Nevada holds on to nation’s highest foreclosure rate

Las Vegas comes in at No. 7 on the list of cities with the highest rates of foreclosure

Friday, Sept. 12, 2008 | 8:10 a.m.

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Beyond the Sun

Sun archives

Sept. 9 -- Home prices slide as sales activity stays steady
Aug. 14 -- Nevada’s home foreclosure rate tops nation
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

Nevada's unenviable streak of having the nation's highest foreclosure rate has extended to its 20th month.

Irvine, Calif.,-based RealtyTrac reported this morning that one in every 91 households received a foreclosure filing last month in Nevada. That's up from one in every 106 households in July, and it’s an 89 percent increase over August 2007.

California’s foreclosure rate was next in line (one in 130 properties), followed by Arizona (one in 182 properties). RealtyTrac, which monitors default notices, auction sale notices and bank repossessions, said 11,706 properties in Nevada fell into foreclosure last month.

Las Vegas came in seventh on the list of metro areas with the highest foreclosure rates, with one in every 75 homes receiving a foreclosure filing last month. Foreclosure activity was up 14 percent from July and 83 percent from August 2007, according to RealtyTrac.

Only two of the 10 cities with the highest foreclosure rates weren’t in California: Las Vegas and Cape Coral-Fort Myers, Fla., which came in just before Las Vegas at No. 6. Rounding out the Top 10, in order, were the following California cities: Stockton had the nation’s highest rate (one in every 50 households), followed by Merced, Modesto, Vallejo-Fairfield, Riverside-San Bernardino, Bakersfield, Salinas-Monterey and Sacramento.

After Nevada, California and Arizona, the rest of the Top 10 states, in order, were Florida, Michigan, Georgia, Ohio, Colorado, Illinois and Indiana. Michigan, Georgia, Ohio and Colorado all reported annual decreases in foreclosure activity.

Nationwide, foreclosure filings in August increased 27 percent compared to the same month a year ago, which was a slower pace than in previous months. June and July each had year-over year increases of 50 percent or more.

RealtyTrac reported that 303,800 homes nationwide received at least one foreclosure-related notice in August, up 12 percent from July. One in every 416 U.S. households received a foreclosure filing last month.

Discussion: 34 comments so far…

By KDR81

9/12/08 at 9:52 a.m.

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The speculators in CA are also taking a hit, they're being forclosed on here and in CA.

Good for me though, I'd like to get a house. Come on home prices drop like a rock!
By esquared

9/12/08 at 9:58 a.m.

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Thanks to you DOG. You demonstrate the pure republican tactic of point the finger at everyone but those that caused the problem in the first place, and the GOP leadership that watched this crisis grow and did nothing.

Since 2001, Bush has invited and encouraged us to spend, spend, spend. At the same time he tried and failed to conduct a war on the cheap. As our budget deficit grew and our national debt grew, he continued to suggest that it was patriotic to go out and buy a car and a big TV. At the same time, he limited the budget of the agencies who monitor lending practices and regulate banks. He invited, encouraged and supported those very speculators in the real estate market you complain about and in return received along with other GOP candidates huge campaign contributions.

When the value of the dollar collapsed because of Bush's monstrous debt, and the price of oil soared because of Bush's oil industry investment speculators, Senator McCain's senior economic advisor, Sen. Phil Gramm had the nerve to call us a 'Nation of Whiners' and that our economic troubles were all 'Mental!'

For ten years our Republican controlled congress did worse than nothing, it prevented simple steps to protect the American consumers from predatory loan practices. We knew 2 years ago where the problem was and ran that GOP majority out of Congress and now Bush still prevents common sense reforms of lending and real estate practices thru his Department of the Treasury. We need to wipe away the economic muck that Bush has left us mired in, not with 4 more years of the same ignorance, not with a 'maverick' who came within inches of a federal indictment for obstructing the investigation of a crooked savings and loan, but with real connection to the American people, a real plan for economic development and the guts to stand up to the real estate profiteers. We need Obama, not the financial conspirator with the muck of the Keating Five still stinking around him.
By tennis_ace_2000

9/12/08 at 10:07 a.m.

