According to the latest numbers, Nevada is leading the pack by a wide margin – unfortunately, the category it is leading in is foreclosures per housing unit, hardly a stat to boast about. Nevada’s foreclosure rate is at about 1 in 300 homes, way above the national average of 1 in 1000. According to a Nevada foreclosure lawyer, there are a multitude of reasons for this, and also some reasons for optimism.
Behind The High Rate
Nevada’s housing market has been suffering for quite some time, says the Nevada foreclosure lawyer. Las Vegas in particular has been hard hit, with the recession hitting the tourism industry hard, resulting in the loss of many casino jobs. In other words, if people are not coming to Las Vegas to gamble, the casinos cannot pay employees to run the gambling stations. And once these people lose their jobs, in many cases there are no alternatives out there, and they run into financial difficulty and foreclosure proceedings.
Las Vegas is bearing the brunt of the downturn, but the state as a whole is seeing similarly bad numbers across the board, the foreclosure lawyer says. Foreclosure starts are up nearly 250% from just a month ago, a statistical spike that could be an anomaly, but could also signal a big problem for the state’s housing market.
On the positive side, the foreclosure lawyer says, REO activity is down 38% from a year ago, a positive trend in the right direction. He has high hopes for Nevada’s future and its recovery from these tough economic times.