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Las Vegas posts nation’s highest metropolitan foreclosure rate
Wednesday, April 28, 2010 | 9 p.m.
Sun coverage
Las Vegas continued to post the nation’s highest metropolitan foreclosure rate during the first quarter.
California-based RealtyTrac said one in 28 housing units received a foreclosure filing in the first quarter, nearly five times the national average.
A total of 28,480 Las Vegas housing units received a foreclosure filing during the quarter, an increase of 13 percent from the fourth quarter of 2009. The filings are 19 percent below the first quarter of 2009, when a self-imposed moratorium was in place among lenders.
Las Vegas was ranked No. 1 in the nation in 2009. In the state category, Nevada has been ranked No. 1 since January 2007.
Modesto, Calif., ranked No. 2 with one filing for every 34 households. Phoenix was 7th, and Reno was 12th.
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Its not over yet.
No jobs
No home
The good old days are over.
Good day. Thank you harry Reid. Your vision has delivered a great Las Vegas. Any more great ideas?
When you have sucked the life out of the locals with casinos at every corner..of the city..then declare BK because there is no more to drain from us..and have the audacity to get the DA'S office to do collections for them..
WOLF...It appears unless we get back to basics..your correct, we're done...
You just have to wonder how we can afford to pay our Public Union loafers excessive pay, and especially benefits when our world is crumbling around us daily. One foreclosure notice for every 28 homes is almost unimaginable.
Pretty soon, I think we'll start having those mysterious house fires at abandoned homes, to look like our heroic firemen actually have something to do other than working out and collecting money on the taxpayers dime. Funny, we can't say the same about our police, who have North Las Vegas to keep them really busy. Doing real work.
We're turning into Newark, NJ, and East Saint Louis, Illinois. I live in Henderson, and Henderson and Boulder City may be the last remnants of a decent place to live in our Valley. How far we have fallen in the last 10 years or so...
Holy sh*t! More than 3% of ALL THE HOMES in the valley got a foreclosure filing in just the last three months!!
Another couple of years of this and most everyone with any substantial mortgage balance at all will wind up losing (or surrendering) their home.
Be afraid, be very afraid.
Thanks Hzrry, for all your help. You could care less about NEVADA. Retire NOW and save your self the humiliation of being DEFEATED come Nov, along with all the other CROOKS, TAX CHEATS and FELONS representing our country.. Shame on all of you!!
Yes, this is Harry Reid's fault.
Harry Reid held a gun to my head in 2005 and forced me to buy an overpriced home in Vegas.
He also caused the volcano in Iceland to erupt.
And all this wind in Vegas? Yup, it was Harry Reid's vision that is causing all these windy days.
I'm no fan of Harry Reid, but it is idiotic to blame him for every single thing that is wrong in Nevada. This is part of why our political system is so broken, too many people that blame everything on any person they didn't vote for. Its sad what is happening in this country.
The Las Vegas foreclosure issue is far from over. With roughly two out of three homes upside-down and no real price appreciation in sight, basic economics will force the majority of homeowners to walk away at some point. There is only so much good money you can throw after bad money.
I'm not particularly proud of this, but I stopped paying my mortgage 18 months ago (my wife and I both lost our jobs), and our mortgage company has not foreclosed and actually refuses to foreclose even after I asked them to. They have too many other homes already in foreclosure and won't take mine back. I have several other neighbors in the same situation, two of which have gone over two years without paying and no foreclosure.
So those who think the foreclosure crisis is getting better in Las Vegas are wrong. Banks are just hiding much of the inventory that they are overwhelmed with. It will take years to clear out this inventory.
not to mention that another 8,000 unemployed people just got any remnants of benefits completely cut off,so no money,no pay
And yes Im employed,just stating the obvious
peace out
A big part of this problem is that there are lots of residents just walking away because they are upside down. Nothing has changed in their income, they just doen't like that their home did not increase.
I personally know 6 families that are just walking away because of this. I don't understand how this is not illegal. There never was a guarantee that home prices would go up.
There should be an investigation into the circumstances of walking away from a home. If the income has not changed and they can still make the payments but just don't like that the home went down in value then the homeowner should not be allowed to claim bankruptcy.
Some of the families I know are racking up their credit cards because they are going to lump that into their loss. It makes me sick to watch them go on trips, buy expensive things knowing they are not going to pay any of it. These "friends" have not been paying their mortgage for almost a year now and along with the credit card shopping sprees comes to over $25,000.
This just adds greatly to the whole situation. If there was a hotline to call I would turn all of them in but apparently it is not a crime. I don't see how this can be when the income is the same and they do make more than enough to pay what they agreed to 3-4 years ago.