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WOW esquared, ease up on the Kool Aide - it's not even noon yet. The mighty mesiah Obama will solve all the problems with the housing market. Maybe he will appoint Rezco to fix the housing problems in Las Vegas.
By PatriciaLV

9/12/08 at 10:21 a.m.

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And maybe McSame will appoint the rest of the Keating Five to help with HIS economic policies.

What do you think, "ace"?
By tennis_ace_2000

9/12/08 at 10:38 a.m.

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Are you aware "PatriciaLV" that 4 out of 5 accused Senators were DEMOCRAT! And, McCain was found to have done nothing wrong. No, you probably don't. The Obama Bin Laden Kool Aide tends to make facts a little fuzzy!
By esquared

9/12/08 at 10:41 a.m.

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John McCain saved himself from Senate censure or even a federal indictment by giving testimony against his fellow senators, democratic and republican alike in the Keating Five scandal. Why would we want this man leading our economic policies?

Instead of Rezko, who actually owns some property, you'll be favoring the con man who is McCain's fundraiser, Raffaello Follieri. McLame didn't even have the sense to find out that the man owned nothing and was being sued for millions as he had his little birthday bash aboard this thief's boat.

Maybe you should have some kool-aid also. Are you sure it's 'Ace' and not 'dink'?
By tennis_ace_2000

9/12/08 at 10:55 a.m.

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"giving testimony against his fellow senators, democratic and republican alike" Please check facts esquared. There were NO other Republicans!!!

"Instead of Rezko, who actually owns some property" HAHAHA, now that is actually a very PC way to describe a SLUM LORD! Or are you refering to the property he owns right next to Obama that he paid a premium for while Obama was getting a steal on his?
By esquared

9/12/08 at 10:58 a.m.

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McCain profited the most from Charles Keating, who bank-rolled his initial run for Senate.

"McCain and Keating had become personal friends following their initial contacts in 1981.[8] Between 1982 and 1987, McCain had received $112,000 in political contributions from Keating and his associates.[14] In addition, McCain's wife Cindy McCain and her father Jim Hensley had invested $359,100 in a Keating shopping center in April 1986, a year before McCain met with the regulators. McCain, his family, and their baby-sitter had made nine trips at Keating's expense, sometimes aboard Keating's jet. Three of the trips were made during vacations to Keating's opulent Bahamas retreat at Cat Cay. McCain did not pay Keating (in the amount of $13,433) for some of the trips until years after they were taken, when he learned that Keating was in trouble over Lincoln.[6][15]"

Rezko was never a major fundraiser for Obama and the republican US Attorney in Northern Illinois has repeatedly said Obama is not involved at all in Rezko's crimes.

But McCain and his wife and her father were heavily invested in Keatings companies and it was McCain that recieved the most cash from Keating among all the defendants. Note that the republican banking regulators watered down the indictment of Keating and chose a very limited prosecution.

We just don't need more of the same leadership that turns away from companies like Enron and Veco and Halliburton rather than trying to stop them from stealing from you and me.
By esquared

9/12/08 at 11:06 a.m.

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You miss the point, 'drop shot'. Rezko was a property owner throughout the Chicago area and sold properties to a community group for renovation that Obama had been involved with.

McCain didn't even bother checking out Follieri. Even his campaign manager Davis started to invest with the crook. McCain just took this crook's gifts because he thought, "Well, another rich guy so he's got to be okay!" That's real leadership. That's real judgement. How many other rich con men will get a free pass from John McLame?
By PatriciaLV

9/12/08 at 11:06 a.m.

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Yes, I was quite well aware, "ace". But I was under the impression you were talking about criminal associations.

I should have realized that in your world only Democrats have criminal affiliations.
By tennis_ace_2000

9/12/08 at 11:07 a.m.

