutive month with one filing for every 74 households, which is more than six times the national average.

The 14,483 filings were 11 percent higher than September and 119 percent higher than October 2007, according to statistics released today.

There were 6,736 notices of default filed in October, 483 more than filed in September.

There were 3,555 homes, more than 250 higher than September.

In Clark County, there were 5,738 notices of default filed in September and 2,976 homes foreclosed upon. Clark County had 6 percent more filings than September and 104 percent more than October 2007.

Discussion: 2 comments so far…

By joncmac

11/13/08 at 4:35 p.m.

Suggest removal

Even though we are #1, I really think we are close to the bottom, when you consider all the aid, from Citigroup and others. In addition to Citi, The federal gov't FHA, many states, JPMorgan Chase, Wachovia, and Bank of America/Countrywide have committed to helping over 1.2 million homeowners between them keep their homes. I found more info on the programs here.
http://www.needhelppayingbills.com/html/...
By FTW

11/13/08 at 6:18 p.m.

Suggest removal

I'd like some of what joncmac's been smoking. The figures just came out: our government's "HOPE for Homeowners" program has helped 42 homeowners to date. Yes, that's right. 42. The "commitments" to help that are being tossed out by these corporations and our government are nothing but window dressing. The only mortgages that can be helped are those that have remained whole and weren't securitized. If your mortgage was securitized, it may now be owned by 10 different entities, any one of which can gum up the works by refusing to participate in the re-write. Someone is blowing smoke...

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