Foreclosed Condos for Sale and Distressed Home Numbers Highest in LV- By: John Cutts
The number of foreclosed residential and foreclosed condos for sale in Las Vegas, Nevada, was the highest among all metro regions in the U.S. last year. The city has maintained its top foreclosure ranking for most of the periods since the start of the housing market crisis in 2007.
Las Vegas foreclosures continued to post record totals in 2010. One household out of every nine housing units was under some stage of foreclosure in the city last year, way higher than national averages of one household per 45 housing units. Despite the city's foreclosure rate being five times bigger than the national rate, actual foreclosure activity totals in Las Vegas declined by 7% when compared with year-ago levels.
In fact, the number of foreclosed homes in Nevada last year fell when compared with 2009 figures. And although Nevada remained the number one state in the whole U.S. in terms of foreclosure rate, its distressed property figures are actually starting to decline. Housing market reports showed that majority of the metro regions that were consistently on the top ten list of areas with the highest foreclosure rates in the past four years recorded a decline in foreclosure totals in 2010.
However, nationwide housing data also showed that although the number of foreclosed condos for sale and distressed residential properties in hardest hit locations declined last year, 72% of the more than 200 metro regions of the U.S. recorded a surge in foreclosure filings over the same period.
Analysts stated that this shows that the problem of foreclosures in the whole country is far from over and that foreclosed and distressed property issues just migrated from the usual hard-hit areas to regions that, historically, did not experience high levels of foreclosure activities until last year. They added that this is mainly due to the unemployment problem that did not spare even areas with previously strong housing markets.
They further explained that majority of foreclosed condos for sale and distressed property cases in 2010 were not caused by bad loans, but were due to owners losing their jobs and unable to pay their monthly mortgages. Analysts expect foreclosure problems in 2011 to be much the same as 2010.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.