Las Vegas (NV) Foreclosures Increase Significantly in the 1st Q of 2006

[UpInArms]

http://biz.yahoo.com/prnews/060413/clth515.html?.v=31

MT. PLEASANT, Pa., April 13 /PRNewswire/ -- The number of foreclosures in Clark County, Nevada, increased by 36 percent in the first quarter of 2006 compared to the same period in 2005, according to Default Research (http://www.defaultresearch.com), the rapidly growing real estate research company for foreclosure properties.

<snip>

"All bets are off in Las Vegas now. With rising interest rates and lower appreciation on the properties people own, it is obvious that the area could see an increase in foreclosures for the next several months," said Serdar Bankaci, president and chief executive officer of Default Research, Inc.

Another problem in Clark County that is contributing to the rising foreclosure number relates to the housing shortage in 2003 and early 2004. According to Bankaci, during that time, many investors bought up properties hoping to cash in as the property values went up through basic supply and demand.

"That gamble did not pay off because the housing shortage ended and these investors, who had no intention of living in the houses, were stuck with overpriced properties," said Bankaci, whose company provides foreclosure data that arrive two to three weeks ahead of the competition.

...more...

[napi21]

1. I suggest watching foreclosures everywhere.

The great economy isn't real. Many people have bought cars they couldn't afford because of zero interest. Many people bought homes they counldn't afford too. I know 3 people personally, who are trying to sell a car they bought 6 months ago because of the price of gas. It's very sad to say it, but way too many people are overextended, and it doesn't take much to push them over the edge.

Watch out for the folks who bought the homes at that nice low VARIABLE interest rate too! It's about to bite thm in the a**!

[MercutioATC]

2. Wait 2 or 3 years...bargains galore!

I wouldn't necessarily buy in Vegas (overpriced market) but there will be plenty of bargains to be had in sane markets once Bush is done fucking the economy.

[depakid]

3. Vegas is going to be a wasteland in 20 years

alongside Phoenix.

Without cheap oil, gas, power & water, those cities will shrink back into the desert like so many others before them.

[lovuian]

4. Americans wealth is in their real estate and Bush is after that

as well as the banks...

Raising Interests and raising oil prices and lower wages are tipping the American middle class into poverty ...plus add healthcare in there and we got a Depression heading our way...

[padia]

8. thats what this reverse mortage is all about

[MercutioATC]

6. I don't know that I'd go that far...

...but I think the Vegas real estate market over the last 10 years (actually forever but, for our purposes, over the last 10 years) has been largely speculative and Vegas is long overdue for a correction.

I wouldn't say "wasteland", but I wouldn't be surprised with corrections in the 30% range.

[shanti]

5. question: why is this news

coming out of mt. pleasant, PA??

[Rainscents]

7. Wait until, Bush bomb NV, Las Vegas on June 2nd

I wonder how many house will this destroy? I am afraid for Yellowstone and possibility of Earthquake from this too.