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SalesTraq
ZIP codes in the Las Vegas Valley that registered the highest number of foreclosures in 2009.
Friday, Jan. 22, 2010 | 10 a.m.
The Numbers
Lenders and their foreclosure inventory, according to SalesTraq. The total amount was 13,789 as of June 2009:- US Bank - 1,759
- Fannie Mae - 1,518
- Deutsche Bank - 1,465
- Wells Fargo - 1,255
- Bank of New York - 997
- Bank of America/Countywide - 985
- Freddie Mac - 950
- HSBC - 929
- Aurora Loan Services - 454
- Nevada State Bank - 323
- All others - 3,151
The North Las Vegas ZIP code that includes the Eldorado residential development led the valley in foreclosures in 2009, according to statistics released by SalesTraq.
ZIP Code 89031 recorded 1,167 foreclosures, easily topping No. 2 on the list, 89108, in the city limits of Las Vegas with 902. The ZIP code is bounded by Rancho Drive, Washington Avenue and U.S. 95.
SalesTraq President Larry Murphy said the top 10 list is essentially the same from 2008 with the one addition, 89178 in Mountain’s Edge. It entered the list at No. 10 with 680 foreclosures.
Four of the highest-ranked ZIP codes were in the north valley and four were in the southwest. Two were on the east side. None were in Henderson.
Murphy has projected Las Vegas will have 26,000 foreclosures in 2010, an increase of about 2,000 over 2009. The valley had 25,288 foreclosures in 2008.
This list really should be called "the biggest mortgage fraud scammers AG Masto and the FBI won't investigate." Except maybe for Nevada State Bank.
U.S. Bank and Wells Fargo are so bad a Boston judge voided their foreclosures retroactive to 1989. DoucheBank does Kansas City Shuffles (well, more than most anyway) with IndyMac. Countrywide is long defunct and shouldn't even be on the list. Aurora Loan Services is indescribably sloppy and just bullies victims into submission -- and it may not even be a lender, although it acts like it is.
You can find the Boston case online @ http://www.boston.com/realestate/news/bl...
You'll find the judge's radical action was due to "a practice that apparently has been common by some lenders -- pushing ahead with foreclosure proceedings and lining up formal proof of ownership later."
Sound familiar? It ain't just happening in Boston, People.
"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
" While the recession raged in Southern Nevada, 35 major businesses opened their doors in North Las Vegas, 12 others expanded substantially and 1,500 new business licenses -- nearly half of them for home-based operations -- were issued by the city. "
" Murphy has projected Las Vegas will have 26,000 foreclosures in 2010, an increase of about 2,000 over 2009. The valley had 25,288 foreclosures in 2008. "
I'm getting confused here.. One arcticle says things have improved in N. Las Vegas, and then we have this dark picture. Why don't we stop kidding ourselves and just understand that this is a DEPRESSION, and we are not going to climb out of it until we get some quality and experienced leadership in our state.
Wallbanger -- don't be such a dunce. That site is ONLY for military, peace officers and firefighters.
environprotector -- good point. No matter how they spin it the numbers are still there.
recjco100 -- no it's not. Look around the site, you'll find it on the About tab --
"Oath Keepers is a non-partisan association of currently serving military, veterans, peace officers, and firefighters who will fulfill the oath we swore to support and defend the Constitution against all enemies, foreign and domestic, so help us God."
The last four words are on a lot of oaths, including perjury oaths in courts.
Buck, (or staff)
Any chance of getting relative numbers?
89031 may have had the most foreclosures, but that zip code may have twice as many homes, and therefore a much smaller relative foreclosure rate than smaller zip codes.
I'm willing to bet that 89178 is much higher on the list if real life numbers are used.
STV
That would take some real reporting...unknown to Sun staff
wizard -- good to see you woke up to this massive fraud. Did you see the recent story here "Las Vegan on Financial Crisis Inquiry Commission seeks answers from fat cats"? That guy should have been provided a full page for what he had to say!
Over reaching home buyers and no doc home loans had everything to do with whats wrong today.
dipstick: The way you convince someone is, while the real estate market is booming, you tell them that by 2010, there will be no new land on which to build. You tell them that at that point, housing prices will really be through the roof and that if they don't buy now, they'll be in trouble. You then continue to convince them by showing them how much more difficult it is - during the big housing boom - to rent a place. Many apartments are turning into condos. If you even want to consider living here, you're pretty much forced to buy. Then you top it off by showing them how easy it is to get a loan. You're even honest about it: you tell them that the loan payments will go up with that ARM, but you cannot really tell them by how much because you cannot predict interest rates that far into the future.
That's certainly how it happened to me. I did not buy a house to capitalize on the booming market and to try to get rich quick. I had to choose from the options that were put before me. I had to trust real estate agents and bankers, all of whom were happy to pretty much lead me to think that this was both necessary and manageable.
