Friday, November 18, 2011

Las Vegas: 100,000 foreclosures and counting; House prices down by 60%

Las Vegas: 100,000 foreclosures and counting: From Steve Green at the Las Vegas Sun: Las Vegas house prices continue to slide, down 9 percent from year ago
“In less than four years, more than 100,000 homes in Las Vegas have been lost through foreclosure. That’s 18 percent of our privately owned housing stock: that’s nearly one home in five. And we’re nowhere near finished with foreclosures. In all likelihood, we have another 100,000 yet to go, and at the current rate, that’s another four years,” [housing analyst and SalesTraq President] Larry Murphy said.
According to Case-Shiller, house prices have declined almost 60% from the peak in Las Vegas ... no wonder foreclosure are so high.

And according to Core Logic, there were 426 thousand first mortgages in Las Vegas at the end of Q2 - and 270 thousand of these were in negative equity (about 63%). Another 100,000 foreclosures might be low.

In another 4 years, nearly 40% of the housing stock will have been foreclosed upon. Wow. Talk about land boom and bust. Don't worry though. The taxpayer will pick up the tab and make the banksters whole, because they'll "bring down the whole economy" if we don't.

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