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"Several accounts of the controversy contend that McCain was included in the investigation primarily so that there would be at least one Republican target.[21][22][23][9] Glenn's inclusion in the investigation has been attributed to Republicans who were angered by the inclusion of McCain, as well as committee members who thought that dropping Glenn (and McCain) would make it look bad for the remaining three Democratic Senators.[21][23] Democrat Robert S. Bennett, who was the special investigator during the scandal, suggested to the Senate Ethics Committee that it pursue charges against neither McCain nor Glenn, saying of McCain, "that there was no evidence against him."[22] The Vice Chairman of the Ethics Committee, Senator Warren Rudman of New Hampshire, agreed with Bennett, but the Chairman, Senator Howell Heflin of Alabama, did not agree.[9]"

I can copy/paste from Wikipedia too esquared. Just a bit of advice, I would not bring up the "personal friends" issue if I were an Obama supporter!
By tennis_ace_2000

9/12/08 at 11:15 a.m.

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"I should have realized that in your world only Democrats have criminal affiliations." Not at all PatriciaLV. I have always, and still do consider myself a Democrat, however, I will not blindly follow/support a Democrat I have zero respect for. BTW if the real Dem. candidate had won (instead of the party/media selected one), I would have been 100% behind her!
By dsteele13

9/12/08 at 11:19 a.m.

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Your foreclosure rate is so high because the foreclosed owners live elsewhere. These are vacation homes.
By esquared

9/12/08 at 11:28 a.m.

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I'm so glad you can copy/paste from Wiki, 'foot fault'. Too bad the man you want to lead the country can't. If the 'Old Dog' can't learn new tricks, why do you want to make the White House his retirement program?
By tennis_ace_2000

9/12/08 at 11:35 a.m.

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"I'm so glad you can copy/paste from Wiki, 'foot fault'. Too bad the man you want to lead the country can't. If the 'Old Dog' can't learn new tricks, why do you want to make the White House his retirement program?"

What???? Can you actually make a logical statement? This one makes no sense!

BTW, no I don't want the White House to be a retirement center, but I also don't want it to be an ON THE JOB training center either!
By jfnance32

9/12/08 at 11:57 a.m.

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I need help buying a house.

Does Obama still have Resko's number?

I forgot Obama's core fundraiser for years is one of the most corrupt politicans in South Chicago and spending time in prison.
By myinput

9/12/08 at 11:57 a.m.

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Wow everyone can blame everyone else but the one who made a bad choice in buying a home they could not afford. Buying a home is not like buying the last cabbage patch doll on the shelf for the christmans rush. As any responible person making in most cases the largest purchase in thier lives and trying to keep a roof over thier family heads did not take the time to review any Consequences that might arrive. Most buy a car with the concept of thier payment in mind till that car is paid off. Why so many puchased a home with out that same concept is totlally without common sense. Also the preception that homes were to continue to rise at the rates they were was not really looking to history as always it repeats itself and yes many knew this was coming but ingoned all signs of the pop in the bubble that was evident to come. The speculator that came into this market and looked to make a small fortune totally ruined a market that could have contined for years at the right pace. Dont get me wrong many in this industry did not help the situation and took advantage of many looking to get in a market and grabbing the last doll on the shelf
By esquared

9/12/08 at 12:19 p.m.

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"Not at all PatriciaLV. I have always, and still do consider myself a Democrat, however, I will not blindly follow/support a Democrat I have zero respect for. BTW if the real Dem. candidate had won (instead of the party/media selected one), I would have been 100% behind her!"

So instead you blindly support the candidate who would mute Sen. Clinton's voice in Washington? You actually believe McLame's quest for bipartisanship? His words were identical to Shrub's claims in 2000 and 2004 and we see how well that worked. McSame has the same advisors as Shrub, and will continue the politicization of the Department of Justice, of Intelligence analysis, of aid to starving and disease ridden countries, of education and health care funding.

If your claim is true, your response to the primary result is foolhardy and utterly contrary to what Hillary Clinton stood for.

Moreover, how does being wrong in the primary add validity to your current arguments? This is the final double fault.
By esquared

9/12/08 at 12:28 p.m.

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Another nance lie. Rezko was never a core Obama fundraiser and his crimes occurred after Blogo became governor and involve taking bribes for positions in the Gov.'s administration.

