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August 22, 2014

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Las Vegas leads nation in foreclosures for 2009

Nevada has led nation in rate of foreclosure filings since 2007, RealtyTrac says

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Richard Brian

The grim reality of real estate in Southern Nevada.

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Las Vegas led the nation in foreclosure filings in 2009, according to a California firm that tracks the housing market.

Las Vegas has routinely ranked in the top five metropolitan areas in foreclosures on a monthly basis, but this is the first time it had secured the top spot for a whole year.

The Florida metropolitan area of Cape Coral and Fort Myers, Fla., was No. 1 in 2008, and Detroit led the list in 2007.

Las Vegas was No. 4 in 2008 and No. 5 in 2007, RealtyTrac reported.

As a state, Nevada has led the nation in the rate of foreclosure filings since January 2007, based on numbers released by RealtyTrac.

The firm reported that 94,862 properties in the Las Vegas valley had some type of foreclosure filing in 2009. That equates to 12 percent of housing units or one in every eight — five times the national average.

Las Vegas had 8.89 percent of its housing units in the foreclosure process in 2008, RealtyTrac spokesman Daren Blomquist said.

Foreclosure filings rose 41 percent in 2009 and were up 212 percent over 2007, Blomquist said.

Reno came in 14th place with one filing for every 16 households. Foreclosure filings rose 62 percent over 2008 and 311 percent over 2007.

Cape Coral and Fort Myers ranked second with 11.87 percent of its homes having foreclosure filings.

The California cities of Merced, Inland Empire of Southern California, Stockton and Modesto ranked third through sixth, respectively.

Phoenix was eighth with 8 percent of its homes having foreclosure filings.

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