Las Vegas and California Cities Show Top Foreclosure Listings

The mortgage crisis is hitting states all over the country. No state is exempt from feeling the pinch financially and all of the housing markets are looking quite bleak. However, the hardest hit areas are in the states of Nevada and California. The worst city for housing markets is Las Vegas where the foreclosures are the highest. On the list of the top 20 cities for foreclosures, 17 of these were in California, Florida, and Nevada. It is estimated by many that over 3 million people will face foreclosure this year alone. Some other states where the numbers are increasing are Oregon, Utah, Illinois, and Arkansas as well.

The economy appears to remain in a state of distress with the unemployment rate being close to 10% and estimated to remain the same throughout the entire year. Foreclosures and unemployment are directly related. People are unable to pay their mortgages when they don't have income coming into the home any longer. The government has been trying to help the mortgage crisis but their help cannot extend forever and when it does come to halt foreclosures will continue to rise. The Federal Reserve spent $1.25 trillion in their program to purchase mortgages. In December the federal loan rate was set to 4.71%, which was the lowest since the program originated and data was kept beginning in 1972.

In December the rates of new home sales fell 7.6% which shows that even the $8,000 tax credit wasn't enough to encourage people to purchase homes. Many borrowers are finding themselves in frustrating situations and are unable to stay current. They have fallen behind on their payments and some even just remove themselves from the mortgages due to the hard financial times we are all facing now. The cities of Seattle, Honolulu, and Minneapolis saw their foreclosure rates double the national rate from 2009. Other cities which saw rising rates but not quite as much included Rockford in Illinois, Provo, UT, and Portland, OR.

The numbers of people who face foreclosure in Las Vegas is 12% of the households, or more than 1 in 10 people. This number is five times higher than the average across the country. These 12% all either received repossessions, auctions occurred or notices of default were given. In the good news, in the fourth quarter of 2009, the filings for foreclosures fell from the third.

The state of Florida did not see results that were much better. The city of Cape Coral-Fort Myers received the second highest rate of foreclosures with a close number to Las Vegas, 11.87%. Other Florida states that experienced high rates included Orlando0Kissimmee, Port Saint Lucie, and Miami-Fort Lauderdale-Pompano Beach. In the state of Arizona in the city of Phoenix over 8% of the households were in some stage of foreclosure when the results were compounded.

The results of the communities were collected by RealtyTrac. They collected data from over 2,200 individual counties. These counties were a decent representation of the population and showcased 90% of the population in the entire country.


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The State of the Las Vegas Real Estate Market

According to RealEstateChannel.com, Rick Shelton, the president of the Greater Las Vegas Association of Realtors, states that the Las Vegas real estate market is "bouncing along the bottom."

In the same report, dated September 8, 2010 [09/08/10], overall home sales were down; however, August sales of condos were up, 2.4% from July and 1.1% from the same time last year. While these figures are small, they are indicative of a steady and healthy growth.

In addition, 45.9% of all Vegas area homes were purchased with cash; demonstrating that investor interest is obvious. Vegas condominiums in general are experiencing a gradual resurgence.

Investing in Las Vegas

Part of this resurgence has been caused by people waiting to purchase homes and a greater demand for rental properties. Las Vegas high rise condos offer a degree of luxury that, in the past, has been largely inaccessible.  Green properties, like those at CityCenter, are also appealing because they fulfill a growing consumer demand for sustainable urban living.

In the current market, developers are searching for new ways to market their properties. For a time, Vegas high rise condos were simply unattainable for most experienced investors. But now, prices have dropped so much that investors are once again inspired by the potential profits. Some say this is a "natural progression" of the real estate cycle.

Analysts are unsure of when the market will recover. Some point to late 2011, while others point to the middle of 2012, with increases estimated to be 2 to 7 percent. However, investors should still be mindful of their time, especially when considering the lengthy steps involved in purchasing a short sale or foreclosure.

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