Nevada had held the top spot in the nation for foreclosures, and now the Las Vegas Valley is taking center stage in the national spotlight of the problem. The valley has long been ranked in the top five nationally in the rate of foreclosure filings.In December the valley had seven of the top 10 ZIP codes in the nation in foreclosure filings and 16 of the top 20, according to a report by RealtyTrac, a California firm that tracks foreclosures, and CNNMoney.com.A year ago, Detroit and Cleveland had some of the highest foreclosure filings.RealtyTrac blames the growing problem on a large number of subprime mortgages coming due. Subprime loans are for buyers who didn’t have the credit worthiness for a prime loan. Many borrowers used adjustable-rate mortgages to afford homes because prices have risen steeply in recent years. When prices fell, many homeowners could not refinance their loans.
The 89031 ZIP code in North Las Vegas had the highest number of filings - 741 - in December. That included 368 default notices, 285 auction notices and 88 repossessions.
The others and their total filings are:
2. 89131 in Las Vegas: 665.
3. 89148 in Las Vegas: 614.
4. 89108 in Las Vegas: 573.
5. 89052 in Henderson: 484.
6. 89139 in Las Vegas: 476.
7. 89129 in Las Vegas: 473.
10. 89123 in Las Vegas: 448.
Housing expert weighs in: National housing expert John Burns says there is further evidence the U.S. could be in a recession. He says as if the housing market isn’t enough of a drag on the economy, businesses are curtailing their spending as well. Not only have manufacturers said their budgets are being cut, but service-sector businesses are shrinking as well, Burns says.
As for the housing market, Burns says the good news is that falling interest rates will help more qualified buyers finance their way out of problems.
The existing home market remains weak with few signs of any improvement, and he gave it a grade of a D. The new home market got an F from Burns because sales and prices continue to decline.
Las Vegas the place to buy: Entrepreneur.com listed Las Vegas as one of the top four places to buy an existing home as an investment. The others are Austin, Texas, and surrounding cities; Mission Viejo, Calif.; and Palm Beach, Fla.
When it comes to Las Vegas, the online magazine said the city has been hit hard by investors who watched their home values disappear and then left those homes empty. Las Vegas is high on the national list of foreclosures, but it has a strong job market, it reported.
“Las Vegas experienced a 12 percent increase in population, partly driven by retirees looking for Sunbelt states to move to,” the publication said. “Coupled with low prices, we could see inventories reduced here, which would also stabilize prices. Be careful what you buy, but (we) like it.”
The places to avoid are Detroit, Miami, and Riverside and San Bernardino counties in California.
In other news:
By Brian Wargo / Staff Writer
Popularity: 18% [?]
Related Articles
1 user responded in this post
[…] Vista Del Lago mission Viejo, california 92692 E-mail: …http://www.rancho-santa-margarita.com/LV-area ZIP codes flush with foreclosure filings Nevada had held the top spot in the nation for foreclosures, and now the Las Vegas Valley is taking […]