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Report: Nevada second in nation for loan delinquencies
Tuesday, July 6, 2010 | 9:59 a.m.
Sun Coverage
New loan numbers issued today show Nevada continued to rank second in the nation in May for elevated levels of home loan delinquencies and foreclosures.
Lender Processing Services Inc. of Jacksonville, Fla., a provider of mortgage performance data and analytics, said 21.8 percent of mortgages in Nevada were delinquent or in foreclosure in May, a performance steady with the 21.9 percent rate in April.
Only Florida had a higher percentage in both months, 22.4 percent in May and 22.3 percent in April.
Nationwide, the average delinquency and foreclosure rate in May was 12.38 percent, up from 12.17 percent in April as normal seasonal improvements tapered off, LPS said.
Besides Florida and Nevada, states with elevated levels of problem home loans in May were Mississippi, Georgia, Arizona, California, Illinois, New Jersey, Ohio and Indiana.
States with the fewest non-current loans were North Dakota, South Dakota, Wyoming, Alaska, Montana, Nebraska, Vermont, Colorado, Iowa and Minnesota.
Florida, Nevada, Arizona and California were among the hardest-hit states as subprime mortgage delinquencies soared when over-heated housing markets collapsed and the national recession got under way in December 2007.
The problem in Nevada has worsened with the dramatic weakening of the construction industry and the recession curtailing visitation to the state's casino resorts. Unemployment is now running at 14 percent statewide.
The latest Standard & Poor's/Case-Shiller Home Price Indices show that, in comparison to other big U.S. cities, home prices in Las Vegas have failed to rebound from recessionary lows. While Las Vegas prices were down 8.5 percent in April vs. April 2009, they were up an average 3.8 percent elsewhere around the nation, Standard & Poor's reported.
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I wonder how Smith, Bottfield and the other housing "experts" will spin this story.
what i wonder is how many posts will it take for someone to blame people not paying their bills on realtors.
i'm going to say 6 posts, but no more than 10 until someone makes themselves look stupid.
hey robert...
i can't figure out who is worse...
those "experts"...
or...
the local media for going back to the same "experts" over and over and over again...
That percentage really blows my mind. I read the other day that 1 in every 7 homes is in foreclosure in the Vegas area. I don't know if that statistic is really true but our local town here in East Texas has 2000 people and not one home in foreclosure. Just really hard for me to understand. I do realize that we didn't rise as far in the boom but that still seems exceptional.
Thank you Reid.
You have done a great job since taking over the Senate in 2006.
Keep up the good work.
SgtRock is an idiot for blaming this mess on Reid, but we all knew that already.
What about Ensign, Gibbons, Heller and Bush? It was Bush the pushed the "ownership Society" that lowered borrower standards. Canada has not had as big of a problem because they had MORE GOVERNMENT regulation.
More government regulation, that would have required relief wells (like in Canada) would have prevented the Gulf oil spill.
Some lenders and real estate people did surreptitiously pump up incomes. People would sign a pile of documents and would not notice that their income was changed on the printed loan application.
VC: Well maybe not an idiot but he should support his contention with some facts. Such as Reid's refusal to consider including reform of Freddie and Fannie in the financial reform bill. They have consumed hundreds of billions of dollars of these toxic loans with the losses to be borne on the backs of taxpayers.
What's more alarming here is that there is still the potential that 1 out of every 5 homes in this town may be in foreclosure. That's an ominous indicator of the health of our local economy.
Reid has zero blame.
He is just in-charge of the Senate since 2006 and has been a senator since 1986.
He voted for Clinton's banking and degregulation finance bill.
He did nothing about the banking and finance mess that was building up.
He voted for and lead the charge to give billions to Wall Street and banks in the bailouts.
He voted for the "stimulus" bill where Nevada was near the bottom in funding on per capita terms.
The "stimulus" has done gang-busters for America. Obama's adminstration said that the "stimulus" would bring unemployment to under 7% at this point in time nationally.
Reid did nothing while Fannie Mae and Freddie Mac had accounting scandal after accounting scandal and even encourage those financial institutions and others to loosen the lending standards in the industry.
Why would we blame Reid for anything of this or for anything at all?
He is totally blameless. His hands are totally clean.
So what that he is suppose to be the the 2nd most powerful person on the planet.
He is blameless.
Poor....poor....Reid. Mr. Establishment. Why oh why do people blame him?
Keep up the good work Reid.
You are doing a tremendous job.
The problem with most folks is that they want to blame just ONE person or factor for a particular problem. Life isn't Star Wars, ladies and gents. It's more complicated than bad versus good.
There's plenty of blame to go around, however, it all boils down to Wall Street and their toxic and exotic securities, both political parties for pandering to voters, greedy real estate agents and their hidden ARMs prying on the old, greedy banks and their cheap credit, but ULTIMATELY it's the dope that signed their names on the dotted lines (a million times over).
Yes, it's not a popular thing to say, but it's YOUR fault (and by 'your' I mean the millions that thought they can flip homes like those other dolts on TLC and living life on credit cards overall).
Heh blame the people your preying on !
I guess it's outragous for us to expect to have a job to pay our mortgages. Were fools for listening to Greenspan who said there was no housing bubble. Bankers get bailed out workers get sold out.
Any guess as to when these reports have something good to say? I would like to at least tell my grandchilren that I survived the "x number of years" that were called the "great recession" but it really felt like a "depression".
