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StumbleNevada starts new year with same ranking: No. 1 in foreclosures
Wednesday, Feb. 10, 2010 | 9 p.m.
Nevada started 2010 leading the nation in the rate of foreclosure cases again, but lenders scaled back on the amount of filings from a year ago.
California-based RealtyTrac reported Nevada had 11,854 foreclosure filings in January and 2,332 homes had been repossessed. The filings fell 18 percent from January 2009 and were equivalent to the rate in December.
Nevada bucked the national trend in January because foreclosure filings rose 15 percent over January 2009 across the country.
This marked the 37th consecutive month that Nevada has led the nation in the rate of foreclosure filings. The state’s filings were four times the national average. Arizona ranked second in the nation and California was third.
As for metropolitan areas, Las Vegas, which was No. 1 in 2009, started the year leading the nation again with one filing for every 82 households. Filings fell 2 percent from December and 21 percent from January 2009, RealtyTrac reported.
Phoenix was second with one filing for every 102 housing units. Phoenix was the only city in the top 10 to have an increase over December. California had six cities in the top 10.
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We're number one.. night quite as joyous as when the Saints Fans chanted it yesterday.
The average foreclosure is a first or second time move-up home. It is not some low income ACORN ghetto house, that got the loan because of the "Community Reinvestment Act." In fact of the 6 largest financial institutions that were bailed out, only one was subject to the CRA.
Are people forced to open pay-day loan stores or pawn shops in low income areas? No, there is money to be made there. By the same token, people wanted to originate mortgages in low income areas because there was a good opportunity to make money. The loans to middle and upper income people were maxed out. The low income people were the only part of the market left.
Talk radio racists want to twist the foreclosure crisis to bash minorities, poor and immigrants.
Lake Las Vegas and countless other high end developments have gone under. What did Acorn have to do with that?
Who do you want to believe? College drop-out and former house painter, Sean Hannity, drop out disc jockeys Limbaugh and Beck? or Noble Prize winner and PhD in economics Paul Krugman?
I wish there would be some foreclosures of large vacant lots near my house. I want something to put a shop on. Please people, just walk away!
The projection is we will see another 90,000 homes foreclosed by this year end.
But...but...but Senator Reid told us we got hundreds of thousands of jobs from the "stimulus" bill.... And pre-Senator Titus said she personally fixed the foreclosure problem.
You better recheck your figures. We have their word that the problems have been fixed.
MOST OF THE PEOPLE WHO BOUGHT 'THIS AMERICAN DREAM' FROM THESE REAL ESTATE SALES 'CHURN ARTISTS' ARE THE SAME PEOPLE WHO BLOW THEIR CASH ON NEW CARS, TRUCKS, SUVS, BOOZE, GAMBLING, CIGARETTES, ONE-NIGHT STANDS WITH THEIR 'PEEPS', AND ONLY 'PICKED UP A PLACE' 'CAUSE THEY NEEDED MORE 'EQUITY' DOUGH TO BUY MORE CRAP-OLA TO PILE UP IN THEIR GARAGE.
AND THEY SCAMMED ON THEIR LOAN APPLICATIONS KNOWING FULL WELL THEY WERE TAKING OUT A 'LIAR-LOAN' TO DO IT.
WITH THE FULL HELP OF LICENSED 'REAL ESTATE CHURN ARTISTS' AND 'MORTGAGE BROKERS' WHO LOOKED THE OTHER WAY THE WHOLE TIME THIS SCAM WAS GOING DOWN.
WHY?
SALES COMMI$$ION$ AND FEE$, BABY.
BILLION$ AND BILLION$ PAID OUT IN REAL ESTATE BROKERS COMMISSIONS, MORTGAGE LOAN FEES, BANKING ORIGINATION CHARGES, AND CONSTRUCTION AND DEVELOPERS 'REBATES'.
AND WHOLE TIME THIS PERVERTED REAL ESTATE SCAM WAS HAPPENING, THE NEVADA REAL ESTATE DIVISION KEPT HANDING OUT REAL ESTATE LICENSES LIKE CANDY.
AND TO MAKE THIS A COMPLETE WASTE OF TAX MONEY, THE NEVADA REAL ESTATE DIVISION DEFIANTLY WOULD GIVE BACK LICENSES TO THE LOW LIFE REAL ESTATE SCUM WHO GOT CAUGHT CHEATING WITH THAT INFAMOUS TAG LINE, "Well, they need a license to earn a living".
THAT'S THE SAME THING AS SAYING, "Well, we'll let this bank robbery felon own firearms because they'll need a weapon to earn a living".
AND THIS IS COMING FROM THE GOVERNMENT AGENCY CHARGED WITH PROTECTING US FROM REAL ESTATE CHEATS AND SCAMMMERS. THE NEVADA REAL ESTATE DIVISION IS ONE STEP ABOVE USELESS AND IS IN CAHOOTS WITH THE CHEATS.
WE'RE GOING TO BE IN THE REAL ESTATE TOILET FOR A LONG TIME TO COME.....
Save this headline for January 2011.
I'm such a broken record, but here goes --
http://www.creditslips.org/creditslips/2...
"If you're going to take my house away from me, you better own the note." -- Joe Lents (who hasn't made a payment on his $1.5 million mortgage since 2002) in Bloomberg's 2/22/08 "Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish"
"The paper bubble is then burst ... there will be a general revolution of property in this state." -- Thomas Jefferson by letter to John Adams, 1819, from "The Works of Thomas Jefferson" Vol. 12
Is this really news. Didn't we all know this already?
bank and wall street is win/win situation
the sad reality is that if you bought after 2003, you'll actually be in a better long term financial position if you walk away and file for bankruptcy.
stop trying to save those cookie cutter beige stucco boxes.
ya, you won't be able to buy a home for 7 or 8 years, but who freaking cares? there's millions of americans that won't be able to buy for 7 or 8 years as well and that will keep the market down.
stevem -- you almost have it right.
File for banko, then force the "lender" to prove it has standing. You could actually end up owing no one for your home. And that's old news here -- http://www.lasvegassun.com/news/2009/oct...
friend at work who's know someone that work at a title company. that BofA/countrywide is going to drop alot houses from there books this year. look for drop in property value. it looks like another bad year in housing market here. no one to blame but the city itself and greed in every part. wall street and lenders. no matter what lenders going to make money on short sale and foreclosure. look at video thinkbigworksmall.com and you really get angry lender is a win/win situation no matter what