Quantcast
Home manage Las Vegas Review-Journal
  Jobs Cars Homes Shopping Travel Weddings Golf Best of Las Vegas Photo   Search:

RECENT EDITIONS
Sun Mon Tue Wed Thu Fri Sat

sponsored by
Business


REAL ESTATE: Foreclosure filings creep higher

Top three states are Nevada, California, Arizona

Foreclosure filings in August, with Nevada leading the nation, increased 27 percent compared to the same month a year ago, a significantly slower pace than in previous months, according to data released Thursday.

Nationwide, 303,800 homes received at least one foreclosure-related notice in August, up 12 percent from July, RealtyTrac Inc. said. That means one in every 416 U.S. households received a foreclosure filing last month.


Most Popular Stories
  • Fraud with Portent
  • Debt-ridden casino operators told to expect pressure
  • REAL ESTATE: Las Vegas home prices stabilize as threat of foreclosure flood wanes
  • Expect to pay at Nugget's new tower
  • GAMING COMPANY EARNINGS: Station drops $455.4 million
  • THE STRIP: License approved for Aria
  • GLOBAL GAMING EXPO: Recession over? Don't bet on it
  • Union wants insiders to help pull Station from bankruptcy
  • Foreclosure wave continues
  • INSIDE GAMING: Missouri outburst hurts Lee, Pinnacle




  • August's increase, however, was smaller than the two prior months. June and July both had year-over-year increases in foreclosure filings of 50 percent or more. Still, the total number of foreclosure filings is the highest since RealtyTrac began issuing its report in January 2005.

    Irvine, Calif.-based RealtyTrac monitors default notices, auction sale notices and bank repossessions. More than 90,893 properties were repossessed by lenders nationwide last month -- up more than half from 43,141 in August 2007, the company said.

    The top three states in foreclosure rates were Nevada, California and Arizona, in that order, RealtyTrac said. Florida, Michigan, Georgia, Ohio, Colorado, Illinois and Indiana rounded out the top 10, though Michigan, Georgia, Ohio and Colorado all reported rate decreases year over year.

    Weak sales, sinking home values, tighter home loan lending practices and a slowing U.S. economy hamstrung by high fuel prices has left some homeowners with few options to avoid foreclosure. Many can't find buyers or owe more than their home is worth and can't refinance into an affordable loan.

    Banks and mortgage investors are also holding a glut of foreclosed properties and are slashing prices to get them off the books.

    On Thursday, four Democratic senators urged the mortgage companies Fannie Mae and Freddie Mac to freeze foreclosures for 90 days on loans they hold. The troubled companies, seized by the government Sunday, should help struggling borrowers swap their mortgages for more affordable loans and stay in their homes, the lawmakers said.

    An estimated 2.8 million U.S. households will face foreclosure, turn over their homes to their lender or sell the properties for less than their mortgage's value by the end of next year, predicts Moody's Economy.com.

    James Saccacio, chief executive officer of RealtyTrac, said the lower percentage increase last month is due to a big spike in activity in August 2007. Last month, default activity was up 10 percent from a year ago and auction activity up 7 percent year over year, Saccacio said.

    "The increases in default and auction activity could be slowing down partly as the result of new legislation passed in several states that is designed to give homeowners in distress more time before foreclosure proceedings are initiated," Saccacio said.

    Together, California, Florida and Arizona accounted for more than half of the nation's volume of foreclosure activity.

    Last month, California's foreclosure activity increased more than 40 percent from July and more than 75 percent from August 2007.

    The California cities of Stockton, Merced and Modesto were 1-2-3 in top metro foreclosure rates. Las Vegas came in seventh.

    Newsvine Digg Fark Technorati reddit StumbleUpon del.icio.us Slashdot Propeller Mixx Furl Twitter MySpace Facebook Google Bookmarks Yahoo! Bookmarks Windows Live Favorites Ask MyStuff myAOL Favorites

    Leave Your Comment 24 Reader Comments
    Terms & Conditions
    The following comments are provided by readers and are the sole responsiblity of the authors. The reviewjournal.com does not review comments before publication nor guarantee their accuracy. By publishing a comment here you agree to abide by the comment policy. If you see a comment that violates the policy, please notify the web editor.

    Some comments may not display immediately due to an automatic filter. These comments will be reviewed within 48 hours. Please do not submit a comment more than once.
    Current Word Count:

    Note: Comments made by reporters and editors of the Las Vegas Review-Journal are presented with a yellow background.