Impossible--we have "Nobody Does More" Harry.
Anyway you spin it, Harry's got a lot of mud on his face.
10! i was right!
10 posts until axiom (as usual) said "real estate agents and their ARM's".
haha...they are OUR ARM's?
the REAL ESTATE AGENT made you sign a loan you couldn't afford?
MAYBE the MORTGAGE person "made" you do it, but not the real estate agent.
Canada did not have more regulation over home loans, they had smarter lending practices. If you couldn't afford a home, it was harder to get a loan in Canada than in the United States. Additionally, GOVERNMENT REGULATORS encouraged lax lending standards (even threatened lenders) and allowed lenders to increase their leverage. Government regulation FAILED in the U.S. because it was BAD not because we didn't have enough.
And, not only is Canada more economically free than the United States, financial freedom is much better in Canada than in the U.S.
Canada: http://www.heritage.org/index/country/Ca...
US: http://www.heritage.org/index/country/Un...
Heritage foundation was funded by Bill Coors, who wanted to pollute and mistreat his employees and discriminate against various people.
The Sean Insannity talking point, that the CRA forced lenders to loan money to unqualified people, there by creating the Real Estate crash is completely bogus. I bet Acorn and the CRA was in effect out at Lake Las Vegas?, and the many high-rise condos that went broke? The average foreclosure property is a second time move up home, not a first time buyer -
low income home.
Only one of the top banks that was bailed out was even subject to the CRA. Canada's lending practices were regulated by Provincial and National authorities and were more strict than those in the USA.
Now "Socialist Canada" is freer than the USA? All over the map as usual?
And of course despite pressure by companies like BP, Canada's greater government regulation requires a relief well be drilled every time a deep water well is drilled.
No one pays any attention to the Right Wing Stink Tanks anymore. Even Rep. Heller has rejected the "no unemployment extension" nonsense they are pushing.
As with the dead in coal mines in Utah or West Virgina, or the construction industry deaths in Las Vegas, or the fatalities on the oil rigs, the lack of needed government regulation and its enforcement is the cause of many of the countries problems. This includes the financial meltdown that Republican Bonner called a problem the size of "an ant."
We are still waiting for the Nutz at the Right Wing stink tank to post a list of the 180,000 jobs that they claim are available to unemployed Nevadans.
Oh, yea, Harry Reid single-handedly made you morons sign liar loans. Yep, he da magic man!
Grow up, people. Where have you been? Remember what Eliot Spitzer was investigating before the Patriot Act stuck its nose in his shorts and in his marriage? Oh wait, he's a Dem and only Dems pay a heavy price for swinging their willies around like John Ensign or that whack job in South Carolina.
Why? Because Dems who ask too many questions about the corporate corruption in this country get their willies spanked.
Now go read about Wall Street and their big Ponzi Scheme. It will do your brain some good.
Sure Stevem hold everyone ELSE accountable and not yourself. You know for a fact that only recently there was a huge story of realtors misleading many people about their mortgage contracts. Mortgages and buying a home is a complex undertaking with all the paperwork etc.
Of course, someone with your myopic views would single out ONE part of what I wrote- which placed the blame ultimately on the one signing.
But, in typical conservative, knee-jerk reaction, you only select what works for your childish agenda.
would the car dealer be responsible if i didn't pay my car loan?
no.
i would be responsible.
it's funny how i never, ever, ever hear someone say "my car salesman is the reason my car got repossessed."
so why is a real estate agent responsible when you don't pay your home loan?
try again?
In 2003 I qualified for a home for 140,000, bought and closed in 2004...shortly after the same bank qualified me for 350,000 home. I only applied to attempt to buy an investment property. I didnt take the loan, but the point is the banks have highly educated people working there who knew there is no way I had a chance at paying back that loan....but it didnt stop them from offering me that sum of money.... I was just smart enough NOT to take it....some people were more optomistic about their ablilties to pay it back and were also blinded by the opportunity to own their dream home. so who do you blame amature borrower or PROFESSIONAL LENDER whose busniess it is to assess risk
....continued I know its ulitmately the buyers responsiblity....but if people didn't live or try to live above their means LAS VEGAS would not exist, casinos sell the dream of a better life, very successfully. The banks and home builders copied the technics of the casinos. Differnce is they have killed their customers, becuase their are not many buyers with cash and credit to continue buying.....so now they will go back to the casinos to try and win enough to pay their mortgage IRONY
"ulitmately the buyers responsiblity"
The best and most honest statement posted here today. It is the buyers, borrowers responsibility to take care of their obligations.
To bad most of them look for others to blame their own mistakes on.
IS THERE AT *LEAST ONE* REAL ESTATE BROKER, CONSTRUCTION TYPE, DEVELOPER, MORTGAGE BROKER, OR BANKER
who will post here in this forum and swear that they
DID NOT
help ANYONE get a mortgage loan
who couldn't pay it back...?
(and now, the great empty screen..........)
I would be more ready to blame the folks who took the loans, if we didn't take taxpayer money and bail out the professionals who made the loans. I'd be more happy if EVERYONE'S %$# was in the sling.
Red or Blue, how could you be for privatized profits and public losses.
If high tides raise ALL boats, then low tides should lower ALL boats, and tidal waves should sink ALL boats.