Las Vegas Sun NewsNevada foreclosure rate remains second worst in nation
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ASSOCIATED PRESS
A for sale sign stands in front of a bank-owned home in Las Vegas in 2008.
Wednesday
13 February 2013
9:01 p.m.
Nevada’s foreclosure rate remained the second worst in the country last month, despite a continued drop in volume.
One in every 344 housing units in Nevada had a foreclosure-related filing in January, down 43 percent from a year earlier, according to a report out today from RealtyTrac.
Despite the dip, it was the fourth consecutive month Nevada’s foreclosure rate was second highest in the nation.
One aspect of the report — notices of default, which start the foreclosure process — soared in Nevada. They were up 87 percent, to 1,827, in January compared to January 2012.
Florida’s foreclosure rate held the No. 1 spot in January for the fifth month in a row, with one in every 300 units saddled with a foreclosure-related filing.
Nationally, one in every 869 housing units had a foreclosure filing last month, down 28 percent from the previous January, according to RealtyTrac.
The Las Vegas Valley, meanwhile, had the sixth-highest foreclosure rate last month — one in every 283 units — among U.S. metro areas with at least 200,000 people.
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Duh
Before I begin on one of my usual "Vegas is retarded" diatribes I should say that it's perhaps the Media in general who is to blame for this sort of "reporting". One week it's "signs of improvement" and the next it's "we're still in the crapper". It's a bad case of reactionary reporting. Grab any tidbit of information you can and spin it into a "story". Forget about facts, trends, and the consensus of people who actually know about things, just vomit up whatever point you're trying to make at the moment and to hell with common sense.
Now with that said, is this really news to anyone? The casinos, which hold the fate of the entire valley in their greedy hands, aren't hiring. Certainly not enough to merit any great movement in one direction or another. We have a staggering drop-out rate which means that young people aren't going to get decent jobs and won't be buying houses. My personal favorite is the stinking heap of corruption and stupidity known politely as the Clark County Commission. Ever since this "crisis" began they've continued to approve new building, and not just in the residential market. These elected nincompoops have never once suggested that there should be a moratorium on new construction until prices and sales reached a level of sanity. Even as I read this moronic bit of "news" I'm put in mind of Mr. James Rhodes, sometime bankrupt and developer of overrated housing communities. Not only is the County jumping out of their pants with excitement to give him yet another land permit but this time they're wanting to give him a chunk of a national park and are willing to go to bat for him to get it.
Yes indeedy, I really needed to read about how bad the housing situation is in Vegas. Soon enough this "city" will be nothing more than a far flung suburban rental slum of Los Angeles. Bring us your meek, your poor, your slum landlords, and corrupt politicians. Come to our shores you whores, porno stars, drug dealers, and petty criminals! Rent is cheap, the sun is hot, and for a small fee you can pay off a two-bit lawyer to dispatch your drunken driving ticket when you're out racing the Justice of the Peace in the middle of night. Oh yes! We bathe in culture and class here in old Las Vegas. Gordon Ramsay's restaurants and topless dayclubs will save us all!
Vegas is a dump. And the only people who don't seem to see it are the people who live here. C'est la vie. If Akron, Ohio can see a massive increase in home values and we still rank number two in the nation for foreclosures I should think it was apparent that the old whore is going to need more than a makeover to turn things around.
Sportyyetpratical is right on. Families aren't buying all these homes. It's investors and pretty soon they will own the market and charge anything they want for rent. No family oriented communities, just communities (rental slums) with 75% renters who don't care about property values. Las Vegas has changed so much since the economy went sour. Not a good place to own a home...
Where are all the foreclosed homes?
There is a shortage of homes for sale in LV.
Yet, large institutional investors just bought 19,000 of these home!
What is really going on here is the banks are giving a great deal to there rich friends.
And the little guy investor is locked out.
Terry families are not buying homes? Investors are not families? "Family oriented communities"? What are you saying? Single people are bad? Whatever. Sounds like you have issues....
Bob : I am with you. Why cant we buy the homes? You are right only the rich are allowed to play. There is next to nothing on the mls.
Scary that defaults are up so much. That is not good.