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StumbleLas Vegas retains No. 1 ranking in nation for foreclosures
Wednesday, July 28, 2010 | 9:04 p.m.
Las Vegas retained its No. 1 national ranking when it comes to foreclosure filings during the first six months of 2010, but the city has shown some improvement compared to the rest of the nation.
California-based RealtyTrac reported 53,525 Las Vegas homes received foreclosure filings in the first half of the year. That represents one in 15 homes, or 6.6 percent of homes — more than five times the national average.
The good news is foreclosures continue to decline in Las Vegas. They fell 15 percent from the second half of 2009 and were 9 percent lower than the first half of 2009.
That could be in jeopardy, however, because the 90-day delinquency rate continues to rise. California-based Core-Logic reported the 90-day delinquency rate for Las Vegas mortgages in June was 21 percent. It was 13 percent in January 2009.
Nationwide, foreclosure filings during the first six months of 2010 were 8 percent higher than they were during the same period in 2009.
Las Vegas foreclosures have declined since a foreclosure mediation program was implemented a year ago that requires lenders sit down and talk with homeowners who request a meeting.
Banks have also been more willing to approve short sales in which the buyer is allowed to sell the home even though they owe more on the mortgage than the home is worth.
Behind Las Vegas is Cape Coral-Fort Myers, Fla., with one filing for every 20 households.
The California metropolitan area of Modesto, Merced, Inland Empire, and Stockton held the next four spots. Phoenix was seventh and Reno eleventh.
Utica, N.Y., had the best ranking at 206 with one filing for every 4,859 households. The ranking measures metropolitan areas with more than 200,000 people.
Nevada has been ranked No.1 in the nation among the states since January 2007, according to RealtyTrac.
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"Tap Out" Vegas!
"Now is no better time to buy"says the ex stripper/cocktail waitress/Realtor....HAHA!!! LMFAO
Until all the Option Arm & Alt-A loans reset, nothing that is printed by the federal, state, or local governments mean anything.
Those loans keep resetting well into 2012. The peak of the resets occurs in August 2011. 60 Minutes did a story on it Dec. 14th, 2008.
That's just residential. Commercial loans have to be worked through as well.
The banks aren't lending for one simple reason: They all have toxic loans on their books and they're not handing any money out until their balance sheet gets under control.
And if you haven't figured it out yet: Banks don't care about you. But, over 150 banks have failed in the last 18 months if that makes you feel better. (But the ones the government bailed out survived and thank you for the caviar & champagne...)
Go check out www.bls.gov to see the historic data of the unemployment rate. We have at least 4-5 years left before unemployment gets below 6%. Look at December 1982 or 1983 and see that it took the USA five years back then.
The unemployment rate will take longer to go down this time because our blue collar jobs have been sent overseas. Those cheap foreign laborers are good for the bottom line of companies, but not good for the American workforce.
So what does this mean? Reign in your debt, declare Chapter 7 if you have to, start over. Hope that new markets emerge with new jobs and start getting an education even if it's from the library.
Stay employed for the next 6-years and never complain about your co-workers or bosses. They will find someone to replace you in a heartbeat or make whoever is left pick up the slack.
Money makes the world go round. I don't like it either, but it's like they said in The Shawshank Redemption: Get busy livin' or get busy dyin'...
I wish all of you success finding gainful employment and may the universe aid all who read this.
two...two comments until some moron made an uneducated remark about realtors.
Thanks Harry!!
Don't believe a word you hear on the foreclosure crisis in Las Vegas. These banks are not only sitting on a huge inventory of foreclosed homes, they are delaying the foreclosure proceedings of thousands more!
FWIW:
Interesting NASA Landsat 5 satellite imagines of Las Vegas growth over the past 25 years.
http://earthobservatory.nasa.gov/IOTD/vi...
On March 1, 2009, NASA's Landsat 5 satellite turned 25. Originally intended to last just three years, the satellite exceeded its life expectancy by 22. Although Landsat 5 needed the occasional software fix to continue functioning, by March 2009, it had provided images of our planet for a quarter of century.
With a resolution of roughly 30 meters (100 feet) per image pixel, Landsat 5's Thematic Mapper does not detect objects as small as individual houses or trees, but the sensor can detect land use changes, including forest clearing, replanting, and urbanization, over a wide area. Las Vegas, Nevada, provides an example of the sensor's ability to monitor change over time. The Thematic Mapper captured these true-color, photo-like images on (top to bottom) October 22, 1984; May 29, 1989; June 28, 1994; May 9, 1999; June 7, 2004; and January 12, 2009.
These images of the western portion of the Las Vegas metropolitan area show the city's steady spread into the adjacent desert landscape. Undeveloped land appears along the left edges of the top two images. Here, the land on the city's outskirts appears in shades of beige and tan, with just a hint of the street grid to come. By 1989, however, development filled the upper left corner--a residential area, complete with curving roads and semicircle streets. In subsequent images, development spreads southward, and by 2004, the entire image shows cityscape, including Interstate 215 passing through southwestern portion of the city.
