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StumbleNevada records nation’s highest foreclosure rate in 2009
Published Wednesday, Jan. 13, 2010 | 9 p.m.
Updated Thursday, Jan. 14, 2010 | 9:33 a.m.
More than 10 percent of Nevada’s homes received at least one foreclosure filing in 2009, keeping the state in its No. 1 ranking for the nation for the third consecutive year, according to statistics released by a foreclosure-tracking firm.
Nevada had 112,097 foreclosure filings in 2009, a 44 percent increase over 2008 and 226 percent gain over 2007, according to California-based RealtyTrac.
Statewide, foreclosure filings picked up in December, increasing 27 percent over November. But overall, foreclosure filings dropped 37 percent from the third quarter to fourth quarter as the state implemented a new program that allows homeowners to seek mediation with lenders to modify their loans.
Analysts have been mixed on where the trend is heading in Nevada given the job losses in construction and gaming. At the same time, more lenders have been willing to modify loans and allow homeowners to sell homes for less than is owed on the mortgage, they said.
Arizona recorded the second highest foreclosure rate with 6 percent of its housing units getting at least one foreclosure filing, RealtyTrac reported. California was third and Utah fourth.
Nationwide, RealtyTrac reported the number of filings in 2009 rose 21 percent over 2008 and 120 percent over 2007.
“As bad as the 2009 numbers are, they probably would have been worse if not for legislative and industry-related delays in processing delinquent loans,” said James Saccacio, CEO of RealtyTrac.
After peaking in July, the nation had four consecutive monthly decreases driven by trial-loan modifications, state legislative action extending the foreclosure process and overwhelming volume of inventory clogging the foreclosure pipeline, he said.
First American CoreLogic, meanwhile, reported today that the 90-day delinquency rate for Las Vegas rose in November to 20.47 percent, up from 19.39 percent in October. The delinquency rate was 13.87 percent in February.
The data firm also reported the foreclosure rate for mortgages was 8.37 percent in November, an increase of 4.48 percentage points since November 2008.
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Hey Sun, isn't these type of stories getting a wee bit old? We all know that countless people took advantage of adjustable rate mortgages and bought homes bigger than they could afford - we all know that people flooded to our state and instead of working their way up spent more money than they had - we all know the news, then, told us that this was the only place one could move to where jobs were endless only to find out that Las Vegas wasn't immune.
I think the time has come to focus on what is good in this town. Not to say that things are always greener. But geez! How many times do you have to run foreclosures as your headline!?!
Why don't you guys do some real reporting and tell us something we don't already know. I have an idea, find out about the 40 or so building permits issued to MIG West last week for the Fontainebleau and give us a REAL story that we want to see.
Home loan modifications haha that should be the joke word of the year. These banks wouldnt lift the finger out of there rear ends to help anyone. Everyone I know that had trouble all said the same thing round and round with banks losing paperwork, re-faxing and not knowing what one hand was doing while dealing with someone diffrent everytime same story. F*** the banks and I hope all those corp fat cats that took all the government money rot in he**!!!!
Bank of America is the real problem in this state. They purchased Countrywide so now all of us are stuck working with B of A. Even if you qualify for the making home affordable plan, they drag their feet until your unemployment runs out, then they tell you you don't qualify because of lack of income. If you get a job and go back to work, they tell you you don't qualify because you have too much income. Don't patronize Bank of America and certainly don't apply for a mortgage at any of their branches. Maybe then they'll decide to help people in Nevada.
"I think the time has come to focus on what is good in this town"
ROFL!!!
13% unemployment
highest foreclosures in the nation
illegal immigrants
casinos going under(i dont care how they spin it)
water issues
corrupt govt
commercial RE market will hit in 2010
education system one of the worst in nation
one of the most undervalued housing market in the nation
the mayor giving more time to holly madison for a reality tv show than his Fing constituents
Lovely Town
and yes if i could get out i would,but my house is only worth 40% of what i paid,and im not ruining my credit to vacate,AND i love the weather
peace out
So whats the point of focusing on anything if its so great and you want to leave this lovely town. Are you one of the people that love Vegas so much that you hate to live here, or leave here.
