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Vegas foreclosure filings up nearly 9 percent in quarter
Wednesday, Oct. 28, 2009 | 9:08 a.m.
Another report on residential mortgage foreclosures is out, this one largely confirming previously-reported grim statistics for Nevada.
On Oct. 15, foreclosure-tracker RealtyTrac reported Nevada led the nation in the percentage of housing units receiving foreclosure filings in September and the third quarter.
Today, the Irvine, Calif., firm broke out the numbers by metro area. They show Las Vegas leading the nation in foreclosure filings with one in every 20 housing units receiving a foreclosure filing in the quarter -- well above the national rate of one in every 136 housing units.
The rate for Las Vegas was up 8.82 percent from the second quarter and up 53.6 percent from the third quarter of 2008, RealtyTrac said.
Reno came in at No. 9 on the list, with one in 37 homes receiving a filing in the quarter -- up 14.1 percent from the second quarter and up 80 percent from 2008's third quarter.
The Nevada numbers are related to the state's skyrocketing unemployment rate, which reached 13.3 percent in September.
RealtyTrac said in today's report the national foreclosure crisis has spread to cities not previously considered foreclosure hot spots. Looking at the top 50 metro area foreclosure rates, the biggest year-over-year increases were in Boise, Idaho; Provo-Orem, Utah; and the Salt Lake City area, RealtyTrac said.
"Rising unemployment and a new variety of mortgage resets continued to gradually shift the nation’s foreclosure epicenters in the third quarter away from the hot spots of the last two years and toward some metro areas that had avoided the brunt of the first foreclosure wave," James Saccacio, chief executive officer of RealtyTrac, said in a statement. "While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic (adjustable-rate mortgages) are spreading the foreclosure flood to more metro areas in 2009."
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Back draft! When half the work force is/was employed building houses and then we hit the wall and don't build houses how are they going to pay for the houses they bought?
Construction is NOT an economy it is a PROJECT!
gdperson -- how is your post anything close to relevant to this Discussion??
Relevant = http://www.lasvegassun.com/news/2009/oct...
Reid will come home from Washington to fix it as soon as he fixes health care. After all he is a poor boy from Searchlight, he understands.
About the only thing that can stabilize the market now are sweeping reductions in principal mortgage balances, in order to put a dent in the growing number of houses with massive negative equity balances.
But people think that's icky, and banks think it's more fun to foreclose (even though that option costs them more than chopping off a chunk of principal). And so the spiral continues.
anonymous guy - Reducing principle would make the problem worse - everyone would demand it and the market could not sustain the losses. The only ones to benefit would be the poor people who need foreclosed on anyways. That would be another wealth distribution game. You probably like all these handouts though.
just wait. wait until citycenter finishes up and all the construction workers leave town.
they'll leave and the businesses that sprouted up all over town to cater to them will close and we'll have MORE foreclosures.
this town is done. and you can take the moronic "vegas is recession proof" stand ( funny, how i don't hear people saying that too much anymore ) if you want, but there is nothing, nothing on the horizon that is going to get people coming to this town again.
This 'crisis' could be ended today if our elected officials [Prez Barry included] were to chose to end it ... but ... as long as folks are making money off of the troubles we are in it just ain't gonna change!
I saw in coming in 2005. I sold my house in 4/05 and left town.
I remember waiting anxiously for the funds(from the sale of my house) to be wired to my bank. I kept thinking I was doing something illegal selling my home for the over inflated price that it was. The poor guy who bought it had no idea what was about to happen.
The only thing I miss in Las Vegas is Del Taco and Paymon's Mediterranean cafe. Vegas was cool until the early 90's, then they corporations got out of hand.
One out of twenty is incredible. But it's all about uncontrolled growth. Cities like Henderson loved it, keeping their high paid inspectors and plan checkers rolling in dough. Now we're living in a city that resembles Beirut-empty homes and abandoned commercial buildings everywhere. Weeds encircling junk. Check out Gibson Road at Horizon Ridge. Black Mountain torn asunder, dirt piles everywhere.
