Vegas Hit Hardest with Foreclosures

[vegasrocks]

I was reading in the Las Vegas Sun and I saw an article that says Las Vegas has been the hardest hit city with foreclosures.

A California firm that tracks the housing market found that in 2009 Las Vegas led the nation in foreclosure filings.

In the past, Vegas has periodically been in the top five spots of having the most foreclosures on a monthly basis but this was the first time ever they held it for an entire year.

In 2008, Cape Coral and Fort Myers held the number one spot and in 2007 Detroit was at the top of the list.

As a state, Nevada has led the nation in the rate of foreclosure filings since January 2007, based on numbers released by RealtyTrac.

lasvegassun

Some 94,862 properties in Las Vegas filed for foreclosure of one type or another in 2009!

[anita]

It is only practically common sense that Vegas is hit hard in the forclosure area.After all it is the place where everyone goes to enjoy thierselves and have fun,and in this day and time,we are all having trouble making time and saving money to go somewhere like Vegas.The economic pressure is bound to be felt in this area.It can be the best funnest place to go and just have an all out good time.With almost anything to do that you can imagine.

When the economic times are like they are today,people are scared to splurge on things like going to Vegas and gambling.Money is too hard to make right now.There are alot of perfectly profitable people finding themselves without a job and without a job you sure can't go on vacation,or buy a house in Vegas.

[Eyeofngt]

I know this is true in Vegas, but they are not the only ones that have been hit hard. It is all over the USA, the very same thing.

There will be more of this if things do not pick up and the government don;t get their heads out there butts and do something.

[vegasrocks]

I agree, this is happening all over the place, not even just in the United States. My mother-in-law is one of those statistics. She lost her home to foreclosure. There was nothing any of us could do to help her. It was aweful. She is doing just fine though but I know at first it was difficult to let go of the house where she raised all five of her children. Quite heartbreaking.

[Milburn]

Hi Everyone...
Most of the people don't know the meaning of foreclosure.It is a procedure in which a house is sold on the auction basis by the lender when the mortgage holder defaults and unable to pay the loan that he has taken.
Commonly the foreclosed property is quite cheap as compared to the property with legal ownership.

[slotfeaver]

i have a question

when buying a foreclosure home dose it sell for the money owed or dose it sell for the back taxes or is the something all to gether different there are many ways of foreclosure isnt there

[Milburn]

I have heard that the residential property prices are gone down due to large number of foreclosures. So I am planning to purchase a residential property in the Ohio State.
But there are many legal complexities associated with the transaction i guess.I am here to seek some expert advice from you on this conjuncture.