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Wednesday, Aug. 11, 2010 | 9 p.m.
Sun coverage
Nevada kept its No. 1 national ranking for foreclosure filings for the 43rd consecutive month, but the state and Las Vegas are faring better than a year ago, according to report released late Wednesday.
California-based RealtyTrac reported that the 13,727 foreclosure filings in July were down nearly 30 percent from July 2009. That marks the tenth consecutive month that Nevada foreclosures fell year-over-year, the firm reported.
Nationally, foreclosure filings fell by nearly 10 percent between July 2010 and July 2009. Nevada had one filing for every 82 households.
As for Las Vegas, it had the highest metropolitan foreclosure rate in the country with one filing for every 71 households, more than five times the national average.
But the 11,453 filings in July were down 41 percent from July 2009.
Nevada had 6,053 notices of default filed in July, down from 7,139 filed in July 2009. The state had 3,478 homes repossessed in July, down from 4,563 in July 2009.
Las Vegas had 4,861 notices of default, down from 6,027 in July 2009. It had 2,949 homes repossessed, down from 6,771 in July 2009.
More lenders have been allowing homeowners to do short sales in lieu of foreclosure. That allows homeowners to sell homes for less than what’s owed on the mortgage.
No one does more....
Thanks Harry!!!!
P.S. Harry,
Thanks for giving Nevada the "finger" by promoting English lessons for Hispanics.
C'mon, don't blame Reid,or anyone else for that matter. So many of us live live paycheck to paycheck and bought more than we could really afford. We all know the LV economy is entirely dependent on the rest of the country.
We can talk economy improving until we are blue in the face. The bottom line is that nothing is going to get better until unemployment drops. I hear all these people talking about how companies are reporting good earnings numbers....their numbers are good because they've cut staff to the bone, cut wages, cut benefits. The waves of foreclosures or short sales isn't going to stop. There are more on the way. At this point the banks are just managing inventory so as to not crush pricing any worse than it is. There are still 1000's of homes not being sold by banks as they jerk potential buyers around by the nose until they've lost interest in doing a deal.
wow how stupid people are, blaming their local politicians
lets get some facts straight
1) people bought houses they could never afford, hoping they could sell them on within a short time period and make a quick buck,
2) the economy has slumped, caused by people wanting properties they could never afford, how can someone earning 15,000 a year buy a million dollar house? well it happened, of course he would lose it, but hey he figured he could ride the wave up and make money.
3) Pure greed
This is a depression what the FED have done this week is a last resort which could in fact bankrupt the USA totally, very risky bet, which has a good chance of failing, I would not take a bet like this.
It is much like saying i will lend you my wife to the best looking guy on the planet and expecting to get her back.
It will take 20 years to get back to a normal level.
Anyone contemplating buying should wait until the national employment improves significantly. Las Vegas employment will lag the national improvement and so there will be plenty of time to find a great deal on a house here. Look for properties in the best neighborhoods only and pay cash if you can.
I sold my condo in 2006 at the peak. I can now buy three foreclosed condos in the same development for my sale price. So the opportunity does exist to make money, but patience is key.
The point most of the commentors here are trying to make is that Harry Reid has done nothing to change the forclosure rate in his home state. He is able to strong arm legislators of other states by offering stimulas money in exchange for votes on issues that are important to him. His constituents suffer and he still does nothing for Nevada and Nevadan's. The great majority of Nevadan's didn't want Obamacare but Harry ignored us. Now is the time to let Harry know how we feel. Send him back to the meth infected Searchlight.
vegas is over.
there will never be enough construction jobs going at one time to get enough new people into town to increase demand to ever get home prices up again.
construction jobs is what fueled the boom.
@TomD1228
Very true. Except there will be no going back for companies for a very long time, if ever. Companies have gone past cutting to the bone to squeeze more labor out of employees, and are now whittling away the bones themselves. Stress levels at everyones' jobs are going up. But what started out as a cost-cutting measure to stay afloat though the economy is going to turn into a new business model to make money. Just look at shipping and other companies who managed to initiate "Fuel Surcharges" for when gasoline & diesel prices spiked a few years back. People got used to paying it, so no one is willing to stop charging it. What was at first an emergency method to keep a company from losing profits is now a business model to increase them. Same thing with job cuts. It's not a factor of the economy improving at all, rather just a matter of time until consumers are willing to stop paying the surcharges, and worker productivity finally suffers enough that things will change. But how long until that happens?
