[RedRockAAAA]

Per Fox news, Las Vegas will see 50% of housing in foreclosure within the next 3 months. Is this possible?

[Lovetheoutdoors]

Oh jeez I hope not but it's a possibility. After 9/11, I was part of the Project Helping Hands that gave aid to those who were laid off from the hotels and I could see that many - and I mean - many were living beyond their means. That was a wake-up call for me to never be in that same boat. After my job was eliminated, I'm glad I did so or else I would have really been in trouble.

[BobKovacs]

Anything is possible- who would have ever thought it'd get to where it is right now? What do you expect in a town where you were able to get a 125% LTV loan on your house up until a few years ago?

[tony soprano]

Originally Posted by RedRockAAAA

Per Fox news, Las Vegas will see 50% of housing in foreclosure within the next 3 months. Is this possible?

I didn't hear the Fox news bit but I wonder if they just extrapolated that projection from this data -

Originally Posted by Review Journal

Mar. 04, 2009

Study: 55 percent of Nevadans owe more on home than property is worth

By JENNIFER ROBISON
LAS VEGAS REVIEW-JOURNAL A new report from a national real estate analysis company found that 55 percent of Nevadans owe more on their home than the property is worth.
The study, from First American CoreLogic, concluded that the Silver State has the nation’s highest rate of homeowners who are “underwater” on their mortgages. More than a quarter of Nevadans — 28 percent — owe more than 125 percent of their home’s value.

Nationwide, 20 percent of homeowners with mortgages have loans that outstrip their property values. That’s up from 18 percent three months earlier, First American CoreLogic said.
In Las Vegas, nearly 235,000 homes, or 58 percent of properties with loans, are worth less than the mortgages on them.
Michigan posted the second-highest share of homeowners under water, with 40 percent of property owners paying down mortgages that are higher than home values.
In numbers alone, California ranked No. 1, claiming 1.9 million underwater homeowners. That’s nearly a quarter of the nationwide total of 8.3 million. Thirty percent of Californians are under water, the report said.
New York had the lowest proportion of homeowners paying off above-value mortgages, with just 4.7 percent of homeowners holding negative equity.
The data come from the quarter that ended Dec. 31.

[Wing Feathers]

Originally Posted by RedRockAAAA

Per Fox news, Las Vegas will see 50% of housing in foreclosure within the next 3 months. Is this possible?

Link?

[flyingtigers]

Fox just took the RJ story and put the Fox spin on it.....scare the hell out of you with no facts. Just because 50% are "underwater" does not mean that they are going into foreclosure. The vast majority of that 50% are still paying their mortgages ontime.

Repeat after me...never listen to what Fox news says.

[olecapt]

Originally Posted by RedRockAAAA

Per Fox news, Las Vegas will see 50% of housing in foreclosure within the next 3 months. Is this possible?

Single Family REO inventory is at 5361. It was at 6500 at the start of the year.

It would therefore appear there are insufficient new foreclosures to keep the inventory level or increase it. We are Selling around 1700 to 1800 REOs per month at the moment.

[olecapt]

Originally Posted by flyingtigers

Fox just took the RJ story and put the Fox spin on it.....scare the hell out of you with no facts. Just because 50% are "underwater" does not mean that they are going into foreclosure. The vast majority of that 50% are still paying their mortgages ontime.

Repeat after me...never listen to what Fox news says.

Actually I don't believe the 57% either. The calculation they claim to be doing is probably not doable. Their methodology is utterly murky.

That does not say we don't have a lot of people under water...we do. But I don't think they have any real handle on the number. Just a lot is probably the only real answer.

[RedRockAAAA]

I am aware of Fox news' believability factor. That's exactly why I wanted to come here to get it straight from those involved in the local real estate biz.
There should be a Paul Harvey segment at the end of every newscast on every news show nationwide.
Many many times its a challenge to get the rest of the story. Thanks guys.

[MomMom]

Originally Posted by BobKovacs

Anything is possible- who would have ever thought it'd get to where it is right now? What do you expect in a town where you were able to get a 125% LTV loan on your house up until a few years ago?

And that only happened in Las Vegas, Bob? Isn't that the underlying cause of our national recession?

A person was only able to do that kind of loan in Las Vegas, eh?