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Aug. 13, 2009
Copyright © Las Vegas Review-Journal

Nevada leads in foreclosures as U.S. rate climbs 7 percent

By ALAN ZIBEL
THE ASSOCIATED PRESS
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WASHINGTON -- Nevada had the nation's highest foreclosure rate for the 31st-straight month as the number of U.S. households on the verge of losing their homes rose 7 percent from June to July, figures being released today show.

Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said today. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee's sale. That's the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.

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    • Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.

    Nevada was followed by California, Arizona, Florida and Utah. Rounding out the top 10 were Idaho, Georgia, Illinois, Colorado and Oregon. Among cities, Las Vegas had the highest rate, followed by the California cities of Stockton and Modesto.

    While there have been numerous recent signs that the ailing U.S. housing market is finally stabilizing after three years of plunging prices, foreclosures remain a big concern. Foreclosures are typically sold at a deep discount, hurting neighbors' home values.

    The mortgage industry has been slow to adapt to the surge in foreclosures. Many lenders have needed government prodding to get up to speed with the Obama administration's plan to stem foreclosures.

    The Treasury Department said last week that banks have extended only 400,000 offers to 2.7 million eligible borrowers who are more than two months behind on their payments. More than 235,000, or 9 percent, of those borrowers have enrolled in three-month trials in which their monthly payments are reduced.

    "The volume of loans that are in distress simply overwhelms" those efforts, said Rick Sharga, RealtyTrac's senior vice president for marketing.

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    John wrote on August 14, 2009 08:02 AM: But wait! I thought Obama's administration said that all was fine? That we had turned a corner? That we should all sing Happy Days Are Here Again!

    Maybe if we just spend another trillion or so dollars? Maybe that would "fix" the housing market?


    Strategic Default! wrote on August 14, 2009 12:42 AM: Strategic default- deed my home to a minority (black couple with two kids), who can then make a successful claim for debt cancellation, and then deed it back to me. Or, maybe I can deed it temporarily to ACORN?


    Poof wrote on August 13, 2009 08:55 PM: POOF! I just cut the size, scope and cost of government by 75%. In one magic second our sales tax rate is 3% and our property taxes are 90% less. Local government has to focus on basic services. We Las Vegas residents control our future, not the Federal Government -- not Harry. We all have more money in our pockets to spend as we like. Life is good. "Poof" can start to happen for real in 2010 if you really want it to.


    IKnow wrote on August 13, 2009 08:00 PM: When a vibrant community, like Las Vegas, is blacklisted, jobs are lost. So are future dreams. Thus the community suffers. Who is responsible for our future being blacklisted? What senator let it happen? I know. You get what you vote for and I didn't vote for a miserable future. What will you do in 2010 to try to make things better? I know -- nothing!


    ForeclosureNV wrote on August 13, 2009 07:40 PM: Strategic Default Article


    perry wrote on August 13, 2009 05:20 PM: recession had 12 month head start it started in end of 2007. there going to be more foreclosure in next 2 years 5 years reset are coming up in 2011 2012. my rest in 2012. las vegas realtor are full of s(((


    curious wrote on August 13, 2009 05:16 PM: @ Freddy..my thoughts exactly. I moved here 3 years ago and couldnt believe the number of mercedes, bmw's, exotic cars in my life. I thought summerlin was the second coming of beverly hills. I think what we witnessed was residents flipping homes left and right to create a false sense of demand and push prices up. Many people made alot of money, but they spent alot too. When the frenzy stopped most were left with underwaters homes and investments that they could no longer flip.


    Very Good wrote on August 13, 2009 03:34 PM: It's a good thing that Obama ended the recession or things would be really bad.Thanks Barry!


    Freddy wrote on August 13, 2009 01:43 PM: Could have fooled me. In the early 2000's I could have swore people were all Rich in Vegas, up bidding on houses and paying 300k+ for them too. Not counting everyone had new car, going out to eat, and at the casino every friday night with there paycheck. I honestly thought Vegas was full of multi millionaires.
    What happened?


    Free Nevada wrote on August 13, 2009 01:13 PM: So based on this report, it looks like 10.2% of Nevada's homes are being wiped out every six months.

    That's how such a tiny place (2.7 million people) can consistently beat California (34 million people) in foreclosures.


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