Las Vegas Takes Top Spot Again

From CNN Money – Las Vegas Tops Foreclosure List in latest report that you can Read Here.

The 26 cities with the highest foreclosure rate in the nation are all located in four hard-hit states, with Las Vegas topping the list, according to a report released Wednesday.

It’s really no surprise considering the foreclosure moratoriums that were put in place while new help for homeowner programs were being created and delaying the correction process in cities such as Las Vegas where many Las Vegas homeowners would not qualify for the program due to the enormous amount of equity already lost.

From the Article:

“The concentration of troubled metro areas within the hardest-hit states, candidly, was even more severe than we expected it to be,” Sharga said. “The degree to which those four states dominated the rankings surprised even us.”

What’s not being reported is the number of Las Vegas Homes currently in escrow or the big jump in sales currently taking place for Las Vegas Real Estate.

As of today… there are 10,723 properties in either a “contingent” or “pending” status on the Las Vegas MLS for areas 101 through 606 which covers Las Vegas, Henderson and Summerlin.

Only 16,902 single family residences are currently available in the same areas… some more proof of a theory from my last Las Vegas Foreclosure Report that values may be stabilizing from the free fall.

Remember… without buyers you can’t have a healthy real estate market… No matter what programs are in place.

Paul Francis, CRS
Las Vegas Foreclosure Search
702.592.3058