    Ripped wrote on September 13, 2008 12:58 AM: How on earth can a broker claim to be a buyer's agent if the seller is paying the fee? Can't you people see it's a scam to extract more money from the seller. If the buyer wants their own agent, pay for him/her yourself. There are no free lunches. I bet most buyers would refuse pay and act on their own behalf if they had to pay. I came to Vegas from overseas and could never come to terms with this conflict of interest and scam. Americans now deserve what they get. Good riddance to your broke country.


    roger wrote on September 12, 2008 08:45 PM: Yeah zippy, you're living in a fantasy world if you think walking away from your mortgage obligation is just that simple. I can assure you banks will make a diligent attempt to collect from you, and it won't take an expert to see through your scam. Not sure of collection laws around here but if they obtain judgement they can attach a lien to your new house, so are you still beating the system?


    Jen wrote on September 12, 2008 03:51 PM: Irresponsible idiots like you Zippy is what is destroying our economy. I hope Robert finds you and kicks you from here back to where ever you came from.


    Marcus Banks wrote on September 12, 2008 02:01 PM: This story is a distraction from the real issues. The real issue is "if" Obama intended to insinuate that Mrs. Palin is a pig that wears lipstick.
    Why can't we have some real, clearcut answers as to what the next president intends to do with this and other major issues. I don't care if it is McCain, Obama, or Bugs Bunny, the first one that could show a clear plan of attack would get my vote regardless of party affiliations. It sucks to see friends, families and neighbors get sucked into this pit of the mortgage mess. It sucks knowing that the black hole keeps getting bigger and bigger and eventually could take away everything that I have worked for.
    It sucks to see that we are selling off our country to foreign invaders... I mean investors who will eventually ruin this great country.
    Our Government handicaps employers with unreasonable taxes and regulations and rewards the do nothings that suck from the hind teet with no regret for their gluttony. Although the two major candidates left standing are not likely our best options, they unfortunately are all that we have to choose from at this point. Is it too much to ask that they at least give us some valid reasons for voting for them.


    Realtor-Victim wrote on September 12, 2008 01:53 PM: To say unethical is a understatement. I actually think used car salesman would be offnded to be equated to a Las Vegas Realtor.


    GLAV UNETHICAL wrote on September 12, 2008 01:49 PM: A funny thing I have called NRS Nevada Realty Services now about 5 differnt times and they always say that a property is availabel untill you tell them you are working wtih anothre Realtor.

    Appears they try to keep the listing in house only and this is not encouraging all offers by any means. I refuse though to look a a house with a company that unethuical as to bold face lie about the status of a property.


    creep wrote on September 12, 2008 01:42 PM: Re:Unethical.the problem is a lack of regulation and no recourse for the buyer. I got horrible advice from my buyer's agent when I purchased a home here 2 years ago, and there is apparently nothing I can do about it. People need to realize these so called professionals are nothing more than salespeople. You don't buy/sell, they don't make no money. And we are to believe they work FOR you ? and in YOUR best interests? Make these people accountable, what is the penalty for unethicla behavior? suspended license? to me buying and selling a home has become the equal of a used car transaction.


    GLAV UNETHICAL wrote on September 12, 2008 01:27 PM: UNETHICAL REALTORS and their practices are not helping in Las Vegas ...


    roger wrote on September 12, 2008 12:36 PM: You know I read these articles and comments on a daily basis and I have to ask, will it ever end? Seriously, what can or will happen to reverse the trend? If someone knows please say so bcus I don't see it. Simple economics says if you decrease the number of buyers the equilibrium price will go down. Think of the number of potential buyers taken out of this real estate market? Subprime , gone. Average borrower with no down payment, gone. Prime borrower underwater and unable to sell and buy up, gone. Investors are shying away from mortgages and banks have tightened underwriting standards. In effect the money supply has dried up. To compound matters wages have been stagnant for at least 8 years, which really means that most Americans have been going backwards bcus the rich are still gettting richer. This country, or I should say the average American and middle class has been getting ripped off for years and nobody cared bcus all the government's buddies were making too much money. Think of the corporate rip-offs, the recent articles of how speculators manipulated the price of gas, the lobbying in Wash regarding the oil industry, the Wall Street investment and acounting scams, etc... who really prospered when the smoke cleared? The rich of course.


    3 Types of People wrote on September 12, 2008 10:22 AM: I revise my "3 types of people" allocation (60/10/30)!

    30% Contribute (get Bills)
    20% Neutral
    50% Delete (get checks)

    My theory is supported by the U.S. Debt ($10 Trillion) that has mushroomed from Welfare/Entitlement Programs (e.g., the Community Reinvestment Act that forced banks to give trillions in cheap loans to black people despite high risk of default; Affirmative Action programs to give free education to blacks, and then hispanics and women jumped on the AA bandwagon)that benefit the Deleters. All while the hard-working, White Male eats it or gets stuck with the bill, but the bill has grown by trillions. Who will pay? The Wars (both Clinton's and Bush's) add to the debt too. But the internal/social war (entitlement mentality, illegal immigration, irresponsibility etc) I believe is more costly to the U.S. than all foreign wars combined!

    *neutral people may also get retirement or social securitry checks but that was based on lifelong contributions, so it is a wash.


    Read All Comments