One of my neighbors took out a 2nd and 3rd when the housing was great. Thye put in a pool, pool house, covered patio, lush landscape, a boat. Now the housing went down. One of them lost their job. They applied for relief recently and bacause they were going to walk away they made a deal that they would stay and were relieved of $90,000 of the home mortgage debt. Does this sound fair? Why am I penalized for not getting in over my head and paying my mortgage every month?
It makes me sick to see these bailouts.
Wow! I keep hearing how some people have lived mortgage free for a year, two years, etc. without paying a dime? Must be rough....I stopped paying my mortgage in August of "09" and by October they started foreclosure. Last week they auctioned our house on the court house steps. Not that I'm complaining....we lost our jobs, the house was $125,000 underwater, and frankly, we walked away because of all of the above.
Anyone who is paying a mortgage on a home that is that far upside down needs to re-evaluate their priorities. You can not let guilt or "moral obligations" take whatever money you have left, or your childrens inheritance, and give it to the greedy banks who refuse to modify your loans.
Good for you if you can live rent free! Save your money and GET THE HECK OUT OF VEGAS!!!!
Nightmare
Harry is not responsible for the volcano erupting but he could be responsible for a huge amount of global warming with all that hot air that he spews out.
People like rwal2222 are the problem! No morals at all! If you buy a car, do you take it back 5 days later because the value went down when you drove it off the lot? The dealership would laugh at you. Why is a home any different?
You made a deal when you bought your home. No guarantee it would go up in value. It went down so now you want to cry about it and walk away adding to the mess.
Nice job teaching your children how to be responsible! What goes around comes around and I hope all of the people like this get whats coming to them.
While the meltdown in housing was obvious to anyone with an ounce of brains, the problem was made dramatically worse by Harry Reid.
As Senate Majority Leader, Harry could have stalled the TARP program, modified it or used any number of other tactics to kill it.
But Harry sold out Nevada and the country for political contributions. All the TARP did was transfer the losses on the real estate from the people that should have had to eat them to the taxpayers.
Now we are stuck between a rock and a hard place.
And it's 100% Harry Reid's fault. Now he didn't cause the meltdown but he made it eminently worse.
On the other hand, if he had not supported trashing the Glass Steagal Act and not given the banks a license to steal, none of this would have happened.
The Senate Majority Leader is the gatekeeper to the senate. Harry's gate was always open for a measely few buck dumped into his campaign coffers.
Even worse, his Kid is even worse. He has far fewer brains or competence but those same EVIL GENES.
Vote for a REID FREE NEVADA.
Fred Conquest
Democratic Candidate for Governor
www.fredconquest
what about the teacher who start working 9 month schedule starting next that might be your next housing problem next year. it not over yet. plus how about your underemployed. not enough hour not enough money to paid mortgage
and no this housing problem is not harry fault. it because no regulation repeat no regulation. every knew housing bubble was going to pop it just when was going to happen. this housing problem started in 2007. please look in review journal hot topic archives
i will vote for harry why would nevada give up a leader of the house why. u be stupid if u do
VOTE OUT ALL INCUMBENTS!!
some interesting comments
how about this one?
People who could not afford to buy should not have bought... simple really
The U.S. government encouraged people to spend more than they could afford by its' example of a $12,886,315,749,582.96 national debt and policies that encouraged banks to hand out "liar" loans and no money down loans. This will not be fixed anytime soon.
To qoute rwal2222, "give it to the greedy banks who refuse to modify your loans." Why should the bank modify your loan? If you had sold the house for a profit, that the loan from the bank allowed you to buy, would you have given them a share of the profits? Just like Wall Street and the rest of America, privatize profits, socialize losses. The bank is not the greedy one here, the greedy one is you.
We all need to thank the banks we bailed out for making loans on over priced homes to foolish buyers. These banks screwed homeowners. We all need to stop paying our mortgages, let the banks foreclose on every home in the valley, banks and lenders be dammed! My home is now worth almost what I owe on it, thanks to the foreclosures, twelve years and I have nothing to show for my improvements and hard work.
The national debt crisis is all do to cutting the taxes on rich people that was done by reagan and bushie.
If they did not do this, the national debt would be zero and the $500,000,000 being spent on interest on the debt, would be going to stimulate the economy and create lots of jobs.
But no! We sent the interest money to the rich people who don't pay taxes.
Who caused the foreclosure crisis?
Let us see here.....
Question #1: How did the home prices rise so rapidly from (2003-2006)????
-Answer: When prices rise... ITS BECAUSE OF LACK OF SUPPLY AND TOO MUCH DEMAND!!!
WE BUILT TOO LITTLE HOMES!!! When home prices reach 300K on average... there is a shortage of housing...!!!!
Question #2: Who caused the home prices to increase and stopped/halted development....????
