Thursday, January 27, 2011

Foreclosure Fiasco -- Las Vegas: Still the Foreclosure King


NEW YORK (CNN Money)
By Les Christie, staff writer January 27, 2011: 6:04 AM ET


Las Vegas is once again the foreclosure king.

One out of every 9 homes in Sin City received some kind of default notice in 2010, according a report released Thursday by RealtyTrac. That's five times higher than the national average.

But there is a silver lining: The foreclosure rate is actually dropping in Vegas, down 7% compared to the end of 2009.

In fact, rates fell in all top-10 foreclosure markets of 2010. In No. 2 Cape Coral, Fla., for example, filings dropped 28%. In third place Modesto, Calif., they fell 13%; and forth place Phoenix dipped 7%.

But even as foreclosures fell in the worst-hit areas, they rose in 72% of the 206 metro areas covered by RealtyTrac's report.

"It really says that the foreclosure problem has spread well beyond the core states," said Rick Sharga, spokesman for RealtyTrac.

Foreclosures have spread beyond the original bubble cities as the economy melted down. Unemployment rates spiked nearly everywhere, and people out of work can't make their mortgage payments.

As a result, there is now a cohort of metro areas that didn't enjoy the housing boom but are now enduring double-digit foreclosure spikes. For example, Houston foreclosures grew by 26% -- the biggest jump by any of the 20 largest metro areas -- to one for every 62 households. The city suffered from a bleak job picture, with unemployment rising to 8.6% in November from 8.1% a year earlier.

Atlanta rose to 25th place with a 21% jump in 2010 filings following a 42% spike in 2009. And Salt Lake City filings ballooned by 30% in 2010, good for 27th place.

Bubble markets still rule

Bubble state cities still dominate the top of the list, however, accounting for 19 of the 20 top markets. And the easing in these worst-hit markets may be temporary, said Sharga.

"The servicers are backed up with foreclosures and may have slowed down their actions until they could get the back-up out of the pipeline," he said.

He forecasts a foreclosure rise again in the Sand States this year as banks restart their engines. Overall, he thinks, foreclosures should plateau and stay at about the same level throughout 2012.

"Until jobs come back, we won't see much of a change," he said.

24 comments:

  1. Hadar, you are one busy woman. Everyone loves the treasure bag along with the landscape earrings.
    Appreciate any work and inspiration.

    Also visit my web site ... ,jewellery deals

    ReplyDelete
  2. Heya this is kind of of off topic but I was
    wondering if blogs use WYSIWYG editors or if you have to manually code with HTML.
    I'm starting a blog soon but have no coding skills so I wanted to get advice from someone with experience. Any help would be enormously appreciated!

    Review my blog post; posterous.com

    ReplyDelete
  3. That is very attention-grabbing, You're a very professional blogger. I have joined your feed and sit up for searching for more of your wonderful post. Additionally, I've shared
    your website in my social networks

    Visit my site; xerox 8560dn printer

    ReplyDelete
  4. Great website you have here but I ωas wаnting to know іf you knew of any forums that coveг the
    same topics diѕcussed in this article? I'd really like to be a part of group where I can get feed-back from other knowledgeable individuals that share the same interest. If you have any recommendations, please let me know. Kudos!

    my web blog: facebook advertising costs

    ReplyDelete
  5. Wow, nice! Very elegant and sophisticated.

    Also visit my page; ,cheap earrings for teenage girls

    ReplyDelete
  6. Aww, thanks Neen!! Can't wait to get started sending you goodies inside the post xx

    Feel free to surf to my webpage; www.nordic-land.com

    ReplyDelete
  7. Is 300 dpi the minimum need for all prints?

    my weblog xerox phaser 8560mfp

    ReplyDelete
  8. And i also still wear a pair of gold hoops my husband and oldest child provided for Christmas the initial
    year he was around. 4 kids were gently taught never to yank
    on Mommy's earrings- nor her necklace. Still wearing a similar chain and hoops.