Thank you, Mayor Hoot Gibson and your merry band of city councellors, who helped us get into this mess. How's that toxic waste project over on Boulder Highway 'doon? 15,000 homes-right? What a disgrace...
until the foreclosures stop...
there is no bottom...
period...
end of story...
and those so-called experts and realtors who say otherwise...
are full of crap...
period...
end of story...
One out of every twenty. I can't fathom that. I am so, so sorry for all of the suffering. We are in East Texas and we feel very fortunate.
large foreclosure rates will continue for another four+ years. everyone who lost their homes already have had their credit ruined - so they can't buy another home for seven years when their bad credit history gets whipped out. jobs losses will continue to skyrocket since the stimulus package did nothing but to help state governments build roads, bridges, etc. they didn't create any new jobs since those construction workers were already on the state's dole. next, more banks will go under, which will make getting a home loan close to impossible. so, who will buy the homes in the future? unemployed and people with bad credit can't...investors will eventually get tapped out and go bankrupt. and people who currently own a home can't move because their homes are way underway.
I don't see any end in sight to this problem. gov't really screwed up and we'll have to pay for it for years to come.
Unfortunately, I am one of those 1 in 20. I have fought tooth and nail to keep my home but after 1 year of my mortgage lender stringing me along, have decided to just let them take the house. The banks mentality is they would rather just take the house than work with the borrowers. In my case, I didn't want them to reduce principle. All I was asking was for them to make my payments more affordable while I am out of work. I tried to do the right thing but now my feeling is, they can take the house and shove it!!!
If Nevada raises taxes, there is no advantage to NV anymore. That is the only positive left. Still a decent place for retirees, if taxes are low.
Always thought a dumpster would make a good home.
What goes in Vegas stays in Vegas.
well the following wont help either
UK has increased taxes to fly so there will be less people coming from uk to vegas now.
see the news link below
http://www.dailymail.co.uk/news/article-...
"...They show Las Vegas leading the nation in foreclosure filings with one in every 20 housing units receiving a foreclosure filing in the quarter..."
ONE in TWENTY filing for FORECLOSURE...really..?
Let's translate that, shall we:
Thousands upon thousands of sham real estate transactions were made by,
THOUSANDS OF REAL ESTATE BROKERS,
THOUSANDS OF REAL ESTATE LOAN ORIGINATORS,
THOUSANDS OF REAL ESTATE MORTGAGE BROKERS,
ALL OF WHOM MADE HUGE FAT JUICY FEE$$$ AND COMMISSION$$$$$,
THEN TOOK THE MONEY,
AND RUN,
WHILE DONATING A LOT OF IT TO KEEP THEIR REAL ESTATE "PALS" IN OFFICE,
AS "PROTECTION MONEY" TO KEEP THE BIG TIME SHAM ROLLIN'.
Raise your hand if you got a call from any one of these greedy characters to let you know you would be getting the money you blew on their real estate sham, BACK.
(If you check on this, you will see that YOUR City Council, or YOUR County Commission, or YOUR School Board, is LOADED with these "PROTECTION MONEY" types, and even some from this BIG GREED industry were personally elected into office, too.)
I have seen those homes in las Vegas,I can not beleave how close they are to each other.I come to Las Vegas 2 time a years,I see how they build
those home.They pour the slab and the next day they are building the house on it.That slab should take 30 days or more to cure.Those homes should be $50,00.00 or less.You will have many problems. The way to build is the way the Mobs build those Hotel.
.
I believe homes in Las Vegas will turn-around and go up to $439,000 for
a 3/2.
How you say?
Slots-o-Fun is buying FountainBlue for $68 bucks, will offer .10cent craps,
then all of middle america will come back, and buy homes!!!!!
This is a fact
Boomer222 Waco TX
Papa-Shango "memba him?" is headlining at the Riveria too, which will
help the foreclosure issue.
HD, from Toledo
Hey wolf, you forgot....
MOST OF THE HOMES IN LV USED CHINESE DRYWALL :(
boomer
If that is so they are junk,maybe they should bulldoze and start all over again.
