55% of Nevada Homes worth Less
then their Mortgage?
A new report by First American Corelogic reports that 55% of Nevada Homes are worth less then the mortgages on them as reported by the Wall Street Journal.
Number of Homes Upside Down
Percentage wise, Nevada led the nation but when it comes to the total number, California leads the way in the total amount of homes underwater followed by Florida, Texas, Michigan, Ohio, Arizona and Georgia.
Las Vegas Real Estate Reports Record Defaults for February of 2009
In another report by the Las Vegas Sun, Las Vegas reclaimed the lead in February as the foreclosure capital for cities with a population of more then 200,000. According to the Report that you can read here, February was also a record month for the number of Nevada homes in default on their mortgage payments.
From the Article:
“The city’s foreclosure rate of one filing for every 60 households was seven times the national average.
The number of default notices filed against homeowners who are delinquent in making mortgage payments rose 32 percent in February to 8,406. That’s compared with 6,064 notices in January and 4,367 in February 2008, according to RealtyTrac, a California firm that tracks foreclosures.
That is the highest amount in Nevada since the firm started tracking foreclosures in January 2005 and another ominous sign for the Las Vegas housing market. In January, foreclosure filings fell 4 percent from December, causing some to wonder whether the foreclosure crisis was slowing.”
See January Foreclosure Numbers.
The numbers for February are quite startling and almost double from February of 2008. Keep in mind these are homes that have not actually been foreclosed on and homeowners may be working something out with their lenders.
However… if you take a look at our Las Vegas Foreclosures for Sale on the MLS page, you’ll see the increase in the number of available foreclosures for sale shortly after February of 2008.
You’ll also see the decline of Las Vegas foreclosures available for sale from January 20th to March 1st of 2009…
Paul Francis, CRS
Las Vegas Real Estate
702.592.3058
April 3, 2009 at 8:47 pm
[...] and needs to be watched in the coming months. The big wildcard is the increase in the Number of Las Vegas Notices of Defaults filed in February which could be an indicator of more foreclosures to come if not resolved with a short sale or loan [...]