    Here is my blog post; ,cheap earrings online uk

    ReplyDelete
  9. What i don't understood is if truth be told how you are no longer actually much more smartly-appreciated than you might be right now. You're very intelligent.
    You understand therefore considerably relating to this matter, produced me personally consider it from a
    lot of varied angles. Its like women and men don't seem to be involved until it is one thing to accomplish with Girl gaga! Your own stuffs great. Always handle it up!

    My webpage :: xerox 8560mfp driver

    ReplyDelete
  10. Wonderful blog! I found it while searching on Yahoo News.

    Do you have any tips on how to get listed in Yahoo News?
    I've been trying for a while but I never seem to get there! Thank you

    Here is my web-site: http://privatecloudandhosting.info/

    ReplyDelete
  11. Hello! I could have sworn I have been previously
    to this particular blog before but after appraising a lot of the post I realized it's new at all to me. Nonetheless, I'm definitely
    glad I came across it and Soon we will be bookmarking and checking
    back often!

    my web site - www.whoopi.cn

    ReplyDelete
  12. I'd like to find out more? I'd want to find out some additional information.


    Feel free to surf to my web blog; journals.fotki.com

    ReplyDelete
  13. Im obliged for any article.Much many thanks. Nice.

    Also visit my page :: ,cheap earrings for women

    ReplyDelete
  14. thank's terrific idea, you are much better compared to samsung's
    engineer !!!

    Feel free to surf to my website: http://misteriospublicos.blogspot.co.uk/

    ReplyDelete
  15. hp laserjet 1020 vehicle drivers sustains Windows 2000, Windows XP, Vista and windows7(House & Specialist).
    The HP 1020 LaserJet is an excellent.

    Also visit my blog: xerox phaser 8560 maintenance kit

    ReplyDelete
  16. I needed to disconnect my 2600 printer from my pc recently.
    When reconnected, there is now a loud whistling noise made by the printer.

    It still publishes, however the noise is very aggravating.
    Any suggestion what could cause this?

    my web page - xerox phaser 8560

    ReplyDelete
  17. This information is priceless. When can I find out more?


    my page :: Www.Wix.Com

    ReplyDelete
  18. My fave are definitely the Llama Cufflinks in Heart .
    .great for my Llama boyfriend XD

    my web site ,cheap costume earring jewelry

    ReplyDelete
  19. Hi! I've been following your site for a while now and finally got the courage to go ahead and give you a shout out from Houston Tx! Just wanted to tell you keep up the fantastic job!

    Also visit my website - xerox 8560 cartridges

    ReplyDelete
  20. When I initiallу left a commеnt I ѕeem to haνe clіcκed οn the -Notіfy mе ωhеn neω сomments аге added- checkbox and now eѵery tіme a
    comment is added I get 4 emails with the samе comment.
    Theге has to be a means you are аble to remονе me
    from that serѵіcе? Kudos!

    My blog: facebook sign up new person

    ReplyDelete
  21. Well thats the first time ive listened to that there is a reset button on your cartridge,
    you can save cash by simply using this pointer, does this mean i
    can fill up the cartridge myself and press the remainder button and
    my printer will certainly approve that the cartridge is
    full.

    Feel free to surf to my webpage; Xerox phaser 8560n - www.swaggybook.com -

    ReplyDelete
  22. Thank you for any other excellent post. The place else could anyone get that type of information in such an ideal means of writing?
    I have a presentation subsequent week, and I'm at the look for such info.

    Feel free to surf to my homepage - xerox 8560 manual

    ReplyDelete
  23. The all circuit in this sites is very intereting i attempt it Im also a B.
    e(electronic devices)pupil this website is truly good.


    My site ... Xerox phaser 8560 Ink

    ReplyDelete
  24. Its such as you read my thoughts! You appear to grasp a
    lot approximately this, such as you wrote the guide in it or something.

    I believe that you just can do with some % to power the message house a little bit,
    however instead of that, that is fantastic blog.
    An excellent read. I will definitely be back.

    Here is my weblog :: rosacea

    ReplyDelete