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May foreclosure filings down, but Nevada still ranks No. 1
Wednesday, June 9, 2010 | 9 p.m.
Foreclosure filings fell by double-digit margins in Nevada in May, but the state still kept its No. 1 national ranking.
The 14,346 filings in May were nearly 12 percent lower than April and 16 percent below their level of a year ago, according to California-based RealtyTrac.
Nevada had one filing for every 79 households, more than five times the national average.
Las Vegas foreclosure filings fell by 18 percent over May 2009 in retaining its No. 1 ranking, the firm reported.
Nationwide, foreclosure filings fell 3 percent in May compared to April and 1 percent from May 2009, RealtyTrac reported.
Foreclosure activity is leveling off while lenders work through a backlog of distressed properties built up over the last 20 months, said James Saccacio, chief executive officer of RealtyTrac.
Arizona was ranked second, followed by Florida, California and Michigan.
While foreclosures are declining, CoreLogic reported the 90-day delinquency rate of mortgages in Las Vegas rose to 22.3 percent in May, up from 15.7 percent in May 2009.
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how's that hopey-changey stuff workin' out for ya?
they are declining cause the banks arent even bothering to do the paperwork anymore..they just pretend they arent there... people are living 12-15 months for free....its all a joke really...housing in LV is a complete disaster... it will NEVER go back to the levels it was, cause the banks wont ever be able to lend that kind of money again, it was all a ponzi scheme that fell apart, & anyone who thinks any politician, in any party can change it is crazy....
i just have to laugh at all the morons that thought a politician, especially one as inexperienced and anti-capitalism as obamao, was somehow going to rub his turban and make it all better.
it will take YEARS before enough people get back to work in america for enough people to be able to come to vegas and leave enough money behind for new hotels to be built, bringing new people to the area, and them renting and buying homes.
My subdivision of 325 homes always had about 12-15 homes in "Preforclosure" at any one time. Now it's about 25 or so. What this tells me is that times are not getting better. These homes, including mine,were built from 1999 to 2002, before the boom. So the owners were carrying small mortgages. My home in Henderson, with a beautiful view of the Strip and the entire southeast Valley cost $143,000 new.
But I think many of the present owners bought in the area around 2004 to 2006. They all paid $250 to $400 G for a used home sold by people who were "movin on up", too. What did we get? A bunch of people who bought more than they can afford.
My nice house, bought new? I owe $87,500 on a 5.5% mortgage. And I can still see from Mandalay Bay to Downtown to the Fiesta. And everything in between. My point? "Greed is good", until you get nailed. And we sure did in Vegas....
Of course it's Obama's fault that Nevada is No. 1 in a bad way. Some state is No. 50, which is good. Is that to his credit?
The Republicant voters took care of the real problem on Tuesday. Bye, Gym.
it is all about to turn much much worse, august / sept will be very bad months.
How well do illegal immigrants and foreclosures correlate?
On another note The Wall Street Journal reports "nine states without an income tax are growing far faster and attracting more people than are the nine states with the highest income tax rates. People and businesses change the location of income based on incentives." http://online.wsj.com/article_email/SB10...
Although this may seem like good news initially the bottom line is all the experts are predicting this is just a lull before they get worse later in the year. I'm afraid I'll be an old man before things turn around much less get back to the good ol days.
Very good responses to this topic. I could not agree more. It really got so far out of control that nobody knows where the bottom is really going to be.
"how's that hopey-changey stuff workin' out for ya?"
stevem -- although I have a low tolerance for mocking, that's quite a good one in this context.
"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"
How dismal to be number one in foreclosures. New construction will not begin until all of those foreclosures are sold!
Foreclosures might be down because now Banks are more willing to let go of properties through short-sales, and/or deed-in-lieu of foreclosures, thus avoiding the foreclosure process and skewing the statistics. For the answer, the writer of this article needs to research and report on short sale closings and short sale listings as well.
I am still "trying" to lose my strip area condo to the bank, but they don't want it!! I have had 2 short sale buyers who dropped out because the bank was too slow to react in the first case, and in the second case the bank had the gall to counter with a price $40K higher than the offer.
Now they are sending me "deed in lieu" paperwork!!! A never ending battle it seems.
So how much should I pay tops for a gated condo in Summerland?
Harry Reid keeps pretending he's doing something to help families from losing their homes. But everything he says are all just lies as more families lose their homes in foreclosure. I know a couple of families who try to call Bank of America after REID says they will now help families from losing their homes. They called BofA but were just given a run around. They were told lately to vacate their homes because they will be auctioned.
"I know a couple of families who try to call Bank of America after REID says they will now help families from losing their homes. They called BofA but were just given a run around."
marcvegas -- that's the usual doublespeak from BofA and it's parasites BAC Home Loan Servicing and ReconTrust. Check that out @
http://www.kcsg.com/view/full_story/7816...
... and its links, including BofA's lame statement to KCSG @
http://www.kcsg.com/view/full_story/7828...
They're fighting it out in federal court in SLC. That lone Utah attorney is holding his own for his client against the big boys. BofA even flew in a big dog attorney from the east coast to lead the charge.
All the big banks and their parasites completely ignore all legitimate inquiries of "Where's the Note? Whose the Holder?" They don't care, they don't have to -- anything to keep anyone from exposing they can't prove they have the legal right to the properties they're foreclosing on. We're just sheep to be fleeced.
"The paper bubble is then burst. This is what you and I, and every reasoning man, seduced by no obliquity of mind or interest, have long foreseen; yet its disastrous effects are not the less for having been foreseen. We were laboring under a dropsical fulness of circulating medium. Nearly all of it is now called in by the banks, who have the regulation of the safety-valves of our fortunes, and who condense and explode them at their will. Lands in this State cannot now be sold for a year's rent; and unless our Legislature have wisdom enough to effect a remedy by a gradual diminution only of the medium, there will be a general revolution of property in this state." -- Thomas Jefferson by letter to John Adams, 1819, from "The Works of Thomas Jefferson" Vol. 12
I am moving to Las Vegas next week after living in Palo Alto, California, for the last 10 years. Since I telecommute full time, my employer offered that I could take my pleasant Silicon Valley salary and go work anywhere I wanted. I chose Las Vegas because I love your city and because the move amounts to a giant extra financial incentive for me at no extra cost to my employer. I feel an immense amount of sympathy for everyone who has lost their job or their home in the last few years. But I am sure Vegas will bounce back. There's a limit to how "bad" the market can get before it becomes irresistible to people like myself. At least I'll be pitching in my little bit to help from now on.