In these images, buildings and paved areas appear in shades of gray or beige, the clearest example being the McCarran International Airport near the bottom center of each image. Meanwhile, the occasional park or meandering golf course appears green-brown. Perhaps the most conspicuous golf course appears in the lower left of each image. The course was still being developed in 1984, but appeared complete in later shots. In the 2009 image, grassy areas appear less intense in color, and their lighter hues likely result from the time of year that Landsat acquired the image. In the same image, patches of dark colors appear along the Las Vegas strip, thanks to tall buildings casting their shadows toward the northwest.
As these images suggest, Las Vegas experienced rapid growth between 1984 and 2009. Building and maintaining a city in a desert raises challenges for meeting the resident's water needs, and by the early 2000s, city officials had begun recycling wastewater and paying residents to remove thirsty grass lawns.
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I gave up trying to buy one of these properties from Bank of America. They put the house up, purposely undercut the market value to create a buzz of offers and then just sat there and did nothing. Dragged me out for 4 months with my realtor saying "they told me they'll respond to the offer soon"....BS. They never got back to us. House is still sitting there unsold. Offer was above listed price. Pre approved small mortgage. Forget it. Trying to buy one of these foreclosed homes in Vegas is a big joke with the banks headlining the jokefest.
I figured some idiot would try to blame Harry Reid for the mess created by the stupidity of Clark County politicians and the greed of land developers who carpet bagged in Las Vegas to make tons of money and then run away.
Oh yes we can't blame the BoA or Wells Fargo Or Countrywide for creating the mess Vegas is in right now. Ohhh noooo it was all Harry Reid's fault.
Grow up schlub!
Well, in my neighborhood, virtually EVERY home went into foreclosure (southwest Vegas) and is now occupied with foreclosure winners and assh*le renters. Where could the new foreclosures come from????
Here we go again! Las Vegas #1 in picking the wrong Senator to represent them. We keep electing inept representatives and Senators to office.Keep on repeating the same mistake hoping for a different result. What do we have? All roads lead to HARRY......What a redundant Senator.Come on folks...we can do better...anyone would do better!
cant wait to see what happens when interest rates start to go up
BofA is the worse!!!
Ahhhhh yes..... welcome to the Amerika of Harry Reid and his pal Barrack Hussein Obama.
Arencha just lovin' this Chagey here folks ???
I sure hope you are because there sure as heck ain't no Hopey left in this fiasco !!!!
who made LV buyers buy houses with no money down that they could not afford? Reid? Obama (even though he wasn't in office yet)? yep blame somebody never take personal responsibility.
who made gas shoot up destroying consumers discretionary income? yep blame Obama even though he wasn't in office yet
doesn't nevada have a governor, mayor, city council, city planner? yep blame Obama
The banks are impossible. Three years ago I tried to buy both foreclosures and short sales for cash. No takers. I bought a new house and made a deal with the builder instead, yes you can do that. I have been thinking of buying another house on my block that is bigger it is supposedly in contract, oh yeah except it has been empty since I bought the first house. In addition every house I bid on originally is still available and has fallen out of contract. The banks are lying.
(singing) We all need..someone...we can lean on...
This is a game the rich investors are playing. They are going to take over real estate in LV and control prices in the future.
Monopoly banks and rich people bring feudalism to the US.
all of these foreclosures...
and yet...
no foreclosed properties for sale...
hmmm...
i smell something fishy!!!
the damn banks are playing some kind of game...
and the sad thing is...
when banks play games...
it costs us trillions!!!
hey buck...
why don't you do some reporting...
hmmm...
expose the banks and the games they are playing...
did buck dig...
earn your paycheck...
inform the readers...
go buck go...
Suck it Florida!
The problem with any kind of forecast for the next 6 months is they completely unreliable. I remember the Fed chairman predicting that the economy would start to improve in the second half of 08. The fact is no one knows for sure what's going to happen other than there's more foreclosures coming and it will take years to stabilize. Welcome to the lost decade.
welcome to the new american economy folks! enjoy what you have now because things are not going to improve. dont expect any help from uncle sugar because they're broke.
if you guys think vegas banks are bad for holding onto properties, check out california. home prices are still overpriced by 25%-40% and the only people buying are foreign investors.
vegas is closer to a bottom than any other troubled real estate market. i am currently in the process of picking up 2 properties in the rhodes ranch area. these are homes that sold for $375k and up. i am getting 2 for that price!
Here we go again!
Aren't these the same firms that reported that real estate is booming a few years back?
MR906, that's funny!
Couldn't agree more with you VegasVegas.
Duh !! Buncha low income workers buying houses they couldn't afford from day one. No shocker here..
For anyone that wants to find out who the architect of this mess is Google Phil Gramm and Gramm--Leach--Bliley Act. That'll get you started.