You have to wonder too about investors who were a large part of the house-buying this year and whether they will continue their buying. If not, who is left to buy? There is noone moving to LV if there is no work, and current underwater homeowners will not be able to move up to a nicer house.
An idea for Barry & Harry to end the housing crisis..
Use the trillion bucks that they borrowed to strong arm the mortgage industry into..
Offering homeowners a re-finance with a 1% loan service fee for the length of the mortgage at its inception cost ..example ..200,000 loan for 20 yrs would give the banks a payback of 10,000 per yr. plus 2,000 loan service per yr. for 20 yrs = 12,000 mortgage payment a yr. for 20yrs or 1,000 dollars a month = rent in Vegas ... bank recieves 240,000 payback over 20 yrs as compared to foreclosure and resale at 100,000 less foreclosure expenses.
The gov. could then treat all property that gets refinanced in this manner as a capitol gains property where the owner is taxed long or short term capitol gains when they sell their property or when they opt to refinance it to purchase toys ... they would need to pay the capitol gains tax at the equity loan inception .. allow only education or medical bills as an exception for equity loans.
The government would recoup the cost of supporting the banks in this idea with ease through capitol gains from equity loans as people just cannot help themselves when they see some cash on the table.
i'm in los angeles and was thinking to move to
vegas... i think i'll wait until next year sometime.
i have cash and will see what i can get.
ha,ha,ha.
I am beginning to doubt that Nevada can put their finger in the dam to stop this leak. Nothing I see in months past indicate they have their hand on this situation yet. It's really scary.
Hey Simplifymylife and dollarbillz,
I totally agree with you about the banks. I had something similar happen to me today when I ordered a pizza from Dominoes. I ate half of it then realized that I paid more than the pizza was worth, so I asked the manager to give me half my money back. When he declined, I said "screw him" and abandoned my half-eaten pizza and then called my credit card company to get a charge-back on what I paid for the pizza.
Serves him right for charging 10 dollars for a pizza.
All these theories, so many opinions, so little truth.
simplifymylife -- check my first post here, follow the links. There's a good chance that bank and the trustee / servicers you're hearing from don't even have the legal right to your property.
If it's a BAC takeover from Countrywide, or a Chase from WaMu, very good chance they don't have the hard copy of your note any more. And if MERS is on the deed it's just about a sure thing they can't foreclose. And without the note, as NY's Judge Drain ruled this month, you owe nothing, there is no mortgage. "Show me the note or leave me alone!" is real!
Well..at least were No. 1 in something !
The commercial market is next......
Today at a meeting of CCIM Southern Nevada at the Rio, speakers saw little reason for optimism about the real estate market of most interest to the attendees, the commercial real estate market.
Ray Walsh, vice president of repossessed real estate at City National Bank, said banks are braced for a wave of problems in 2011 and 2012 when many loans are due to mature and owners will need to refinance. Walsh predicted it would take five years to work through all the bad commercial real estate loans.
http://www.lvrj.com/news/breaking_news/I......
"Hey Simplifymylife and dollarbillz,
I totally agree with you about the banks. I had something similar happen to me today when I ordered a pizza from Dominoes. I ate half of it then realized that I paid more than the pizza was worth, so I asked the manager to give me half my money back. When he declined, I said "screw him" and abandoned my half-eaten pizza and then called my credit card company to get a charge-back on what I paid for the pizza.
Serves him right for charging 10 dollars for a pizza."
---------- I'm so glad that you called these losers out! You scum bags are a big part of the problem and you have the nerve to blame others instead of yourselves. ------------
Up 9 % and climbing...
I did that with my car, I drove it for about 2 yrs and when I realized it needed gas I took it back. They wouldn't buy it back so I let them have it. Wonder why my credit bites?
People are actually quite naive to think that the RE will rebound in a few years. Think of all those folks that lost their homes, they won't be back for a long time (7-10 yrs). On top of that, the lenders are now requiring 20% down plus a good income history (how many of the current young starters can save that much cash).
nevadaappleslices -- you and your simplistic ilk are completely clueless what this is really about. Read up on the centuries-old laws of negotiable instruments then your posts will have relevance here.
