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Sam Morris / Las Vegas Sun file
Houses sprawl across the Las Vegas Valley. When the housing bubble burst in 2007, Las Vegas became the No. 1 area in foreclosures nationwide.
Wednesday, July 14, 2010 | 9 p.m.
Nevada has seen a decline in foreclosures compared to last year, but the state kept its No. 1 national ranking in the first half of 2010.
California-based RealtyTrac, which monitors foreclosures nationwide, reported foreclosure filings fell 13 percent from the second half of 2009 and fell 6 percent from the first six months of last year.
That was a better showing than the nation as a whole, with foreclosure filings up 8 percent compared to the first half of 2009. Filings nationwide fell 5 percent compared to July to December 2009, but Nevada still fared better.
The area’s foreclosure problem, meanwhile, isn’t over, based on the latest numbers released by national research firm CoreLogic.
The firm reported that in May 21 percent of mortgages in Las Vegas were delinquent by 90 days or more. The 90-day delinquency rate was only 13 percent in January 2009.
The increase is a reflection of the economy and people losing their jobs and household incomes declining, analysts said.
Backing that up, Forbes reported this week that Las Vegas ranks at the top of its list of riskiest cities for homeowners. It predicted that a new wave of foreclosures is likely to occur in the coming months.
Forbes cited the city’s delinquency rate in making the forecast.
Nevada had 64,429 foreclosure filings in the first half of 2010, which equated to one filing for every 17 households or 5 percent of the housing units in the state, RealtyTrac reported.
Nevada had 38,077 foreclosure filings in the second quarter of 2010, which was 10 percent higher than the first quarter, RealtyTrac reported. The second quarter filings, however, were 13 percent below the level of the April through June period in 2009.
RealtyTrac reported that the pace of properties entering foreclosure slowed because lenders delayed proceedings by being more aggressive with short sales and loan modifications.
Wells Fargo, for example, held a workshop in Las Vegas last weekend to help customers obtain loan modifications or take other steps to avoid foreclosure.
Even though lenders slowed on starting the foreclosure process, they quickened the pace on taking possession of those properties whose proceedings were delayed in 2009 by foreclosure prevention efforts, the firm said.
In Nevada, 10,747 homes were repossessed in the second quarter, RealtyTrac reported.
Arizona was ranked second in the nation behind Nevada over the first half of 2009. Florida was third and California was fourth. Utah ranked fifth.
ya, we sure do need a sports team in vegas.
when interest rates go up then what Buck?
ALL RIGHT HARRY REID AND THE STIMULUS!!!! WE ARE NUMBER ONE...WE ARE NUMBER ONE...Oh wait a minute.....Bad Reid....Bad Senator....http://aBadReid.com
The banks have a huge inventory of houses that are not being release. The banks are trying to stablized the pricing by holding back and not releasing their inventory. In the long run this stratgey will not work. In order for the housing market to gain traction in Las Vegas, we need jobs! Soon, the banks will have to release more homes, and at a lower price. Plus the banks will have to fund buyers directly with their money (or our money) because the new buyers have special funding needs. This special funding by the banks and the special needs of the buyer will require a new type of realtor or agent. All of this has yet to be define. This is actually good news for people that are working with moderate credit.
Not surprising but I did read somewhere else that the banks are "holding back" on foreclosing more homes due to the heavy inventory they already have. All this really means is the recovery is still years away. Welcome to the lost decade....
On a political note, Sharon Angle said, as a senator her responsiblity is not to bring in business to the State of Nevada. Yet, her campaign ads blames Harry Reid for lack of jobs in Nevada.
You know, any person can clearly see that you do not replace the senior senator with an new person whose views and campaign are not clear as to what to do during this tough times. Sharon Angle is just not the person to replace Harry Reid...Period!
All of those foreclosures will have to be sold before new construction can begin in earnest. Bad news for our construction workers.
but what is the short sale rate?
Obama lied.
Lied?....about ?
<All of those foreclosures will have to be sold before new construction can begin in earnest. Bad news for our construction workers>
New construction??? DOesn't the Vegas Valley have a 10 year inventory of homes, some built as recently as 2009? (Or is it 20 years?)
To quote green617 - "...recovery is years away..."
Among the statistics reported by RealtyTrac, how many homes have been wrongfully foreclosed by Wells Fargo?
Wells Fargo committed prosecutable crime against us. We lost our home. Something is wrong with this picture. Here are the facts.
1. it is illegal for Wells Fargo to make mortgage loan to us based on hugely inflated appraisal.
Fact: - Wells Fargo's fraudulent appraisal valued our home at $718,000
- Wells Fargo's own review appraisal valued our home at $475,000
- Nevada Attorney General's office suspended the appraiser's license for committing appraisal fraud on our home.
- Nevada Appraiser Licensing Board mandated the appraiser to complete appraisal fraud course before regaining his real estate appraiser license.
- Nevada Revised Statue NRS 205.372 states that it's category C felony to make mortgage loans based on fraudulent appraisal.
