Las Vegas, Nevada is on top of the country's list in terms of number of foreclosures and listings of repossessed houses. In an effort to address the problem, city Mayor Oscar Goodman is reportedly considering giving an order to banks not to release any more foreclosed property in the market for a period of three years.
Goodman reportedly stated that the city will not be able to cope with more Las Vegas home foreclosures as present rates are already too much for the city to absorb. Local news reports have revealed that the mayor has ordered the city's attorney to investigate whether the Nevada Legislature has the power to stop banks from selling foreclosures for a given period of time.
Southern Nevada home foreclosures are expected to top 20,000 by the end of 2010 and for most analysts, Goodman's attempt to find a solution is highly understandable. However, some of them have stated that the mayor is wrong if he thought that state interference will help solve the housing market problem.
They argued that there is no way to legislate an economy and Las Vegas, as well as the whole Nevada, is suffering as much from the recession as from the high number of foreclosed properties and listings of repossessed houses. Those who do not approve of Goodman's plan have also stated that the mayor did not get it right when he stated that the city cannot absorb existing foreclosures.
They asserted that the city is absorbing properties under listings of home foreclosures just fine and that such properties are being sold. They claimed that prices of properties are still depressed, but they are stabilized. Some have even stated that most banks in the state have been acting responsibly since the start of the housing market crisis.
One household out of every 71 is reportedly in foreclosure in the state, making Nevada the top area in the whole U.S. in terms of foreclosure rates. Prices of houses in the state have also declined by almost 60% since the start of the housing market debacle.
With these figures in mind, most market analysts have stated that they understand why Goodman is considering such a move. However, most of them have argued that his plan will not solve the problem of foreclosures and listings of repossessed houses in the area.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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