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Friday, July 29, 2011 | 9:42 a.m.
Sun Coverage
The 90-day mortgage delinquency rate for Las Vegas homeowners dipped to its lowest level in nearly two years, a research firm reported.
California-based CoreLogic said 16.94 percent of homeowners with a mortgage were delinquent 90 days or more in May. The delinquency rate has fallen steadily since it was 21.02 percent in February 2010.
The national rate is 7.29 percent and the Nevada rate is 15.05 percent.
California-based RealtyTrac reported this week that Las Vegas continued to post the nation’s highest foreclosure rate for metropolitan areas during the first six months of 2011.
One in every 19 housing units had a foreclosure filing during the first six months of 2011, nearly six times the national average. Filings fell 18 percent from the last six months of 2010 and were 18 percent lower than the first half of 2010.
Phoenix ranked second in the nation behind Las Vegas.
Even though the rate is dropping it's still twice the national average. Anyone believing this year is the worst for foreclosures needs to wait until next year.
Job growth is anemic which is the only thing that will turn around the housing mess. Round two of the recession is about to start.
How to lie with statistics.
The only reason why they fell is because now the banks are allowing people to do shortsales. The realestate market is still in shambles and will be for a very long time. How long no one know but prices are still plumeting.
@ acejoker
Harry Reid had nothing to do with this. This whole mess was started by the banks, shady realtors signing up buyers to ARM's and people that were stupid enough to not have the common sense to know that what they made did not add up to what their mortgage would have been. Hell, they were offering me a $350,000 loan in 2006 but I knew I couldn't afford those payments!
Both green617 and vc are absolutely correct. The real estate market in the valley will not fully recover in the short 25 or so years I have left on this earth. The job market? Perhaps 5 years sooner.
A number of my friend and neighbors in Green Valley are planning to leave or have already left the area for greener pastures. I don't think it's coincidental that they are also among the more intelligent of my aquaintances.
To those who say "if you don't like it here, then good riddance", I have but one comment. Enjoy your stay in L.A. East.
Kablooey,
You are correct. If you do not like it here, good riddance. Just because you can not make it here, or just do not want to be here, that's fine. However, you do not need to knock the people that do well here and put our city down.
I agree Anthony, for those that don't like it here leave! I love Vegas and always will through good times and bad.