[jfkIII]

2. Las Vegas/ Paradise
Nevada
Foreclosure filings rate as a multiple of national average: 4.624

Q1 2007 Total: 10,493
One filing for every 57 households

Jan: 2,947
Feb: 3,239
Mar: 4,307

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(above according to BusinessWeek)


Does any of this lead to good deals on houses? Or are they already trashed and degrading nice neighborhoods?

[lvkewlkid]

well, we were one of those households...

[Golfinnova]

Probably a bit of both. There are some good deals in the foreclosure market, but there are some that my wife saw when we were house hunting that would have needed a lot of money to fix them up. I've noticed the same thing here in DC that foreclosures are skyrocketing, the house next to us in our former neighborhood is being foreclosed. Some owners just abandon the house and the grass grows to over 2 feet tall.

[TimtheGuy]

Lots of specualtors bought way beyond their means. And of coarse Vegas is anything but "typical".

[jfkIII]

Thx Golf...I wouldn't mind buying a halfway decent foreclosure for the right price, fixing it up a little, but not if the rest of the neighborhood was gonna fall apart and foreclose around me.

[New City V]

Originally Posted by jfkIII

2. Las Vegas/ Paradise, Nevada

Foreclosure filings rate as a multiple of national average: 4.624

(above according to BusinessWeek)

Since I didn't read the article, you did not state whether your statistics are for the "city" of Las Vegas (which includes the township of Paradise) or if they refer to the Las Vegas metro area.

The metro area is over three times the population of the city and many times the land area.

The "city" of Las Vegas does not even include the famous Las Vegas Strip.

Quite often statistic for the city, which includes mostly older, more urban, more established parts of the valley, do not correspond with statistics for the Las Vegas metro area which is mostly suburban in nature.

Las Vegas, Nevada - Wikipedia, the free encyclopedia

Las Vegas metropolitan area - Wikipedia, the free encyclopedia

*

[jfkIII]

Here's a link to article, which really is about the disgusting conditions that people are leaving their foreclosed homes in. They figure if they can't keep it, they're gonna make someone pay for their loss and heartache. Anyway, the stats about the worst foreclosure rates (by state & by city) can be found in the links under the picture of the starving dog. Warning: it's not a pretty article....

Foreclosure's filthy aftermath - Buying a House - MSN Real Estate

[New City V]

Originally Posted by New City V

Since I didn't read the article, you did not state whether your statistics are for the "city" of Las Vegas (which includes the township of Paradise) or if they refer to the Las Vegas metro area.

The metro area is over three times the population of the city and many times the land area.

The "city" of Las Vegas does not even include the famous Las Vegas Strip.

Quite often statistics for the city, which includes mostly older, more urban, more established parts of the valley, do not correspond with statistics for the Las Vegas metro area which is mostly suburban in nature.

Las Vegas, Nevada - Wikipedia, the free encyclopedia

Las Vegas metropolitan area - Wikipedia, the free encyclopedia

jfkIII, you did not answer my question about the target of your Business Week statistics,
so I must assume they are for the older, smaller, more urban "city of Las Vegas" rather
than the typically suburban Las Vegas metro area. Better luck next time.

*

[MomMom]

Originally Posted by TimtheGuy

Lots of specualtors bought way beyond their means. And of coarse Vegas is anything but "typical".

You've got it right Tim..Las Vegas became one of the top ranking speculator's markets as well, that's what drove the home prices up and up...

It's only natural that such a high investor-owner market would lead to the highest counts for filed bankruptcies. Like Tim said, investors bought houses (via the exotic loans) they really couldn't afford to begin with.

A lot of these investors never lived in these homes, it's no wonder why they are trashed. These whiners think the mortgage companies lied to them about the pay back terms of their loan, so they are bitter and resentful they are declaring bankruptcy and probably foreclosing.

Their ignorance and arrogance shows by the condition in which they have left their "investments"

[ackackack]

Unfortunately not only did investors buy homes they couldn't afford with these "exotic loans," but many families did as well. Foreclosers are not always a deal. There are plenty of homes in the valley that are occupied by families that stuck thier neck out and are paying the price, or about to. If you look around, you can find people in every neighborhood that are willing to dump their home before their credit is ruined and they lose thier home. I would avoid foreclosures. They are not always cheaper either, and you can't always determine what (if anything) is wrong with the home until you own it. That is too much of a gamble, especially with the insane number of homes on the market.

Does it matter what part of "Las Vegas proper" the article refers to? If you read the paper or watch the news, this is taking place all over the country. Las Vegas is being hit much harder than most places. When Las Vegas is referred to it typically means the surrounding areas as well.