Foreclosures up 121%....can you say gross????? Vegas leads the pack

By
Mortgage and Lending with Larry Bettag - Cherry Creek Mortgage

U.S. home foreclosures soared by 121% in second-quarter year-over-year results, according to a report issued by RealtyTrac.  Realty Trac (RT), said that there were 739,714 foreclosure filings in the second quarter of 2008, a 14% quarterly increase. According to RealtyTrac, 48 of 50 states and 95 of 100 of the largest metropolitan areas experienced year-over-year increases in foreclosure activity in the second quarter.

Bank repos were 30% of the total for the second quarter, up from 24% of the total in the first quarter.   Nevada was the highest highest monthly foreclosure rate. That There were 24,657 foreclosures filings in the second quarter.  Go figure....Vegas was the Hot Spot, but now you can't give away property there.  The playtime mecca is having a hard time staying open.....  They place to be is now the place you can't sell.  Since when did Vegas become an economic indicator.  Last week on the news it said that brothels are down over 30%.....Evidently the pinch is greater than that market likes to lead on.

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Comments 6 New Comment

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Rainmaker
360,767
Kathleen Cooper
EXIT Realty Partners - Broker, REALTOR®
Kathleen Cooper, Best Option-EXIT Realty Partners, REALTOR®

Those are sad numbers, I can feel your pain!

Sincerely,

Kathleen

July 25, 2008 09:56 PM
Rainmaker
137,388
Aida Pinto
Real Estate Broker (562) 916-3237
United Associated Brokers

Very sad numbers---and it's going to get worse before it gets better!   What is going to happen when those loans made in 2005 fixed for 5 adjust -- can you do the math---2010!  What about the ones made in 2007 fixed for 5=2012! 

 

July 25, 2008 10:06 PM
Ambassador
876,211
Larry Bettag
Regional Vice-President
Larry Bettag - Cherry Creek Mortgage

JCKC....thanks Kathleen...let's see where we go from here.

Aida....great stats and analogy.....you're right on.

July 25, 2008 11:09 PM
Rainer
52,743
Jim Dunlap
Roberts Realty

Just adding a little humor, I wonder if gas prices are affecting brothel's business?  Prostitution is illegal in Clark County (Las Vegas) so patrons have to drive to the next county for their "entertainment".

July 26, 2008 12:21 AM
Rainmaker
115,948
Tony Sena
Broker/Property Manager
Shelter Realty, Inc

Your blog is not completely accurate about the Las Vegas Real Estate Market.  We have had home sales incrase for 6 straight months.  Inventory has dropped from 18 months of inventory to 13.7 months of inventory.  I just wrote a blog about exactly what you are talking about for the Las Vegas Real Estate Market.

July 26, 2008 12:26 AM
Ambassador
876,211
Larry Bettag
Regional Vice-President
Larry Bettag - Cherry Creek Mortgage

Jim...I heard that the truckers are the big source of business and there just isn't enough disposable income for a little recreation.

Tony...I'll check out your post....thanks....I just got this from what came out today.  I'm involved wiht your market, but not to the extent that you are.

July 26, 2008 09:17 AM
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Ambassador
876,211

Larry Bettag

Regional Vice-President
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