Undervalued housing market is a GREAT thing for those of us looking to buy our first house when the bottom gets here!
I'm sure BOA will be chasing their customers away. If it weren't for the government help they would've already gone under.
...losing paperwork, re-faxing...so true.
Thanks.
This is no big disclosure here, the bigger question is will this continue to be the case in 2010 ? Lets just hope that all of the overpopulation clears outta here and bring some kind of relief to the valley's strain on water and energy resources.
i guess what there going to more foreclosure this year in commercial and housing. i was told yesterday by my boss i am down to 4 days a week and those days are 7 hr a day but i am not commplaining it can be worst. i have to decide this weekend to let my lawyer know if she can get me deed in leiu of foreclosure without coming after with deficiency of fund who cares about credit now. it is survival mode
keep it up sun. some people like to know what going on in this town. even though we know it bad
Perry, so true. We all are in survival mode - hell with credit at the moment..that will come back in time. I am right along with you.
you'll love this from the RJ!!
http://www.lvrj.com/business/bank-of-ame...
for the last time...
there will never, ever be enough people moving here or living here in numbers greater than the amount of vacant houses.
"Home loan modifications haha that should be the joke word of the year."
Disgruntled-Me -- and the joke's on you, us, the rest of the country. Sloppy records are the norm across the board with massive institutional frauds showing right there in black and white on your own paperwork.
Examples -- does your Note's "Borrower's Promise to Pay" show one lender but the last demand to pay shows another? Or does your Deed of Trust show MERS as the beneficiary?
Perry161492 -- yet you can afford a lawyer. How to tell if she's competent -- did she tell you "first thing is we get them to prove they own the Note"?
"...more lenders have been willing to modify loans and allow homeowners to sell homes for less than is owed on the mortgage..."
How come the "Analysts" aren't talking about the REAL problem -- "lenders" can't modify loans they can't prove they own.
When examined some foreclosers can't even prove they have a legal right to the properties they're taking. Vegas judge Linda Riegle has already nailed MERS on this @ http://www.lasvegassun.com/news/2009/oct...
"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 "Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish" Feb. 22, 2008
HookorCrook -- interesting link, but I'm suspicious of anyone presenting himself as a professional (the Stout Law Firm) who can't seem to use his spellchecker before publishing a purported authoritative piece like this -- "add" and "onslought"??
If you want the suits to keep feeding on you, go ahead and buy into their loan modification and short sale schemes. The REAL solution (how can Stout, an attorney, miss this one? Billable hours!) is still the same as it's been for centuries, in the law of notes. Today in Nevada you'll find that in NRS 104, mainly in 104.3501. All one has to do is look it up and use it! No lawyers, no courts, no other government permission needed -- it's still "lex privus" and an operation of law to boot.
The banks still don't get it..even Obama has said that..they are the cause - not the solution..Take a look at Credit Suisse and the FRAUD the perpatrated on our Lake las Vegas..They de-frauded the community with intention to bankrupt the developers so they could own the developments, bypassing the appraisal rules of the United States - a judge in Montana already has pointed that out and then sent the money TO IRAN - circumventing the sanctions against those idiots! And nothing has changed with the banking guys - lost paper work, resend it, aarrgghh, and no one will take them on - not even Obama or the republicans !
Holy S***! Someone should alert the Pentagon... I wonder if the value of houses will be affected....
Yes we know that more people borrowed more then they should... Yes we know unemployment is hitting and all time high here.... Yes we know the median value of homes are going down... Yes we know that construction has all but halted in Vegas...
The news really needs to stop recycling this story... I wonder when this stops being journalism and starts becoming plagiarism...
I'm with you Bldblu!
bldblu - I expected as much. Yes, all your points are valid - great negative thinking! Seems that is all I read here. I know that what makes news is what is wrong - and what is right hardly ever makes news - but do us commenter's have to mirror the articles we read?
lynusun -- your "negative thinking" comment shows you seem to have trouble with reality. When you're losing your home because you trust the suits and the paper they shove at you -- much of it false -- what's so positive about any of that?
The banks liked screwings so much the first time so much they're doing it again. Big profits for banks, but the average Joe is in the Red.