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Underwater Homes Still Moving Las Vegas Foreclosure Auctions



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By : John Cutts    99 or more times read
Underwater mortgages are still among the major drivers of Las Vegas foreclosure auctions, as the city continues to have the highest percentage of underwater mortgages in the nation.

In the first quarter, almost 75 percent of all mortgaged homes in Greater Las Vegas were underwater and another 3 percent approaching negative equity. There was no substantial improvement in property values as the percentages remained unchanged from the previous quarter.

A total of 28,480 homes in the metro area were put into foreclosure during the quarter, putting Las Vegas again on top of the metro foreclosure charts in the first quarter. The number marked a jump of 13 percent from the previous quarter.

In April, metro Las Vegas continued to post the highest foreclosure rate among metropolitan areas, with one foreclosure filing for every 60 residential units, despite posting a three-percent decline in foreclosures over the year.

Based on the latest home price report released by Standard &Poor’s/Case-Shiller, Las Vegas foreclosure auctions were still pushing down home prices, as the 20-city index for Las Vegas dropped by 0.8 percent between February and March, higher than the average drop of 0.5 percent in the 20 cities tracked by the index. The March index drop was also higher than the 0.4-percent drop between January and February.

Compared to the index in March last year, the drop of 12 percent was substantial, a stark contrast to the 2.3-percent average price in the 20 tracked cities.

Similar to Las Vegas, the state is also still struggling with foreclosure lists. In the first quarter, total foreclosure filings statewide reached 34,557 filings, a jump of 15 percent from the previous quarter.

In addition to the 16,127 filings in April, the total of foreclosure postings in the state in the first 4 months of this year reached 50,684. Of this number, more than 11,000 units were foreclosed homes for sale in Nevada.

If prices continue to fall and more homes become underwater, residential properties will continue to get posted for Las Vegas foreclosure auctions.


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