THE INSANE AND OUT OF CONTROL BUREAU OF LAND MANAGEMENT!!!!
STOP THESE COWARDS FROM CONTROL IN THE CLARK COUNTY AREA!!!! Let the builders build!!!
Question 3: When home prices rose, Who interfered, to make "HOUSING AFFORDABLE"????
Fannie Mae, Freddie Mac, and the Federal Reserve!!
There you have it all... the people of the Las Vegas Valley... Here is to show you how you all got infected!!!!
NOW GIVE ME THE CHANCE AND LETS STOP THIS MESS!!!
@mar100...on home loans, banks didn't screw anyone. It's called capitalism and it's how our economy works. Greedy kids demanded cheap money so they could buy houses like they saw on MTV Cribs or fixer-uppers that they could flip for a huge profit like the saw on HGTV. Banks met this demand by creating a new supply of money in the form of ARMs and interest only loans, which the greedy kiddies eagerly snapped up. So if you want to blame someone, blame the gimme-gimme-now generation who thought they deserved to jump directly from their college dorm to a 4 bedroom, 3 bath home with attached 3 car garage.
As for having nothing to show after 12-years, you need to determine if the house was a dwelling or investment vehicle. If it was a home, then you have a house that you've enjoyed living in and altered to suit your personal tastes and styles. If it was an investment vehicle, well then you bet wrong and now need to deal with it.
This is a clear cut example of how capitalism and democracy cancelled each other out..
Comment removed by moderator. Comment was in all caps.
Cryrus wrote "Question #1: How did the home prices rise so rapidly from (2003-2006)????
-Answer: When prices rise... ITS BECAUSE OF LACK OF SUPPLY AND TOO MUCH DEMAND!!!
WE BUILT TOO LITTLE HOMES!!! When home prices reach 300K on average... there is a shortage of housing...!!!!"
------------------------------------------
Cyrus - I am shocked at your complete lack of understanding of what happened. The problem was too many homes with the oversupply being locked up with investors buying by the dozen selling houses back and forth to each other like stock portfolios. The number of houses built was too many. The problem was the investors and beginner flippers locking up supply, bidding prices up artificially and causing more building to take place that we did not need.
then you stack that up with the ARMs and other exotic mortgages that led people to buy more than they could afford.
Result? ARMs went into foreclosure. Prices started dropping. Investors started dumping.....thus today.
unclgig - Actually all caps does not work because it is too hard to read so the result is opposite of what you want to achieve.
I remember standing in a home in March of 2004 that was worth oh say $200,000. the inside was nothing much. Heck the owner was asleep in the bedroom and there stood 4 people bidding against each other for the house until the price hit $350,000.
Where did the problem occur in Vegas?
GREED from investors and flippers
Approval of mortgages for people that could not afford it.
We caused our own demise.
"what about the teacher who start working 9 month schedule starting next that might be your next housing problem next year. it not over yet. plus how about your underemployed. not enough hour not enough money to paid mortgage"
-----------------------------------------
You misunderstand the school system of which my family and friends have worked in for years. It does not matter 9 vs 12. You get the same total annual salary as a teacher and actually with a 9 month you can make more money because you have three solid months where you can teach summer school or do something else to actually increase your salary. A 9 month schedule affords a better earning opportunity.
California cities accounted for half of the top 20 metro areas for foreclosure filings, but Las Vegas claimed the number one position. It had one foreclosure filing for every 28 households during the quarter, roughly five times the national average of one filing for every 128.
WOW here we go again.
All this dust, a sign of serious commotion, is beginning to settle enough to see the what and its why and then to reveal the all-important so what.
what: we overbuilt and overpriced and suckered unqualified buyers into dreams.
why: we're stupid people, some with gains, many with losses. Drive by sometime.
so what: well it happens alla time, just not usually so 'perfect stormy'; buy low if ya can. Never outspend your resources; always have a back-up that works; fish in many streams; trust no one but yourself and those you trust. :) If it's not fun, do something else - it's your life!
GREED, ladies and germs. look in the mirror, my fine fellows. aha ,you found the problem. it wasnt reid or obama or even your good friend george bush that caused your problem; it WAS you.
Vegas Resident...
HERE IS MY PROOF AND HOW THE INSANE BUREAU OF LAND MANAGEMENT...
DESTROYED AND MESSED UP OUR VALLEY!!!
Take a look!!
http://demographia.com/db-lvland.pdf
There should be consequences for these people who are walking away. These bailouts are a huge problem. If you want to dance, eventually you have to pay the band.
The taxpayer is the one who will get screwed.
They're getting away with dumping the debt on us who paid ours. Now we pay theirs too?
scary, huh?
makes me smell revolution by the shrinking middle class
Money doesn't grow on trees.