One hope is that baby boomers from higher cost areas like the NE will see the lower cost of living/housing and choose to retire here. Otherwise, like many are saying, a rebound is years off.
I believe this is an Economic Cleansing...
Casinos will continue to do ok, its a vice, you think cocaine dealers are hurting...People find money to spend in these places...
I find it really hard to believe they build Multi-Billion dollar buildings with the expectation of failure... These casino operators are just shifting leverage... Look at Wynn, he is using the thriving economy in China and properties there to keep the properties open here... And do you really think the oil rich Arabs who are part of city center are just going to walk away from their investment... Probably not... And Boyd walked from there project, for now, in lue of shifting that income to a possible Stations buyout...
The Fountain Blue is unique in that the people trying to build it never had any business being involved in that project in the first place...Remember that originated in the '05 boom days... But you really think someone is not going to snatch that up on clearance... That is like a Rolex marked down to a Timex price...
Construction: The construction we are loosing now is mostly transient, people that had no intention of staying here anyway... The local construction that would stay has been on a slide since '07 when the home builders started to close up shop...
Real Estate: With the now sudden reverse to the 90's cost of living that made Vegas such a hot bed in the first place + dirt cheap commercial real estate (to the effect of dollars less per square foot) + cheap corporate taxes + geographic proximity to LA, Phoenix, San Diego = Economic diversity... Just show a little patience... It is not going to be and overnight process... But we will be much stronger... I stated on one of these other forums, prior to the build and boom years we actually had industry poised to come here but we managed to chase it away with our ridiculous cost of living increase '03-'06...
And further for the doomsayers on here, you really think a urban center this size is going to become a ghost town... if so I think you have been watching a bit too much Sci-Fi and if that is your gospel, 2012 is coming out in a few weeks.. so we are all dead in 3 years anyhow... LOL
I will inject a bit of backhanded positivity...
Not to mention the way the government and Fed Reserve are running things inflation will start to occur and our houses will be worth millions... Bad side we will pay 30 bucks for a cheeseburger... but on a plus side that house you bought for 250,000-400,000 will be a 1,000,000 deal... Ka-Ching!!!!!!!!!!!!!!!!
Chicken little...
The problem will be to get a loan for the $1,000,000 deal , you might this time around have to have a job and good credit . Which will be a HUGE PROBLEM for lots and lots and lots of people.
hey build a casino or some high rise condos, the joke is on you Las Vegas, for a change
One in twenty homes received a foreclosure notice. That's on top of those who have already gotten their notice. The real news might be the reporting of the two numbers, both those already in the foreclosure grinder and the new one in twenty just reported. The combined total is probably three in twenty, a shocking number.
hey mayor goodman has a sports complex in the works; he thinks it'll stop the bleeding. whens the next election?
Las Vegas will come back but it will take time.I would rather go to Las Vegas to see all the shows than New York. Las Vegas is the Show capital in the world. Everyone is hurting right now.Vegas needs to stop building until we get back on our feet.Crime is bad in Las Vegas,take the thugs to the desert,like the MOBs did.
See I think a sports arena is a great idea.... It is part of that city infrastructure that everyone whines about us not having that will help lure a business culture not based on gaming... And why not put it near downtown... That area has been priming itself for years to become a real downtown district... I think this is a real attempt at long term thinking for what is good for the city... Not to mention think how cheap you can build this now...
I mentioned in another post, look at Petco in San Diego... You didn't wander into that area after midnight before then... Also Coors field in LoDo... same kind of deal... and those are just 2 that I have been to, I am sure the sports arena = revitalized downtown equation has occurred in many other places as well...
Also if you worried about taxes unless they raid the County or State treasure chest, then this will not affect the majority of Clark county residents, however they will all get to enjoy the possibility of a major sports franchise...You have to remember the City of Las Vegas is a very small strip of the valley.... but with a 1.5 - 2 million population we are long overdue for this...
Also if you are going to throw unemployment numbers in my face... please see my comment above regarding, urban center turning into ghost town....