Thursday, May 25, 2006

Las Vegas Defaults Increase 32%

A television station in Las Vegas has this update. "The numbers of house foreclosures in Clark County tell an interesting story. We rank tenth in the nation in foreclosures; in Clark County, the number of homes being foreclosed on rose 32-percent from last year."

"Whenever two mortgage payments are missed here, the lender sends someone to the Clark County Recorders office. A loan default paper is filed, which starts the foreclosure process. A homeowner can pay the money back at any time. If that person continues to miss payments a breach is filed. That next step gives the homeowner 35 days to settle or the foreclosure becomes final."

"Assistant Clark County Recorder Charles Harvey calls the spike in foreclosures significant. He said, 'As the interest rate increased, we have seen an increase in the number of foreclosures.'"

"Harvey says the foreclosures come from all over the county. Homeowners in trouble with their payments are not concentrated in one area like North Las Vegas or Henderson. Experts blame higher debt and reduced demand for housing as well as the adjustable rate mortgages for the higher number of foreclosures."

Listed below are the first quarter foreclosures in Clark County for 2005 and 2006:

2005 First Quarter Foreclosures:

January - 1056
February - 1007
March - 1126
April - 920

2006 First Quarter Foreclosures:

January - 1201
February - 1429
March - 1529
April - 1266


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