Rezko isn't running for President. One of the Keating Five is. And he hasn't learned from that mistake as McCain celebrated his 70th birthday aboard the yacht of con man Raffaello Follieri. No one lost their life savings or their homes to Tony Rezko, but when McSame's buddy's Lincoln Savings and Loan failed, thousands lost their life savings.

nance never learns, just upchucks the same old stories. Like Gov. Palin, he only requires that they 'sound' true.
By esquared

9/12/08 at 1:07 p.m.

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""I'm so glad you can copy/paste from Wiki, 'foot fault'. Too bad the man you want to lead the country can't. If the 'Old Dog' can't learn new tricks, why do you want to make the White House his retirement program?"

What???? Can you actually make a logical statement? This one makes no sense!"

Well, let's see. The man that wants to lead the most powerful nation in the world, but the nation that is also losing ground in the international competitive technology market has to have someone else write emails for him, cannot do simple web searches and appears proud of his computer illiteracy. How is he supposed to inspire our nation to technological advancement? McCain is a man who requires someone standing behind him correcting his repeated gaffs and apparently doesn't mind being unaware of such basic info as the number of homes he owns. This is the person you think can improve the housing market? I'm sure he'll help the multiple luxury vacation home market, but then again, aren't those the same people walking away from their homes in Vegas. Thanks, but no thanks, Senator.
By UNLVStud

9/12/08 at 1:23 p.m.

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When all of you are buying up these properties, make sure you ask for the LuvGuv tax break. I hear it can cut your taxes substantially.
By PatriciaLV

9/12/08 at 1:43 p.m.

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Unless one has been POTUS before, assuming the role of POTUS is ALWAYS "on-the-job training".

Absolutely exasperating. (Is that spelled correctly? LOL.)

ace, my instinct is to highly doubt the fact that you're a Democrat. (BTW, I'm not; I've never been registered in a party. I've ALWAYS thought they were all idiots. And politicians. But I repeat myself.)

But I'll bite. Why then would you apparently support an additional four years of failed policy after failed policy? Might I remind you that McMaverick voted WITH Bush over 90% of the time.

FWIW, Obama was not my first choice nor was Clinton. But I'd certainly rather see a "D", almost ANY "D", in the White House at this point. I was going to use the "None of the above candidates" choice because frankly I'm tired of the "choices" that are forced on us, but this election is too important to waste my vote.

And then the cynic in me takes over & realizes that I have nothing to say about this. None of us really do.
By PatriciaLV

9/12/08 at 1:46 p.m.

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Something no one ever really mentions and this alone would prevent my voting for McSame ....

He has a WORSE temper than the boy king currently making an ass of himself in the White House.

One has to be a STATESMAN, a DIPLOMAT ... not a cowboy (or in this case, a pretend cowboy with a fake Texas accent). One cannot throw temper tantrums when things don't go one's way.

IMHO, any rational adult SHOULD be able to see this.
By jfnance32

9/12/08 at 1:52 p.m.

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Democrats continue to lie about lying.....

Obama's crooked fundraiser from South Chicago:

"But in a 90-minute interview with Tribune reporters and editors, Obama disclosed that Rezko had raised more for Obama's earlier political campaigns than previously known, gathering as much as $250,000 for the first three offices he sought."

"When Obama launched his bid for the Illinois Senate in 1995, Rezko was his first substantial contributor. "

"Rezko helped bankroll all of Obama's subsequent campaigns except his presidential bid. "

http://www.chicagotribune.com/news/local...

"A review by the Los Angeles Times shows that Rezko, a businessman long active in Chicago politics, played a deeper role in Obama’s political and financial biography than the candidate has acknowledged."

"Rezko was there at the start and at critical moments along the way, helping support the candidate when few others were."

"“Everybody in this town knew that Tony Rezko was headed for trouble,” said Jay Stewart of the Better Government Assn. in Chicago. “When he got indicted, there wasn’t a single insider who was surprised. It was viewed as a long time coming… . Why would you be having anything to do with Tony Rezko, particularly if you’re planning to run for president?”