@stevem
More than just the construction jobs, I believe that Vegas has started treating their workforce as disposable, and will prevent the majority of residents from obtaining permanent employment, let alone long-term purchases such as houses. Rather than weathering bad times as they've done in the past, now that most resorts and other companies know that they can lay off people simply as a profit-building measure, they're gonna do it more and more now. You may have a handful of families that beat the odds and do raise kids here, but it looks like most homebuyers from now on will simply be either vacation/retirement properties, or out of state investors renting the homes out. But honestly the people who do stay long-term will probably do so for no other reason than necessity because they can't afford to leave, rather than they have a career here.
Anyone who blames Harry Reid for Las Vegas problems is way out of line. I don't remember anyone one of you praising him when Las Vegas was a boom town, so how is it his fault that we are having foreclosures now?
In my opinion all politicians are corrupt and seem to only care about getting reelected. So tell me, how would it be better for Nevada to replace the senate majority leader with a first time senator with no experience?
Yes people bought houses they couldn't afford, but whose appraisers artificially inflated values? The banking industry needs tighter regulation and more accountability to prevent this fiasco from ever happening again. Employment will increase when tourism increases; tourism will increase when the entire US and Canadian economies improve and people have money to travel and gamble; when more people are employed, they will buy houses (at bargain basement prices for a while), this will drive prices up, causing builders to build again. Remember the last boom-bust cycle; lots of people said LV would never recover and look what happened. History does repeat itself and there is much to be learned from this. No boom can sustain forever and no bust is ever permanent. Real property (land, homes and commecial) has always increased in price over time. It will again regardless of who runs the country and what the nay-sayers grump about. Be still and wait, it will come again.
Yeah Nevada!!!! I knew you could do it!!! Woohoo!!! No. 1!!!
Call Harry Reid, Thank him for this wonderful mess he left us in. 24 years in the Senate and, of course, we really can't do without him, right?? WRONG, Dump Reid!
For those who care to know where this started:
http://www.businessandmedia.org/articles...
Investors went nuts with money, but only after money was made cheap. When more and more investors saw that taxpayer-backed Fannie and Freddie made their gamble a no-risk (quoting Franklin Raines, Democrat CEO of Fannie Mae) gamble, then everybody beat down the doors to the banks to build and buy houses.
If you research, both in the above and independently on youtube, google, etc. you will find that Republican efforts to oversee and regulate Fannie Mae were condemned by Democrats as discriminatory. Leading the opposition to reform of Fannie Mae were the good friends of Franklin Raines, the Congressional Black Caucus, to include Maxine Waters and Charles Wrangell.
Don't forget that Barack Obama was retained by ACORN in Chicago to use courts to pressure banks to loan to minorities regardless of existing bank loan policy. These methods were used by 'Progressive' activists all over the country, to include, with the blessing of Harry Reid, in Nevada.
Let's not think it strange or unexplainable. It's quite understandable. Sowing foolish wishy "justice" and reaping the consequences were never so plain and clearly seen as the housing crisis of the 'Progressive' Master Planners.
Still want Harry telling banks to loan to his Boys when they really would rather not?
http://www.walletpop.com/blog/2010/08/05...
It was the people, for the people, and nothing but the people and cash. We put ourselves here. Refer to markp.
foreclosures down, short sales up. way up.
NO MORE BAILOUTS....NO MORE! You really should look at your lender. Example: Chase Bank...they get bailed out with our tax dollars, they WANT you out of your homes, they just re-sell them. It is another another greedy banking scam. Why do people forget so quickly. It seems easy to put the blame on someone else but it isnt truthful. Look in the mirror...you were living on credit beyond your means. Construction did not keep this town going. The very act of construction is working yourself out of a job. Every project has to come to an end and you know it. Greed and entitlement...the american way.
The economy will get better, The south shall rise again. My life is like a hookers head.,,,
UP and down. Success and failure have a common denominator, they are both temporary. Life is temporary, Waking up, finding out Vegas was number one in something and then discovering it was first in Foreclosures, well, the rest of the day, can only get better. Cause this is the worst. have a happy day.