That's what they used to say, before the smarty-pants bankers with their creative ideas proved it isn't true.
They should have extended mortgage to 60 years.
Everyone would have keep there jobs and banks keep collect interest every one would be happy.Now we have a meltdown.
Obama is putting bandaids on the debt for the next president.
The US is broke and nothing is working,(all that tax payers money wasted,trillons of dollars)on what? Now the only way to get out of debt is to raise taxes.I feel sorry for the next generations.
old bouvier must be happy as a...clam? anyone?
I look at this valley and try to figure out why a population that is almost completely dependent on tourism located in a relatively small area (strip, downtown) need to be sprawled out over many square miles with tiny postage stamp yards, houses crammed so tight together that if your neighbor sneezes you feel compelled to bless them.
This is a desert. You know not much water. What the H. E. double toothpicks do you need a yard for? Are you gonna grow veggies or somethin'?
We are having the problem that we are having because housing is being built as if we were somewhere back East or another place that has moisture. This place gets so stinkin' hot that all you want to do is get from one air conditioner to the next.
If this city had been built up instead of out, with some real parks, on the scale of Sunset Park or larger, connected by trails, with a public transit system that actually worked, it would make sense. This whole valley was planned by money, not reality.
Now the money is gone. Here comes reality.
Vegas could have really been something cool. A real modern marvel.
No planning, no vision just the nightmare that recurs every month with the new foreclosure figures.
Welcome to your Nightmare. I think you're gonna like it. I think you're gonna feel, right at home.
if republican have there way there be rich and poor no middle class. thank god there some one whose fighting for middle class
What I don't get is how Reid could allow such misleading campaign ads to be aired on his behalf; the ads claim Reid saved 20,000 jobs at City Center. I don't recall any 20,000 jobs being offered at CC and within a month after that eyesore opened, workers were already being laid off.
Reid has been in politics since the Almighty was a zygote, he needs to retire, to the local cemetary!
On an electric bicycle with a solar cart, we crossed the US from Florida to California in nine days in the spring of 2010.
*Average speed 38.2 mph.
*# of revolutions per minute of pedal wheel .000004
*% of electricity from sun 100%
Anybody looking for some fun? a job? a career that is so green it will grow where nothing else could? Or do you want to go around in circles?
Banks and Wall Street working together giving securities packed with sub prims. They new what they we're doing. Moody and the other people grading the securities we're in on it. Giving some AAA ratings when it was packed with sub primes. TERRIBLE REGULATOR'S or they to we're in on it or told to look the other way.
Where can I buy one of those Solar Bicycles airweave?
I feel completely inadequate in replying to neiman's 1 comment on how this is Harry Reid's fault.
I didn't realize he was in charge of the entire banking industry and the greedy bankers who were lending 125% of mortgages I must of missed this on Rush's show.
Why do people borrow more than the can repay with the expectation that good times are going to last forever, maybe a refresher on the great depression is in order.
I don't see this situation improving within the next 100years,if they DON"T GET RID of those leeches who are STILL out there in the Vegas area offering 0% down and no credit checks to otherwise unqualified people.
if this oil slick in the gulf ends up being as bad as they say it's going to be...
the ripple effect on the fishing, tourism/travel, construction industry will quickly be felt on vegas' bottom line.
people lose jobs = people don't come to vegas.
Las Vegas is recession proof.
wait until bush takes over... wait, sorry, having a bad flashback.
What happened to cause the real estate boom and bust? It's a classic "bubble": an orgy of speculation, with prices rising beyond any reasonable limits, bid up by speculators, who are betting that prices will continue to rise. Everybody says, "this can't continue forever", but they stay in the game because they're making money. At some point comes the crash, and prices plunge.
The real estate bubble was about 2000-2006. Before that there was the dot-com bubble (1995-2000).
There have been bubbles throughout the history of capitalism. Bubble are nothing new.
The only thing that is new is that bubbles are occurring NOW. The last previous big bubble ended with the 1929 stock market crash. Since then, government regulation of the economy had prevented further bubbles.
What happened after the New Deal of the 1930's? Banks and other powerful interests successfully
freed themselves of regulations, or powerful firms (Goldman Sachs) captured the regulatory agency. With the absence of regulation, bubbles returned.
Why did the drive to deregulate business succeed? For one thing, nearly everyone with personal knowledge of the Great Depression of the 1930's has retired or died. For another, the ideological opposition to government regulation of the economy (e.g., Review-Journal editorial page). Finally, some bankers and financial swindlers made enormous fortunes in the bubble, providing that they got out before the crash.
The Central Banks and Wall Street knew full well what they were doing in creating the Financial "Crisis." It was another way of facilitating the transfer of wealth from the many to the few.
Rope..........anyone?