“Everybody in this town knew that Tony Rezko was headed for trouble,” said Jay Stewart of the Better Government Assn. in Chicago. “When he got indicted, there wasn’t a single insider who was surprised. It was viewed as a long time coming… . Why would you be having anything to do with Tony Rezko, particularly if you’re planning to run for president?”

"Obama’s connection to the businessman dates to his return to Chicago after graduating from Harvard Law School."

http://articles.latimes.com/2008/jan/23/...

Obama helps his buddy.

"As a state senator, Barack Obama wrote letters to city and state officials supporting his political patron Tony Rezko's successful bid to get more than $14 million from taxpayers to build apartments for senior citizens."

"Rezko and Davis paid the city $1 for the land ....."

http://www.suntimes.com/news/politics/42...
By esquared

9/12/08 at 4:04 p.m.

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Hey nance. You're absolutely right about Rezko. He was is a crook and Obama returned the funds directly attributable to Rezko and his business partner. Actually he donated the funds to charity. I was wrong and you were right. Rezko is going to jail (along with his REPUBLICAN partner) so I don't think we have to worry about him anymore. But no one, not the republican US Attorney who has investigated and tried Rezko has ever connected any of his crimes to Obama in anyway. And Rezko has NOT been a fundraiser for this Presidential race. So you were right, but the connection certainly isn't the same as McCain and the Keating Five.

So tell me, how does this make McCain a more appropriate answer to the current housing and lending crisis? McCain unquestionably accepted significant funds from Charles Keating, and tens of thousands of people lost money when his Lincoln Savings and Loan failed. He then repeated his poor judgement by accepting gifts from a known con man, even his campaign manager started to enter into business deals with Follieri. Sen. Graham, McCain's chief economic adviser said in July that there was no housing and economic crisis, that it was because we were a nation of whiners and that our problem was just mental. How can THAT be the approach to resolving this crisis? McSame has only slurs, or only slurs. It's not enough. He's not enough.
By esquared

9/12/08 at 4:05 p.m.

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But understand this, nance........ Your mother still dresses you funny!
By jfnance32

9/12/08 at 4:09 p.m.

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Obama probably has/had more qualified staff to deal with Fannie Mae and Fannie Mac collapse since he has/had two guys that were CEO's of those corporations and one is neck deep in an accounting scandal. The other use to be charge of picking his VP but had to resign for "reasons".

Yep...Obama sure does know how to pick them.
By thebs

9/12/08 at 4:35 p.m.

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I guess you are saying you love that John McCain has 160 lobbyists running his campaign, Nance.
By neiman1

9/12/08 at 7:30 p.m.

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Thank you harry reid. Your wonderful energy plan, (don't do anything, just HOPE) has brought the worst economic conditions to Las Vegas every and without energy prices coming down we will not recover. Why does Harry take orders from Nancy Pelosi. Why doesn't he represent us instead of San Fransisco?
By PatriciaLV

9/13/08 at 5:02 a.m.

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Uh, DOG, they've only controlled Congress since January 2007.

What about the period January 2001 through December 2006? No responsibility there?

And neiman, REALLY get some help with this Reid obession of yours. It's embarrassing.
By DavidCee

9/13/08 at 8:16 a.m.

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It seems McCain is best suited to deal with the housing mess.
Question: How many houses do you and Mrs. McCain own?
Answer: I'll have my staff get back to you on that?
Betcha not one of the 7, or is it 8,9,10,11 is in foreclosure. Why? Cause he married money $$$$
By jfnance32

9/13/08 at 11:04 p.m.

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It seems Obama is best suited to deal with the housing mess.

Question: Obama, do you have a house buying story to share with us?

Answer: One time the biggest crook in South Chicago helped me buy a house. That biggest crook was my core fundraising for years. I am so sad that he is jail now. I need to buy another house.

Also, I made millions of dollars writing books when I was a part-time senator. Since I did not played a major role in any bills I had a lot of free time. I have this brother that lives off $1 a month in shack. Poor guy, I can not afford to send him $20.