- Cases of Attorney General's indictments against attorneys, loan brokers for teaming up make fraudulent loans to defraud homeowners.
2. it is illegal for Wells Fargo to wrongfully foreclose our home based on fraudulent appraisal and mortgage loan.
You can find all the facts on our website. www.wellsfargomortgagefraud.com
Wellsfargo:
You depended on a bank appraiser instead of getting an independent appraisal?
Banks don't foreclose due to appraised value -- they foreclose when you don't pay your loan. So I'm guessing you've not been paying. So, regardless of the appraised value, you didn't know what your payment was? And if it was an ARM, that the payment could change?
Why are you blaming the bank for your mistakes?
Fault of John Ensign, who allowed builders and lenders to run amok and put together fraudulent deals.
"Among the statistics reported by RealtyTrac, how many homes have been wrongfully foreclosed by Wells Fargo?"
WellsFargoloanfraudvic -- RealtyTrac reports "wrongful foreclosures"? That's usually a finding from a court, not a statistics website.
So is the AG or DA prosecuting WF's "crime"?
mred -- get a grip on reality. How is Ensign even remotely responsible as you posted?
"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"
I bet these are from all the idiots that got scammed by the mortgage "deal".
Once they all foreclose, everything will level out again.
America's Ghetto, filled with vice and low lives.
sevenhills -- you were ignorant there, you're twice as ignorant here. Your post shows you nothing about any of this.
Obama, Reid, and Pelosi have really taken this state and country down the tubes.
America is fed up with these inept people who don't have a clue what running a business is like.
another article from a different publication stated over 33 thousand nevada homes were more than 90 days late--the vast majority of these homes will eventually end up in bankruptcy. I noticed that the banks were sitting on foreclosures now--on my street three homes that were foreclosed were not sold again, but were fixed a little very quickly and now are rented out. Not a bad strategy to try to lessen the supply of homes for sale for a while, but a boatload of more homes is coming down the stream. Bottom in sight--2012 maybe.
YET ANOTHER PROOF HARRY REID IS NOT WORKING FOR NEVADA BUT ONLY FOR HIMSELF AND HIS CRONIES!!! HE SAID MANY TIMES HE WOULD HELP THE STRUGGLING HOMEOWNERS BUT HE NEVER DID!! WE'RE STILL THE STATE WITH HIGHEST FORECLOSURES. HIS WORDS ARE JUST EMPTY PROMISES TO WIN RE-ELECTION. HE SAID HE WOULD BRING JOBS TO NEVADANS... BUT INSTEAD WE BECAME THE STATE WITH HIGHEST UNEMPLOYMENT!! VOTE HIM OUT IN NOVEMBER!!
Wellsfargo:
Did the appraiser help you craft the offer? No, I'm sure you did what everyone does and made a deal to buy the house and then hired the appraiser to help you get a loan from Wells Fargo. I'm sorry you lost your home, but you weren't defrauded. Wells Fargo, who actually relied on what the appraiser said to make their deal, was defrauded. You just overpaid.
yeah, i don't think anyone held a gun to your head. you signed right there on the dotted line and agreed to overpay.
Take a look on Trulia,Some of these people paid upwards of $689,000 for 1 story 2200sf homes.No money down(or near nothing).The standard 20% down payment would have been over $137,000.That house is now assessed for under $150k.Now the bank has it along with so many others.Property taxes remain predicated on $689k...Why would anyone consider this house with taxes being so high at almost $400 a month. They have to freeze all home building.The inventory of empty houses is Staggering.It's going to be years before they see the bottom of the huge inventory.Boy, I hope they're learning from this mess...
The banks cannot keep the foreclosed unoccupied homes for too long. Without maintenance these homes will deteriorate from the LV weather. The banks will not even get the going home price rate if the homes are run-down.
Wellsfargo, If you MAKE YOUR PAYMENTS you will not be foreclosed. I stayed in my little house (with a 3 digit payment) while others (like you) were over paying for houses. You all laughed at me as you boasted about your fancy new place, pool, 3 car garage, granite countertops.... Now you're crying the blues and I still have my place and am not behind on payments, even after a layoff. Around here we call it "living within our means". You must have agreed the house was "worth" that amount when you signed the papers to buy it. Just because the value drops, that doesn't excuse you from your obligations. If you can't pay, you can't stay. You took the money from Wells Fargo to by the overpriced house and didn't pay it back. Who defrauded who?
Ever bought a new car? Unless you paid a substantial down payment (or trade), it was worth less than you owed for more than half of the loan term. Does that mean the auto lenders are all fraudulant?
Wells Fargo did raise the interest on my credit card, even though I was never late on a payment. Know what I did? I paid them off, now they make nothing from me, but I did pay them what I owed.
Oh, by the way, my town is number 5 on the list, so there are many non paying people around here too.
well congratulations, bakersfield, you are a model of restraint and superb judgement. god, i admire you.
Unless you like these problems, make a change in November and send a message to congress and the President....