Yes, of course I am responsible for the decisions made and the actions taken. I have always paid my bills and been financially responsible. But I will not take 100% responsibility for all of it. No way. As I said, when one encounters housing conditions as they were, and when one must rely on the words of people who are supposed to look out for you, what are you supposed to do when the whole economy drops out from under you?
Pointing fingers at this point won't do any good. This isn't a situation where if we can find the cause, we can figure out the cure. You're not going to get the money back that everyone walked away with. Perhaps you can now at least relish the fact that many people are now jobless, homeless, and have tarnished credit ratings that will follow them for years.
The biggest mess of this whole thing is everyone's credit history..No matter if you did everything right by the book, etc, when you are out of work, and can't pay your bills for over 12 months, you will get slammed on credit no matter what you try..Yeah, a bunch went wrong, but ain't nothing going to happen anytime soon..and when there is no hope, you tend to let it all go anyways. Maybe the best part as compared to years past, is that this time, we'll all be able to explain to the banks and other "loans lenders" that we were opart of the "depression of 2008 - 2012, that's why our credit is in the tank..but who knows...
I refinanced my small home in 2004 to get a better interest rate. Got 5.5% fixed for 20 years. Took out no money. During the process, the talking head said "Hey, want another house?" I said no, that I was retired and lived on Social Security. So he says "hang on", and 2 minutes later, I was approved for $300,000. Countrywide. I told them where to stick the offer.
So I have no problem telling people to walk away from their home, if necessary. If Countrywide and their ilk were so happy to give out money like IHOP mints, then they deserve what they got back. People aren't stupid, they're gullible, and these companies took advantage of them big time. I used to get refinance offers every day, mostly from companies in Orange County, Ca. None any more. Good. Rot in Hell...
each "article" in this paper is nothing more than a press release with numbers spun to push the agenda of the person writing it.
that's why when the mayor of north las vegas puts out a press release...of COURSE it's going to be about how great her city is...not about the crime or foreclosures.
and the sad part is that the sun never, ever, challenges those press releases with facts to the contrary.
oh, and people...put on your big boy pants and stop blaming realtors for this.
it shows your lack of intelligence.
that's like blaming the cashier at the grocery store for the price of gasoline.
Comment removed by moderator. Comment was unrelated to the story.
89031 population: 63,899 f/p percent: 1.82%
89108 population: 76,710 f/p: 1.18%
89123 population: 54,027 f/p: 1.61%
89110 population: 71,339 f/p: 1.14%
89131 population: 12,641 f/p: 5.40%
89122 population: 33,564 f/p: 2.07%
numbers estimated 2008 from http://www.city-data.com/zips/89108.html... (e.g.)
if we don't a hammer down financial institute this is going to happen again some years down the line. next it won't be a recession it will a depression. we see what happen with deregulation all those years we going to be digging out next few years or so
All of the people who walked away should not be allowed to take out another mortgage until the bad loan is paid in full. If one was stupid enough to buy a house for 350k that eas worth 125, that's their problem.
Enjoy your apartments!
Use credit unions instead of Banks.
I fully agree with Bakersfield's comments.
No one was ever forced to take out a mortgage. If you borrowed money, you should pay it back, period.
No whining about how prices have gone down or other crap.
Bring back debtor's prison and make every deadbeat "work off" their loan. The state could pay them minimum wage and eliminate a lot of high slary state jobs in the process - saving even more tax money.
bakersfield is an idiot.
nobody buys a house for single dollar more than it's worth.
if a house sells for $400,000...that's because the market says that house is "worth" $400,000.
that's why a 2,000 sq. ft. beach home in malibu is 3x as much as a 2,000 sq. ft. home in summerlin.
@Teaser-
"I HAD (emphasis mine) to choose from the options that were put before me. I HAD (ibid) to trust real estate agents and bankers, all of whom were happy to pretty much lead me to think that this was both necessary and manageable."
And every step of the way you made a conscious choice to trust the realtors and bankers and not do your own research and thinking. Had you chosen otherwise, you might have discovered the real estate patterns in the booming energy belt during the late 70's and early 80's when land and home values from Montana to Texas shot straight up for almost a decade, then crashed when oil dropped from $35+ a barrel to $12.
Fact is you didn't "have" to choose anything said parties put before you. You didn't "have" to trust anyone. You chose to do those things because you WANTED to buy a home in the easiest and most convenient manner you could. Financial laziness.
Knock it off with the whiney "...but they didn't tell me..." b.s. Take responsibility for ALL of the choices you made. This is a varsity game, not little league flag with pads.
please take your money out bank and take it to a CREDIT UNION