And check out what company Gramm worked for after leaving office. Interesting irony that the people he worked to 'benefit' ended up taking it heavily in the shorts because of the results of his help. And for even more fun, look into who Gramm advised during the last presidential election.
For those of you that don't know, that's how our system works. Politicos pimp bad legislation for companies who later employ them at hefty salaries when they leave office. It is that sad and that simple.
credit-suisse and his wife,naturally, was on the board of directors. another good republican.
From the GLVAR MLS and tax data as of July 29th:
Bank-owned properties: 5,844
Fannie/Freddie owned properties: 4,109
HUD-owned properties: 655
TOTAL CURRENT "REO" PROPERTIES: 7,608
______________________________________________
"REO" Properties currently on market: 2,784
"REO" Properties in escrow: 2,660
"REO" Properties not listed for sale: 4,948
______________________________________________
BTW, let's not forget all the hopelessly delinquent borrowers who've not yet been formally foreclosed upon.
And all of those "short sales" out there? What do you think happens to a short sale property that doesn't sell? Yesirree, it eventually becomes a foreclosure!
This spectacular housing/credit bust will take YEARS to work through!
Gotta love Harry Reid.
"two...two comments until some moron made an uneducated remark about realtors."
___________________________________________________________________________stevem, you've continually made moronic uneducated remarks about liberals. Shouldn't you have to take just as much as you dish?? Or is that not allowed in the Republican universe?
"vegas is closer to a bottom than any other troubled real estate market. i am currently in the process of picking up 2 properties in the rhodes ranch area. these are homes that sold for $375k and up. i am getting 2 for that price!"
And you think you are getting a deal? You are paying what they really are and were worth to start with. Come back here in two years when they are worth only $300k for both of them and tell us about your wondeful deal that you got.
you are right on all the below.
the democrats and the dem congress and the den senate all caused
this. and now we have one lazy jive talking former one term senator
your Commander in Chump" In charge - A man who could not turn
a profit from an Ice Cream stand on Waikiki beach -
who made LV buyers buy houses with no money down that they could not afford? Reid? Obama (even though he wasn't in office yet)? yep blame somebody never take personal responsibility.
who made gas shoot up destroying consumers discretionary income? yep blame Obama even though he wasn't in office yet
doesn't nevada have a governor, mayor, city council, city planner? yep blame Obama
Yep - the Chump who could not wait to be President and now all he
does is complain about being President.
What a Chump
Why is anybody allowed to build at a time like this. OH its to Keep the criminal invaders employed.
As long as there are LIBERAL IDEOLOUGES like HARRY REID (who protect FANNIE MAE and FREDDIE MAC, the HEART of wallstreet CORRUPTION - via the financial reform bill) in power there will be more HOUSING BUBBLES to come - hence MORE MISERY!!!
The Bush depression will last for years. Republicans dont just hate hispanics, they hate the middle class.
I don't remember Nevada ever being number 1 in anything, Harry Reid sure has done a nice job making us number 1 in two leading indicators that the recession is still strong. Reid brought jobs to Nevada but not recently, did he safe City Center or did he make a deal with big banks (bailouts), nothing has been done for foreclosures, otherwise we should of relinquished our number 1 standing. Harry Reid is taking Nevada to a road to nowhere, higher national debt, Health Care that is not going to work, Finance Reform for who, did nothing to curb or limit pay day loans, wants small businesses to hire when they are just hanging on to what they have, bankruptcies have double in the last two year. We cannot afford Harry Reid, if he wins in November he will just be padding his retirement. Vote for Sharron Angles, she is not the best choice but the only choice, she will be cheaper and Reid will not get anymore of taxpayers money through his retirement.
Here we are over two years after the crisis started and Hundreds of Billions of Borrowed Dollars later with a whole slew of Foreclosures still out there.
Government Programs have ONLY delayed the inevitable and some news for all of the poor people that bought due to the $8,000 tax credit -- you are about to lose 10%+ in equity by the end of this year.
The Federal Government has handled this crises MISERABLY. Instead of seeing some light at the end of the tunnel... we Still Have a LONG, LONG way to go. Except now.. all U.S. Taxpayers have a much BIGGER bill to pay -- with the same end result.
All U.S. Citizens need to be contacting their Representatives in D.C. and tell them to STOP supporting programs that are only creating confusion and DELAYING the Inevitable.
For Nevada that would be Senator Reid, Congresswoman Dina Titus and Congresswoman Shelley Berkley.
Tell them to stop supporting programs that are ONLY Kicking the Can down the road and keeping Nevada from being able to start a truly sustainable recovery.
Until then... we'll just be dealing with the stupidity of people who do not understand basic economics and how we got here in the first place.
House prices will drop another 10% to 15% in 2011 so don't be in a big hurry wait they will drop in value.
I like how everyone blames the politicians for all this crap that we are in. What about all the morons that bought a house they couldnt afford to begin with and the banks handing the money out like candy! There's a reason why these mortgages are called 'Adjustable Rate' We havent seen anything yet, wait till the commercial properties start foreclosing.